The New Republic mentions another project President-Elect Barack Obama could try once he takes office if he wants to follow in FDR's footsteps. It's the Federal Writers Project (FWP).
The Federal Writers Project operated from 1935-1939 under the leadership of Henry Alsberg, a journalist and theater director. In addition to providing employment to more than 6,000 out-of-work reporters, photographers, editors, critics, writers, and creative craftsmen and -women, the FWP produced some lasting contributions to American history, culture, and literature. Their efforts ranged from comprehensive guides to 48 states and three territories to interviews with and photos of 2,300 former African-American slaves. These are preserved in the seventeen volumes of Slave Narratives: A Folk History of Slavery in the United States from Interviews with Former Slaves.
Even the automotive bailout is having trouble getting passed so journalists and writers probably should put too much hope in a media bailout. You can read more about the 1930s FWP here, here, here and here.