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November 12th, 2009, 01:26 PM #1
WHAT ?? White House Considers Using TARP Funds to Cut Deficit
You gotta be kidding !!! Borrow money to pay off debt ?? sheesh...Obamanomics 101
http://www.foxnews.com/politics/2009...p-cut-deficit/
White House Considers Using TARP Funds to Cut Deficit
by
WSJ
Obama administration is debating whether to set a chunk of the $700 billion financial rescue aside for debt reduction.
WASHINGTON - The Obama administration, under pressure to show it is serious about tackling the budget deficit, is seizing on an unusual target to showcase fiscal responsibility: the $700 billion financial rescue.
The administration wants to keep some of the unspent funds available for emergencies, but is considering setting aside a chunk for debt reduction, according to people familiar with the matter. It is also expected to lower the projected long-term cost of the program -- the amount it expects to lose -- to as little as $200 billion from $341 billion estimated in August.
The idea is still a matter of debate within the administration and it is unclear how much impact it would have on the nation's mounting deficit levels. Still, the potential move illustrates how the Obama administration is trying to find any way it can to bring down the deficit, which is turning into a political as well as an economic liability.
The White House is in the early stages of considering what bigger moves it might make for next year's budget. The Office of Management and Budget has asked all cabinet agencies, except defense and veterans affairs, to prepare two budget proposals for fiscal 2011, which begins Oct 1, 2010. One would freeze spending at current levels. The other would cut spending by 5 percent.
OMB is also reviewing a host of tax changes. The President's Economic Recovery Advisory Board will submit tax-policy options by Dec. 5, including simplifying the tax code and revamping the corporate tax code.
Continue reading at the Wall Street Journal
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November 12th, 2009, 02:20 PM #2
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
WTF????
That TARP money is already borrowed? So how can you use money that you borrowed to pay down debt, and call it an actual deficit reduction??!!?
This administration never ceases to amaze me.
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November 12th, 2009, 02:22 PM #3
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
"Political Correctness is just tyranny with manners"
-Charlton Heston
"[The Constitution preserves] the advantage of being armed which Americans possess over the people of almost every other nation...(where) the governments are afraid to trust the people with arms."
-James Madison, Federalist Papers, No. 46.
"America does not go abroad in search of monsters to destroy." [sic]
-John Quincy Adams
"I believe that banking institutions are more dangerous to our liberties than standing armies."
-Thomas Jefferson
Μολών λαβέ!
-King Leonidas
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November 12th, 2009, 02:32 PM #4
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
You mean if if I write myself a $1,000,000 check it wont make me a millionaire?!
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November 12th, 2009, 02:35 PM #5
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
awesome I'm calling AES tomorrow and telling them to use some of the money I borrowed for school to pay off the money I borrowed.
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November 12th, 2009, 02:35 PM #6
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November 12th, 2009, 02:35 PM #7
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
I think it's arrogance on the part of the administration and ignorance on the part of the People. Either way it is still disgusting and makes you dumber for having had to contemplate the stupidity of using borrowed money to pay down debt.
That is unless they are talking about the money that had been repaid into the tarp funds which were held there instead of going to reduce the deficit as we were told. I forget how many billion were paid back, but then added into the fund to be respent.
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November 12th, 2009, 02:37 PM #8
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
I think anything the government does from now on needs to be prefaced with:
"DO NOT TRY THIS AT HOME."
Because if any of us tried to do our accounting the way the government does it, we'd be in prison.
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November 12th, 2009, 02:40 PM #9
Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
That is great news! I am going to get a home equity loan to pay off my house. I will use the extra money to buy a car! In fact, everyone gets a car! I love this country!
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November 12th, 2009, 02:42 PM #10Grand Member
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Re: WHAT ?? White House Considers Using TARP Funds to Cut Deficit
that has pretty much been the government's strategy for a long time...as crazy as it is.
"we got a bunch of treasury bond coupons coming due....better issue some treasury bonds to raise the money to make the coupon payments."
the Obama administration is trying to find any way it can to bring down the deficit,F*S=k
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