Feb. 8 (Bloomberg) -- President Barack Obama’s struggle to push an economic stimulus bill through Congress may seem easy compared to what he’ll encounter when he returns to Capitol Hill for additional funds to rescue the banking system.
Obama will likely need to ask Congress for more money to recapitalize banks, as much as $1 trillion on top of the roughly $300 billion remaining in the current Troubled Asset Relief Program, according to an estimate by former Federal Reserve economist Ward McCarthy. That will be an even tougher sell for the new president than the stimulus plan, which is headed for a Senate vote this week after passing the House with no Republican support.
“It will take an enormous effort to build broader public support” for another bank rescue plan, said Thomas Mann, a congressional scholar at the Brookings Institution in Washington. “Had the stimulus gone through swimmingly it would have made it easier.” - Bloomberg.com
This is what I and many others have been saying all along. If you thought that this almost Trillion dollar Stimulus Package was going to solve it all, WRONG!!!! Obama is expected to be asking for 1-2-3 Trillion more over the next several weeks all in the name of saving the Economy. Welcome to a National Debt that Obama and his team is going to drive us in too, and will blame on Bush.
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