President Barack Obama’s first budget request would provide as much as $750 billion in new aid to the financial industry,
Are you kidding us?
record deficit of $1.75 trillion in the year ending Sept. 30, equal to about 12 percent of the nation’s gross domestic product, the highest since World War II
That is just the deficit amount, not the Total budget amount. He is talking about spending up to 20% of the GDP next year.
The budget office calculated a $250 billion net cost to taxpayers this year, because it anticipates it would eventually recoup some, though not all, of the money expended to help financial companies.
Now that is some hope!
The spending plan assumes the government would begin taking in at least $75 billion in 2012 from a cap-and-trade system that requires companies to buy credits if they exceed greenhouse-gas limits.
Carbon Caps, One of the most anti-business and anti-economy things.
While the federal government has taken over Fannie Mae and Freddie Mac, the Obama administration opted to exclude most of the costs of running the mortgage financiers in its budget plan.
Shocking. Cause they are burning about $200 Billion a quarter, and will likely increase with the mortgage bailout. So you can add another $1 Trillion to the defict spending.
No comments:
Post a Comment