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Maybe. However, I don't see that Obama can convey how taxes upon the top earners will directly go to this program. I think such a program would go down as big spending, big government. FDR got the WPA passed in 35' just after midterm elections gave him big majorities in the House and Senate. I don't know if this was part of the midterm campaign.
At any rate, this brought to mind something I was thinking on recently: Politically, progressives have the advantage of vision. They can paint a picture of a new and better day, and sell changes that are intended to get us there. On the contrary, conservatives cannot strongly sell vision, as they are more past-oriented. I think the Obama of the campaign trail was one of vision. In office he has proven to be a mediator. He has achieved some large goals, but under the auspices of compromise, not vision. IMHO, that's very becoming of a Senator, but not a President. I think he's in real political jeopardy.