[Blitzer:] In the last few months there has been a dramatic drop in the unemployment rate. It fell to 8.8 percent in March. That's the lowest level in two years, a full percentage point less than it was only in November. The economy gained 216,000 jobs last month. At that rate, experts say it would still take another three-and-a-half years for the jobs market to completely rebound to where it was before the recession. President Obama insists that jobs creation is still very high on his radar.
[Barack Obama, President Of The United States:] I know there's a lot going on in the world right now, and so the news has been captured by the images of the Middle East and what's happening, the tragedy to our friends in Japan. And I'm focused on those issues, but you should know that keeping the economy going and making sure jobs are available is the first thing I think about when I wake up in the morning and it's the last thing I think about when I go to bed each night. And I will not be satisfied until every American who wants a good job can find one and every American gets a shot at the American dream. That's what we're focused on. That's what we're fighting for.
[Blitzer:] Let's bring in our senior political analyst, Gloria Borger. Gloria, jobs, jobs, jobs. It's always been the economy, from a political perspective, issue number one.
[Gloria Borger, Cnn Sr. Political Analyst:] Sure, and what you saw just there was the president trying to get back on message because, of course, he's been dealing with so many other issues. And I spoke with a senior administration official today who said to me that they were actually pleasantly surprised by these jobs numbers. They were quite worried, because obviously they have been facing some very strong headwinds in the last couple of months the increase in energy prices and they are worried about confidence out there, given the fact that we've been dealing with wars, with tsunami, with earthquake. And so when these numbers came out, they were very excited about it. They think it's because the private sector is gaining some momentum, Wolf. There's a lot of money out there, sitting out there, still to be invested. What concerns them is that state and local governments are really lagging behind in terms of reemployment, so they know that's going to be a problem for them. What they'd love to do? There's no magic number heading into the next election, but if they can get below 8 percent, or at 8 percent, they would be thrilled. Remember Ronald Reagan reelect in 1984? He went from over 10 percent to just over 7 percent at the time he was getting reelected.
[Blitzer:] And that's why 1984, as you well remember, is a result in part of that.
[Borger:] Absolutely.
[Blitzer:] How are the Republicans reacting today to these pretty good job numbers?
[Borger:] Well, they are good numbers. And of course, you know, the Republicans are not willing to give President Obama any credit whatsoever on this, as could be expected. Just take a look at what John Boehner said today, the Speaker of the House.
[Rep. John Boehner , House Speaker:] Today's jobs report is welcomed news, but Washington needs to do a lot more to end the uncertainty and get our economy moving again. It's clear that we need to cut spending and we need to stop unnecessary regulations, end the threat of tax hikes, and pass the trade bills that are out there. And these are the pillars of a Republican plan that will actually create jobs in America.
[Borger:] Well, Wolf, cutting spending is going to come up soon enough. You know, you have this question of whether there's going to be $30 billion in cuts on a deficit deal. And then the Republicans next week are going to put out their budget plan, and both the White House and Republicans have to decide how serious they are about entitlement cuts, because that's the long-term issue that's going to take us into the 2012 election and maybe reduce the deficit in this country.
[Blitzer:] They've got to keep the government open.
[Borger:] That's their first problem, right.
[Blitzer:] They've got a week to do that as well. That's a problem as of next Friday. Thanks very much, Gloria. Moammar Gadhafi's regime now rejecting a cease-fire deal from rebel forces. We're going back to Libya for a live report. And hope is fading in the desperate search for the more than 16,000 people missing after Japan's devastating earthquake and tsunami. Why they may never be found.