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Obama Admin Spending Scrutinized By Many March 23. 2009
President Barack Obama Several prominent people are criticizing President Barack Obama’s spending plans. Former U.S. Treasury pick, Senator Judd Gregg, went on record this past weekend stating, "It is going to bankrupt America." 60 Minutes referred to Obama’s spending and view on the financial crisis as “punch drunk.”
Many Republicans are up in arms over Obama’s spending initiatives as well, a situation that deteriorated when they found out about the president’s plans to spend another trillion dollars. No president in U.S. history has spent this much money this quickly and it is extremely risky. Your advisers are leading you astray, Mr. President. Reconsider a lot of this spending. G.O.P. Wary of White House Optimism on Economy The Obama administration expressed confidence that the economy would begin to rebound this year, a message starkly contradicted by Republican leaders concerned about the growing deficit. Treasury's toxic asset plan could cost $1 trillion WASHINGTON (AP) - The Obama administration's latest attempt to tackle the banking crisis and get loans flowing to families and businesses will create a new government entity, the Public-Private Investment Program, to help purchase as much as $1 trillion in toxic assets on banks' books. Sen. Gregg says Obama budget will bankrupt US Sun Mar 22, 9:47 am ET - WASHINGTON – ...But Sen. Judd Gregg of New Hampshire also says President Barack Obama's massive budget proposal will bankrupt the country. Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration's economic policies. The senator said Obama's spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in... Kroft to Obama: Are you punch-drunk? 3/22/09 7:40 PM EDT - President Barack Obama said he believes the global financial system remains at risk of implosion with the failure of Citigroup or AIG, touching off “an even more destructive recession and potentially depression.” His remarks came in a “60 Minutes” interview in which he was pressed by an incredulous Steve Kroft for laughing and chuckling several times while discussing the perilous state of the world’s economy. “You're sitting here. And you're— you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he's sitting there just making jokes about money—’ How do you deal with— I mean: explain. . .” Kroft asks at one point. “Are you punch-drunk?” Kroft says. “No, no. There's gotta be a little gallows humor to get you through the day,” Obama says, with a laugh… “I mean there were a whole bunch of folks who, on paper, if you looked at quarterly reports, were wildly successful, selling derivatives that turned out to be...completely worthless,” Obama says, with a chuckle… |
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