Posted on 01/07/2009 2:47:13 PM PST by 2ndDivisionVet
President-elect Barack Obama confirmed to CNBC that he plans to lay out a roughly $775 billion economic stimulus plan on Thursday but indicated that the amount could grow once it gets taken up by Congress.
"We've seen ranges from $800 (billion) to 1.3 trillion," he said in an exclusive interview with CNBC's chief Washington correspondent John Harwood. "And our attitude was that given the legislative process, if we start towards the low end of that, we'll see how it develops."
Obama plans to propose $310 billion in tax cuts for the middle class and businesses as part of the stimulus plan. Some U.S. governors and economists are pushing for a larger package—around $1 trillion. Many Republicans want a more modest bill, possibly in the range of $500 billion.
Obama said that he considers tax cuts just as important as spending provisions in the stimulus.
"You know, the attitude that I'm going to apply to the tax cuts is the same one that I apply to the investment package," he said. "And that is, is this money well spent? This is taxpayer money, it is going to be adding to the deficit short term. And if we can't justify it, then we're not going to spend tens or hundreds of billions of dollars just to make somebody happy if it's not good for the economy.
In the interview, Obama also:
—Said he's concerned that the stimulus money "is spent wisely, that there's oversight and that there's transparency."
—Hopes the US economy will be growing again in the second half of 2009, though "I don't have a crystal ball."
—Indicated that he may not seek a quick repeal of President Bush's tax cuts for people making over $250,000 and will let them expire in 2010.
Obama also said he wants to avoid living in a "bubble" and will pay close attention to how financial markets react to his policies.
"Given the sensitivities of the market, I've got to pay some attention to market psychology," he said. "Because part of what we have right now is such a loss of trust both in the marketplace and in government. Restoring that trust— restoring that confidence—is going to be very important."
'I'm probably not going to be watching the crawl at the bottom of an interview," he added. "What I will be doing is making sure I'm communicating with key market participants on a regular basis, again to explain to them exactly what our plans our—and to solicit from them good ideas."
In a news conference earlier Wednesday Obama said he was still talking to congressional leaders about his economic stimulus package and that the final pricetag would likely be at the high end of estimates.
We expect that it will be on the high end of our estimates but will not be as high as some economists have recommended because of the constraints and concerns we have about the existing deficit," Obama told a news conference.
Noting that the Congressional Budget Office had just estimated he would inherit a $1.2 trillion federal deficit for fiscal 2009, Obama promised to cut unnecessary spending.
"We expect that discussion around entitlements will be a part, a central part of those plans," Obama said at a news conference. "And I would expect that by February in line with the announcement of at least a rough budget outline we will have more to say about how we're going to approach entitlement spending."
Ya think?
What an idiot. We are soooo screwed.
L
Absolute Marxist madness....
I have finally found out what to invest in during the New Depression. Straight Jackets. Does anyone know who makes them? We will need millions.
If we paid off that 3 trillion dollars at a dollar a second, 24/7/365 it would only take us 95,000 or so years to pay it off.
There is absolutely no coherent plan here of any definition, simply nothing. It’s like 100 people standing around and estimating the price of a house, or a car, or a piece of art. Just talking out their asses, spouting off a number. Add to that the idea that each and every participant is looking to stuff their own pocket or advance their own little piece of their agenda, and it’s more like 100 pigs snuffling at a trough. It’s beyond stupid, it’s sick.
WOW will we even be able to recognize the United States of America in 4 years, heck how about 6 months
“Given the sensitivities of the market, I’ve got to pay some attention to market psychology,” he said. “Because part of what we have right now is such a loss of trust both in the marketplace and in government. Restoring that trust— restoring that confidence—is going to be very important.”
BAHAHAHAHAHAHAHAHAHA!!!!!!
Good luck fool!
Cue the circus music folks.
More clowns are marching into DC town.
http://www.alibaba.com/product-free/103672352/100_Latex_Straight_jacket_Two_Adjustable.html
http://www.alibaba.com/product-free/10631114/Strait_Jackets.html
Buy Stock Now!!
Obama also made sure to say that he is “inheriting” this deficit. Yea, Obama, it’s not like you’ve personally had anything to do with this deficit. Afterall, you were only a Senator who voted “present”.
I was thinking that getting into oil would be a good idea. Gas has gone up a quarter in the last week, and with 0bama’s promises of higher gas taxes and cutting off production, we may have seen the last of relatively cheap gas.
With the Obama depression you won’t be able to give it away. 20 a barrel soon.
WE ARE FED UP WITH IT!! PITCHFORKS ARE IN ORDER!!
“—Indicated that he may not seek a quick repeal of President Bush’s tax cuts for people making over $250,000 and will let them expire in 2010.”
Causing harm to the economy next year.
“I was thinking that getting into oil would be a good idea.”
Was a good idea 2 weeks ago, it was under $40/barrel and is now nearer to $50.
probably will trade up to $60 range over the year.
“There is absolutely no coherent plan here of any definition, simply nothing. It’s like 100 people standing around and estimating the price of a house, or a car, or a piece of art. Just talking out their asses, spouting off a number.”
COrrect. and the dangerous thing is once one idiot pulls a big number out of his ass (thanks Secty Paulson), all these Washington socialists feel entitled to do the same.
IT IS AN ABSOLUTELY AND TOTALLY INSANE IDEA to waste hundreds of billions of Govt money to put our country into debt. It doesnt create jobs, since you rob from one pocket to pay another pocket. It will not do economic good long-term, it will add to the debt and deficit down the road.
Better we go through the recession and come out in stronger fiscal shape and lower tax rates.
The best thing this obama cro-magnon could do is declare himself a fumbling fool, state he underestimated his midget ability to stand as president and slit his belly in a public seppuku ceremony.
But that would take basic neaderthal awareness. Forget it.
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