Obama critizied McCain about freeze on govt spending, now he says ‘Thanks for the idea!’

The freeze would take effect in October and limit the overall budget for agencies other than the military, veterans affairs, homeland security and certain international programs to $447 billion a year for the remainder of Obama’s first term, senior administration officials said Monday, imposing sharp limits on his ability to begin initiatives in education, the environment and other areas of domestic policy.

Although the freeze would shave no more than $15 billion off next year’s budget — barely denting a deficit projected to exceed $1 trillion for the third year in a row — White House officials said it could save significantly more during the next decade. They described the freeze as a critical component of a broader deficit-reduction campaign intended to restore confidence in Obama’s ability to control the excesses of Washington and the most lavish aspirations of his own administration

It is also unlikely to affect the approximately $900 billion health-care bill, which has been on life-support since the Massachusetts vote. In an interview with ABC News on Monday, Obama vowed to press ahead with health care and other first-year agenda items, even it means jeopardizing his reelection chances in 2012.

Late Monday, Republicans mocked the idea of a Democratic spending freeze. “Given Washington Democrats’ unprecedented spending binge, this is like announcing you’re going on a diet after winning a pie-eating contest,” said Michael Steel, spokesman for House Minority Leader John A. Boehner (R-Ohio).

Democrats, meanwhile, are likely to give the freeze a mixed response. Conservatives, including Sen. Evan Bayh (Ind.) and members of the House Blue Dog Coalition, have been calling for a freeze backed by the threat of a presidential veto. But liberals have resisted freezing spending, particularly on social programs, and are likely to call on Obama to extend any freeze to military programs, aides said.

As a candidate, Obama criticized a spending freeze proposed by his GOP opponent, Sen. John McCain of Arizona, comparing it to “using a hatchet to cut the fed budget. I want to use a scalpel.”

I guess that scapel got buried in Wall Street.

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Published in: on January 26, 2010 at 2:23 pm  Comments (1)  
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3 White House advisors give 3 different answers on the same subject on the same morning

OH No!!! Looks like some people are not getting the same memo in the white house:

3 different white house advisors gave different answers on the same Sunday morning on 3 different shows in regards to how much the stimulus had saved jobs.

Valerie Jarrett had the most conservative count, saying “the Recovery Act saved thousands and thousands of jobs,” while David Axelrod gave the bill the most credit, saying it has “created more than – or saved more than 2 million jobs.” Press Secretary Robert Gibbs came in between them, saying the plan had “saved or created 1.5 million jobs.”
Their remarks in context:

Axelrod, on CNN’s State of the Union: “But understand that, in this recession that began at the beginning of 2007, we’ve lost 7 million jobs. Now, the Recovery Act the president passed has created more than — or saved more than 2 million jobs. But against 7 million, you know, that — that is — it is cold comfort to those who still are looking.”

Jarrett, on NBC’s Meet the Press: “The Recovery Act saved thousands and thousands of jobs. There are schoolteachers and firemen and— and— teachers all across our country, policemen, who have jobs today because of that recovery act. We’re investing in infrastructure. We’re investing in public education so that our kids can compete going forth into the next— generation.”

Gibbs, on “Fox News Sunday”: “Well, Chris, let’s take for instance the example you just used of the stimulus package. We had four quarters of economic regression in terms of growth, right? Just last quarter, we finally saw the first positive economic job growth in more than a year. Largely as a result of the recovery plan that’s put money back into our economy, that saved or created 1.5 million jobs.”

$15 Billion more to Fannie Mae = Total of $110Billion, so far for Fannie and Freddie

Happy Holidays everyone…Fannie Mae are getting an extra $15Billion in errr ‘bailout’ money from the taxpayers.

Last week the Treasury Dept said it was going to pump a extra $15Billion into Fannie Mae.

That brings Fannie’s total bailout to $59.9 billion [2]; together with its sibling Freddie Mac, the toll has risen to $110.6 billion

Fannie lost $18.9 billion in the third quarter and $56.8 billion for the year so far. The company offered a couple of explanations for its continued downward spiral. First and foremost is simply the deterioration of the housing market: Fannie owns or guarantees nearly $3 trillion in mortgages, and borrowers continue to default in rising numbers. But Fannie also said its losses stem from its efforts, as an arm of the government, to modify mortgages for struggling borrowers.

Those costs will only go up in the future, since the government’s foreclosure prevention [5] program still hasn’t resulted in many permanent modifications [6]. Fannie expects to lose money through the program in a number of different ways. First, Fannie will take a loss when mortgages are modified to lower amounts. But Fannie will also be responsible for paying incentive fees (mostly to mortgage servicers) for completed modifications.

Fannie and Freddie’s bailout funds don’t come from the $700 billion TARP, but rather via a housing bill passed in July 2008 [8]. (We track both in our bailout database [4].) Treasury Secretary Tim Geithner has said that Fannie and Freddie could get as much as $200 billion each.

DAYUM!!!!

fanniemacbig

Published in: on November 9, 2009 at 8:15 am  Leave a Comment  
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Detroit homeless get more stimulus money

Ahhh when will it ever end?

Detroits homeless, yep, homeless and low-income residents get another opportuniy at getting some millions more of the stimulus money.

Why oh why???

It isto help those almost becoming homeless to pay some bills and those who are homeless to find housing?

Soooo the homeless can get housing, but wont be able to get a job because of the poor economy in Detroit and will be homeless again?

So instead of using the stimulus to help shelters and education and courses for the homeless to keep them occupied during the day, we are just going to throw money at them.

How many of the homeless are homeless because of mental issues??? Just sayin?

I guess you do infact have to pay for those votes afterall

If you would like to know about the Application guidlines, click here

feralreserve

Published in: on October 8, 2009 at 7:50 am  Comments (1)  
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Update on recovery money, where is it going?

O-man will announce $5 billion in grants when he visits the National Institutes of Health on Wednesday, according to an O-man official.

This money was already set aside in the stimulus package that totals of $100 billion in innovative research and advancing science and technology infrastructure for the American Recovery and Reinvestment Act’s .

Yay, just in time for the swine flu outbreak.

Oh wait. My bad!

Obama_kissing_Sebelius

Published in: on September 30, 2009 at 7:35 am  Leave a Comment  
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Swiss have the better Economy, U.S comes in second

Switzerland knocked the United States off the position as the world’s most competitive economy.

Why?

The crash of the U.S banking system left it wide open to be exposed to some serious weaknesses

Even though the Swiss Economy dipped into recession last year, too and had to bail out its largest bank UBS. But its economy is holding up better than many peers and most banks are relatively unscathed by the crisis, which drove U.S. banks into bankruptcy.

Anyone know of any jobs in Switzerland?

onedollardg0

Q.Health care lobbying is costing how much? A.Enough to pay the entire insurance tab for about 30,000 families a year

So these big spenders range from drug companies, hospitals and doctor groups to organizations that advocate for unions, immigrants and retirees.

But nearly $400 million seems a little excessive, does it not?

The largest chunk has gone to direct lobbying of lawmakers and other policymakers. In the first half of 2009, the health care industry spent nearly $280 million on lobbyists, according to the Center for Responsive Politics.

Just plain stupid craziness.

The lobbying figures alone are on track to exceed half-a-billion-dollar mark by the end of the year, which would be a record.

The big payoff for such spending? Open doors to policy makers.

AHA!! It seems there is an admission fee to the white house afterall.

Considering Health and accident insurers, HMOs and health services organizations increased their contributions to Blue Dogs from $106,200 in the first quarter of 2009 to $122,650 in the second, my guess if it does not pass through, they better look for contributions somewhere else in the third quarter. Someone has got to be pissed spending throwing all that money if it gets no where.

You better keep that pay off money safe and sound congress, you might it for when many of you dont have a job next year.

benson-health-care

First order of business, raising the federal debt limit above $12.1 trillion.

I have no idea how many zeros are even in a trillion dollars, but we are raising our federal debt limit to above the $12.1 trillion we have right now.

This is coming from a man who as a senator blasted then President George W Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.

It was Obama who said in a 2006 floor speech that preceded a Senate vote to extend the debt limit “Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.”

I’m curious, what was the ‘change’ we had to look forward to? No actual money notes in our pocket, just some coins? Can’t wait to hear what he reads off his teleprompter this time.

obamaguy

Spend, Spend, Spend. Stimulus still needs to go on.

President Obama has made it clear that the stimulus program should be limited in duration, and that once growth is established it will be necessary to bring deficits down, Geithner said.

The catch?

No specific time for when the United States should begin to shift away from the stimulus, saying only, “when it’s appropriate.”

“Appropriate”?? I guess that means we are screwed on standby

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What does the future Budget and Economic Outlook, look like anyway?

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I started this blog as I found it frustrating that so many people were getting information about Budgets, Health care, Stimulus, Economy and general politics from magazine articles written in the Rolling Stone, Maxim, etc, Newspaper Articles most often with their own political agenda and politicians who have a way with words.
I am a strong believer in your side, their side and the truth.

I hope that all I do is give you another avenue to look at. To make a better decision for yourself and your future and keep reminding yourselves, the constitution starts out with ‘We the people”, not “We the congress”

I hope to keep my personal opionions to myself and to show that both parties have faults and that they are here to work for the people and not hide behind smoke and mirrors to push their own agenda.

Published in: on August 28, 2009 at 5:42 am  Leave a Comment  
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