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MONTHLY ARCHIVES
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President Obama to Sign Stimulus Bill Tuesday in Denver
February 14, 2009 5:23 PM
President Obama will sign the stimulus bill into law in a ceremony Tuesday in Denver, Colo., Democratic sources tell ABC News.
The American Recovery and Reinvestment Act -- the Friday passage of which the president today called "a major milestone on our road to recovery" -- is worth an estimated 5 percent of the Gross Domestic Product.
And it is just the first step, the president said today in his weekly address.
"For our plan to succeed, we must stabilize, repair, and reform our banking system, and get credit flowing again to families and businesses," he says. "We must write and enforce new rules of the road, to stop unscrupulous speculators from undermining our economy ever again. We must stem the spread of foreclosures and do everything we can to help responsible homeowners stay in their homes."
On Wednesday in Phoenix, the president will discuss his administration's plans to stem the tide of home foreclosures. In the coming weeks, Treasury Secretary Tim Geithner will put more meat on the bones of his outline on how to stabilize the financial system.
And also...?
"In the weeks ahead," the president said today, "I will submit a proposal for the federal budget that will begin to restore the discipline these challenging times demand. Our debt has doubled over the past eight years, and we've inherited a trillion-dollar deficit -- which we must add to in the short term in order to jump-start our sick economy. But our long-term economic growth demands that we tame our burgeoning federal deficit; that we invest in the things we need, and dispense with the things we don't. This is a challenging agenda, but one we can and will achieve."
-- Jake Tapper and Jonathan Karl
February 14, 2009 | Permalink | Share | User Comments (161)
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Has anyone even bothered to ask President Barack Hussein Obama if he read the bill before he signed it?
Is anyone missing the "big spending" and "corruput" Republicans yet? Guess the Dems didn't get the point that we voted out "big spending and corrupt Repubs" and now are faced with quite literally 4 times worse!
Well, we vote again in fewer than 2 years, then again in fewer than 4. Just hold on 'till then.
Compared to big, this is monstrous.
Posted by: Pauline | Feb 20, 2009 9:10:27 AM
Would it have killed him to let Congress have the weekend to read the biggest spending bill in our nation's history?
no it wouldnt have killed him, but it would have killed the bill.
Posted by: joe | Feb 17, 2009 1:36:29 PM
i am frank a citizen of tanzania,africa.in africa most governments have budgets of $3 to 6 billion dollars a year.when you guys talk about the $$790 billionthink of africa.think of the fact that this is the budget of tanzania for the next 160 years.but you american spend this money to stimulate your economy!!.
all people are created equal.i don't bilieve that?
Posted by: frank | Feb 17, 2009 7:55:04 AM
For all of the skeptics regarding the Stimulus you will receive. If you don't want it because it is an idea from a man you dislike simply do not sign the check, just rip it up or sign it over to any charity . See how simple life is when you don't make a big deal out of every piddly thing?
Posted by: rose young-stewart | Feb 16, 2009 9:21:42 PM
I just want to know what the heck an extra $13.00 per pay check is going to do for the average american.....actually what is it going to do for anyone????? What the heck is the point?????
Posted by: Lisa | Feb 16, 2009 8:36:25 PM
I am hoping his next step will be to Roosevelt type of change. Bring back the uptick rule for shortsellers. The down tick rule is very destructive.
Next change MTM Mark to Market Accouting rules. Bring back to Cost Basis Accounting GAAP. This will instantly change how banks write down loses restoring capital to bansk balance sheets. This will also make the US Treasury preferred stock go sky high as bank stock explode back up with these rule changes.
Posted by: Tim K | Feb 16, 2009 1:52:59 PM
I am hoping his next step will be to Roosevelt type of change. Bring back the uptick rule for shortsellers. The down tick rule is very destructive.
Next change MTM Mark to Market Accouting rules. Bring back to Cost Basis Accounting GAAP. This will instantly change how banks write down loses restoring capital to bansk balance sheets. This will also make the US Treasury preferred stock go sky high as bank stock explode back up with these rule changes.
Posted by: Timothy Kershaw | Feb 16, 2009 1:46:12 PM
willem van oranje put it best,this man knows what he's talking about,u should go work in the white house,seriously
Posted by: alex | Feb 16, 2009 12:59:41 PM
Peach
You are truly Laughable Defending Bush what a Joke!
Posted by: Angie | Feb 16, 2009 12:52:13 PM
Since he said we needed this bill urgently but then took 3 days vacation, he could have at least been a grown up and let the Congress read the darned thing before voting on it.
Would it have killed him to let Congress have the weekend to read the biggest spending bill in our nation's history?
Congressional Democrats were even complaining that not one of them had read the bill. Talk about incompetence.
Posted by: Peach | Feb 15, 2009 9:53:50 PM
bdog - are you really so ignorant you don't know that a lot of those days at Camp David were spent hosting heads of state and meeting with his cabinet? ROFL
The ignorance level of the American voter never fails to astound me.
Posted by: Peach | Feb 15, 2009 9:52:23 PM
"three day vacation"
umm...Saturday, Sunday and President's Day.
Wow.
Now how many days did Shrub take?
Jan 18, 2009 ... Bush Spent 487 Days At Camp David, 490 Days At Texas Ranch During - The ... That means he was on vacation for 33% or 1/3 of the time.
Just google it like I did.
He's gotten more done in 3 weeks than shrub did in three years. And when the economy starts to turn around, all the Greedy Obstructionists will point and say, " But HOW DO YOU know it was because of the recovery bill?"
They love to whine and lie. Taking bets now....
Posted by: bdog | Feb 15, 2009 8:53:11 PM
Amazing how according to Hussein that this bill was so urgently needed to avoid "an economic catastrophy", yet now thats its passed, he's off "vacationing" in Chicago and waiting till Tuesday. HOPE AND CHANGE@! HOPE AND CHANGE!
BTW, why is he in need of a vacation after less than 3 weeks on the job? He just came off a long vacation in Hawaii before "Starting his new job"
Posted by: Hennreitta Hen | Feb 15, 2009 5:57:39 PM
Reed - That's a great post with great points. Thanks for injecting a little common sense into the discussion.
Posted by: Peach | Feb 15, 2009 12:48:11 PM
Gosh, Obama spent weeks telling us it was a national emergency and we had to get this spending bill immediately.
So what did he do? Immediately upon Congress passing the legislation on Friday, Obama took off for a 3 day vacation.
If this is how he handles emergencies, we're in for a long four years.
Posted by: Peach | Feb 15, 2009 12:36:54 PM
It's a great bill, the democrats have written it. Life will be great from now on, no more worries, no more troubles, the world will love us and there will be no more war on anything.
Posted by: Lizzie | Feb 15, 2009 11:58:01 AM
I don't see how Obama considers this a win.
He failed at letting Repubs have a part in writing the bill--gave a blank check to Pelosi and Reid.
Broke his promise of transparency and allowing the public to view legislation before he signs it.
Didn't go over the bill line by line to eliminate waste
Kept a tax cheat in his cabinet proving the Obama administration has a different set of rules than we do.
I would think lying and losing credibility with the public is not a win.
Posted by: reed | Feb 15, 2009 10:25:13 AM
John- that spending tracker wont work. why would congress want to put that up, they would have to show us how they are spending their money. Pelosi would have to actually show us how she is spendng 30 million on her salt marsh mice.
we could had spent 30 million on paying heat for the poorest family, but no we are spending it on MICES!
Posted by: jaj | Feb 15, 2009 10:02:29 AM
why is Obama waiting an extra day to sign the greatest generational theft bill?
i am so disgusted by this bill. he will make a big speech about how hemade this work, when in fact he did nothing (2 vacation and 1 fleeing the whitehouse because he was burned out).
Posted by: jaj | Feb 15, 2009 9:58:43 AM
The reality is there must be tracker mecanisms set up to track every cent spent..to keep the funds out of private bank accounts by those who lack patriotism and funnel them where they are supposed to go, spent how they should be spent, and spread properly over a period where audit mechanisms are fully in place. It is important to project management in the hands of patriots not those ready to skim and scam.
Posted by: John | Feb 15, 2009 9:57:46 AM
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