Feb. 9 (Bloomberg) -- The stimulus package the U.S. Congress is completing would raise the government’s commitment to solving the financial crisis to $9.7 trillion, enough to pay off more than 90 percent of the nation’s home mortgages.
The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed. The total already tapped has decreased about 1 percent since November, mostly because foreign central banks are using fewer dollars in currency-exchange agreements called swaps. The Senate is to vote early this week on a stimulus package totaling at least $780 billion that President Barack Obama says is needed to avert a deeper recession. That measure would need to be reconciled with an $819 billion plan the House approved last month. - Bloomberg.com
Stop and take that all in. With all the money the Government is spending, they could have pooled it all together and 90% of us could have been Mortgage free! That would have solved the Housing problem, the bank problem, putting money back into the pockets of consumers, THE ECONOMY!!!! Remember, this is almost all if not all borrowed money. It has to be paid back.
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