Changes

Billionaire [[Warren Buffett]], former Federal Reserve Chairman Paul Volcker, and former Clinton Treasury Secretary [[Robert Rubin]] constituted Obama's transition team of Economic Advisers.<ref>[http://www.bloomberg.com/apps/news?pid=20601110&sid=aSzNv81CYh0c Obama to Meet With Buffett, Daley, Economic Advisers], [[Bloomberg News]], Nov. 6 2008.</ref>  Rubin was being sharply criticized for his role in the collapse of [[Citigroup]] which needed $45 billion in federal [[bailout]] money.<ref>[http://www.reuters.com/article/topNews/idUSN0930738020090109 Robert Rubin quits Citigroup amid criticism], [[Reuters]], Jan 9, 2009</ref>  Buffett, after the inauguration, spoke out against the administration's declared objective of not allowing "a crisis to go to waste" <ref>http://www.swamppolitics.com/news/politics/blog/2009/03/buffett_hits_obama_congress_on.html</ref> and Obama's massive tax increase on the needy and those least able to afford it.<ref>[http://greeninc.blogs.nytimes.com/2009/03/09/buffett-cap-and-trade-is-a-regressive-tax/ Buffett: Cap-and-Trade Is a ‘Regressive’ Tax] [[The New York Times]]</ref>

Billionaire [[Warren Buffett]], former Federal Reserve Chairman Paul Volcker, and former Clinton Treasury Secretary [[Robert Rubin]] constituted Obama's transition team of Economic Advisers.<ref>[http://www.bloomberg.com/apps/news?pid=20601110&sid=aSzNv81CYh0c Obama to Meet With Buffett, Daley, Economic Advisers], [[Bloomberg News]], Nov. 6 2008.</ref>  Rubin was being sharply criticized for his role in the collapse of [[Citigroup]] which needed $45 billion in federal [[bailout]] money.<ref>[http://www.reuters.com/article/topNews/idUSN0930738020090109 Robert Rubin quits Citigroup amid criticism], [[Reuters]], Jan 9, 2009</ref>  Buffett, after the inauguration, spoke out against the administration's declared objective of not allowing "a crisis to go to waste" <ref>http://www.swamppolitics.com/news/politics/blog/2009/03/buffett_hits_obama_congress_on.html</ref> and Obama's massive tax increase on the needy and those least able to afford it.<ref>[http://greeninc.blogs.nytimes.com/2009/03/09/buffett-cap-and-trade-is-a-regressive-tax/ Buffett: Cap-and-Trade Is a ‘Regressive’ Tax] [[The New York Times]]</ref>

===== FY 2010 Budget =====

'''FY 2010 Budget'''

[[Image:Budget-cbo.jpg|thumb|250px|left]]

[[Image:Budget-cbo.jpg|thumb|250px|left]]

The Democratic-controlled Congress by a party-line vote in late April passed the  budget Obama proposed in late February. It called for $3.4 trillion in [[Direct spending#New spending|new spending]], not counting the $787 billion in stimulus spending approved in February, nor the trillions in loan guarantees to banks.  The 2010 budget allocated $1.2 trillion for defense, and an additional $130 billion for the wars in Afghanistan and Iraq. Nondefense spending increased by 8% or $40 billion. The budget allowed the Obama health plan, which had not yet been written, to move through Congress on a fast track with no risk of filibuster.  

The Democratic-controlled Congress by a party-line vote in late April passed the  budget Obama proposed in late February. It called for $3.4 trillion in [[Direct spending#New spending|new spending]], not counting the $787 billion in stimulus spending approved in February, nor the trillions in loan guarantees to banks.  The 2010 budget allocated $1.2 trillion for defense, and an additional $130 billion for the wars in Afghanistan and Iraq. Nondefense spending increased by 8% or $40 billion. The budget allowed the Obama health plan, which had not yet been written, to move through Congress on a fast track with no risk of filibuster.