Tag Archives: Obama does budgets

The center will not hold

U.S. Government latest bail-out recipient.

Obama, worried about theĀ 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.

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