Obama, worried about the Kazillionbillion dollar deficit he’s created, now wants to use the imaginary money he invented for the TARP program and use it to reduce our debt, thus saving $200 billion dollars. This wouldn’t fool a kindergartener, but then, we’re talking about the same members of the American public that voted for this man.
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.