17,394
edits
Changes
Jump to navigation
Jump to search
Line 2:
Line 2: + + + + + + + + + − The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. Thus far Obama's response to economic crisis closely parallels that of [[Herbert Hoover]] in 1930-31 in dealing with the [[Great Depression]]. It is too early to say if his plan will be as unsuccessful as Hoover's but the mortgage plan was dismissed by CNBC announcer [[Rick Santelli]] who called it "collectivist." The Wall Street Journal says the plan will cost up to $275 billion and will help up to nine million homeowners. Thus, the cost is about $30,000 per homeowner helped. <ref>http://online.wsj.com/article/SB123496582087411241.html?mod=todays_us_page_one</ref>
Obama Administration (view source)
Revision as of 22:55, February 26, 2009
, 22:55, February 26, 2009update
Although the exact direction of the Administration is unknown, it is known from public policy statements and initial actions that it will take a more [[leftist]] position than the [[Bush Administration]] on issues such as [[global warming]] and [[abortion]].
Although the exact direction of the Administration is unknown, it is known from public policy statements and initial actions that it will take a more [[leftist]] position than the [[Bush Administration]] on issues such as [[global warming]] and [[abortion]].
==Economics==
The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. Thus far Obama's response to economic crisis closely parallels that of [[Herbert Hoover]] in 1930-31 in dealing with the [[Great Depression]]. It is too early to say if his plan will be as unsuccessful as Hoover's but the mortgage plan was dismissed by CNBC announcer [[Rick Santelli]] who called it "collectivist." The Wall Street Journal says the plan will cost up to $275 billion and will help up to nine million homeowners. Thus, the cost is about $30,000 per homeowner helped. <ref>http://online.wsj.com/article/SB123496582087411241.html?mod=todays_us_page_one</ref>
===2010 Budget===
On Feb. 26 Obama proposed to Congress a $3.6 trillion budget containing a sharp shift toward expanded government activism, tax increases on high income families and businesses that are still profitable, with spending cuts targeted at businessmen he says profited from "an era of profound irresponsibility."
The Budget assumes federal deficit of $1.75 trillion for 2009, or 12.3% of GDP--the highest deficit in perscentage terms since World War II. By 2013, the hypothetical deficit will drop to $533 billion but then will begin to climb again. The budget includes an additional $250 billion for more rescues of the financial markets by purchasing toxic assets on the banking sector's books.
The budget reorders national priorities to provide national health care, shift the energy economy away from oil and gas, and raise the federal spending on schools. To fund it all, families earning more than $250,000 and a variety of businesses will pay steep new taxes. Observers expect a fierce political battle over the budget, with conservatives calling it "class warfare" and detrimental to long-term growth.<Ref> see [http://online.wsj.com/article/SB123564748462081261.html?mod=djemalertNEWS ''Wall Street Journal'' Feb. 26, 2009]</ref>
==Cabinet==
==Cabinet==