Word: congressed
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...July, Congress tried to address the underlying problem by creating Hope for Homeowners. It's a program meant to get people behind on their payments to refinance into more affordable loans. So far, the effort has gone practically nowhere. While tens of thousands of homeowners have called to ask questions, the program has only received 451 applications and closed 25 loans. That's partly because of the program's high barriers - homeowners have to get their existing lenders to write down the value of what they're owed and then find a new lender to issue a fresh loan. Most...
...Over the course of the transition, when the bill was being drafted, top Obama aides held multiple meetings with committee staffers and their bosses, but in the end, the bill was written on the Hill. "They did a good job of really deferring to Congress," says one pleased senior Democratic aide involved in the bill's creation. (Read "How to Spend a Trillion Dollars...
...Republicans, was an early advocate for the stimulus but turned on the bill the House produced. He says the Senate bill, unveiled on Tuesday, is equally wasteful. "[Obama's team] turned it over to the congressional staffs," Feldstein says, and the result is that the bill spends like Congress always spends: with an eye to benefiting regional constituents. The problem, he contends, is that the bill's goal is to boost overall national spending, which is a very different thing...
...weeks," Feldstein says. "So if you said to them, 'Please design a program for improving the water supply of the United States,' Larry Summers is a brilliant guy, but he probably doesn't know a lot about water supply. And there's a committee in Congress that's been working on this for years...
Europe's euphoria over Barack Obama is fading fast. As Congress wrangles over the President's $819 billion stimulus package, a "buy American" clause has the European Union threatening legal action and retaliatory sanctions and opening up the prospect of an explosive trade war. (See pictures of the world reacting to Obama's Inauguration...