latest developments. julie: i m julie banderas,. gregg: and i m gregg jarrett. president obama looking at the new year with some of the is a same old problems, spending, and unemployment remaining sore spots. chairman of the white house council of economic advisors put it this way? with that and 1.2 million private sector jobs thus far in the data for 2010, we have a long way to go. the president is the first one to say that. gregg: mike emanuel joins us live from honolulu where the president continues his holiday vacation. we heard republicans talk about addressing washington s spending problem. what is the white house saying about that? reporter: gregg, they is said the president is serious about spending cuts. he says the next budget the white house is going to put out due out around valentine s day will reflect that. here is more. whether it s incentives for investment, tax cuts for workers and small businesses, it s vesting in education and investing in other