Posted on 03/03/2009 10:40:16 AM PST by rightinthemiddle
WASHINGTON (AP) — President Barack Obama's Treasury secretary says the administration has inherited "the worst fiscal situation in American history."
Treasury Secretary Timothy Geithner told the House Ways and Means Committee Tuesday that Obama entered office facing a $1.3 trillion deficit — about 10 percent of the nation's economic output. Republicans have complained that Obama's budget proposal would balloon the deficit even higher, to $1.75 trillion.
(Excerpt) Read more at google.com ...
Obama spent two years and 1/2 Billion $$$ to buy the presidency and now he’s whining about it?
THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.
Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.
What we really need now is ELIMINATION OF THE FEDERAL INCOME TAX in all its forms, personal and business, replacing it with a straightforward national sales tax. This would save billions in compliance costs. It would be Fair, since those who earn more spend more. It would encourage savings and investment. We would not have to constantly guess what changes Congress is going to make to the tax code. The IRS would be history.
ALL IN FAVOR SAY AYE! Anyone opposed to the elimination of the federal income tax (other than our Congress-Incompetents and the president)?
The trough is running dry. Quick! Eat faster!!!
The audacity of these people is incredible.
Did I mention it was all Bush's fault????!
THE FEDERAL GOVERNMENT CAUSED THE MORTGAGE LOAN MELTDOWN. NOW OBAMA AND CONGRESS SAY IT TAKES MORE GOVERNMENT TO FIX THE PROBLEM. THEY MUST THINK ALL VOTERS ARE STUPID .... MAYBE THEY ARE RIGHT.
Beginning in 1992 Congress pushed Fannie Mae and Freddie Mac to increase purchases of mortgages going to low to moderate income people. In 1996 HUD gave Fannie and Freddie an explicit target: 42% of their mortgage financing had to go to borrowers with incomes below the median. This target was increased to 50% in 2000 and 52% in 2005. In 1996 HUD required that 12% of all mortgages purchased by Freddie and Fannie had to be “special affordable” loans, meaning loans to borrowers with income less than 60% of their area’s median. The 12% dictum was increased to 20% in 2000 and 22% in 2005.
Congress, particularly Democrats such as Barney Frank of Massachusetts, caused the current crisis. McCain actually warned against the irresponsible trends at Fannie and Freddie. Now the Democrats (i.e., Socialist) say we need more government intervention to solve the crisis. Government is not the solution; government is the problem.
What we really need now is ELIMINATION OF THE FEDERAL INCOME TAX in all its forms, personal and business, replacing it with a straightforward national sales tax. This would save billions in compliance costs. It would be Fair, since those who earn more spend more. It would encourage savings and investment. We would not have to constantly guess what changes Congress is going to make to the tax code. The IRS would be history.
ALL IN FAVOR SAY AYE! Anyone opposed to the elimination of the federal income tax (other than our Congress-Incompetents and the president)?
I guess we can expect to see the new "Great Communicator" turn it around as effectively as Reagan did.
he will never admit victory in iraq......
The Obama collapse is his own, and his deficit will be much larger than $2 trillion or even $3 trillion.
You can always tell when liberals are cornered and in trouble- they invariably deflect the blame and become the victim.
If Bush was making such bad spending moves why didn’t the democrat congress step in and do something? They had two years to make a difference. The President can’t just go around spending money without getting any approval what so ever. Our democratic congress has been spending money irresponsibly for far too long and now they have Mr. Asshat to encourage even more spending. Our country is falling apart and the dems love every minute of it.
So tell me the Hussein ACORN invoovment in this!!
Yup, he sure did, and promptly took steps to make it worse.
Posted this Nov. 6th, 2008:
Like I said on another thread-if symbolism was all they’re after-I wish we elected Gary Coleman-at least he’d be entertaining for four years.
I’ve spent time (not by choice)among people like Obama as well as the Obama-roids. There’s always a lot of big talk and hootin’ and hollerin’ before, about what they’re going to do- Loud boasts. Pie in the sky.
Then comes the time to actually do the work.
Then comes the bad performance or non-performance.
Then comes the excuses.
Then comes the anger and accusations.
Lather, rinse, repeat.
Yawn. Wake me in four years.
I knew all this going in-learned a lot the hard way. Hoping this wasn’t going to go down this way.
One of the best things anybody ever told me is that a dumb person falls in the crap,
an average one falls in but climbs out and cleans themself off,
a smart one pulls back at the last minute and only dips one shoe in, cleans it off and goes on their way,
and a wise one never falls in at all.
42 posted on Thursday, November 06, 2008 3:14:11 PM by Mac from Cleveland (Joe Biden behind a microphone is like Ted Kennedy behind a steering wheel)
[ Post Reply | Private Reply | To 30 | View Replies]
Bush is guilty, however, of bi-partisanship. Any one with the IQ of a carrot should have vetoed, instantly and with great pride, any bill that had communist fingerprints on it. Doing it once or twice would have shut down the porking RINOs, also. But, RINOs learn faster, mostly. For that failure, I do blame him.
President Barack Obama’s top economic officials on Tuesday vigorously defended tax hikes in the administration’s $3.6 trillion budget against Republican claims that they would affect nearly all Americans.
Treasury Secretary Timothy Geithner and White House Budget Director Peter Orszag, in separate appearances on Capitol Hill, stuck to the administration line that the president’s budget would benefit 95 percent of working Americans.
That's because they suck.
It’s actually true: He inherited it from the Democrat-controlled Congress!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.