Word: plan
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...exactly the can-do, uplifting message that President Barack Obama or congressional Democrats want to deliver to the voting public. But in the face of soaring deficit projections and growing Republican and moderate Democratic opposition to the Administration's $3.6 trillion budget plan, it may be the best they can do. And so, when the President journeyed to Capitol Hill on Wednesday to rally his party's support for his agenda, he sought to make a counterargument to the rising chorus that wants him to scale back his ambitious plans to reform health care, energy and education even...
...discretionary spending (for education, environment and health initiatives, among other things), to 7% in the Senate and 7%-9% in the House. The Senate stripped the President's signature middle-class tax cuts, known as "Making Work to Pay," of $400 for individuals and $800 for families. The Senate plan, crafted by Budget Committee chairman Kent Conrad of North Dakota, also notably does not include any targeted funding to bankroll health-care reform, as Obama's does with $634 billion over 10 years. "When you lose $2.3 trillion, you have to cut things," said Conrad, whose plan includes $160 billion...
...power to seize financial firms that are on the verge of collapse is already the most controversial new provision. Under Geithner's plan, the companies would have to be so big and in such bad shape that their insolvency could threaten the financial stability of the U.S.; if they are, the boards of the FDIC and the Federal Reserve, in consultation with the Treasury Secretary, could decide either to bolster them with financial assistance or to seize them and break them into parts...
...government overseers. Hand in hand with that requirement would be much tougher limits on how much risk any financial firm could take, so that the days of making huge bets on the markets with relatively little in capital to back them up would be no more. And Geithner's plan would also for the first time subject exotic financial-derivative products, like the credit-default swaps that took down AIG, to federal oversight and market transparency...
...change is more than welcome. Prices now stay constant for days - a novel concept in a country where shop owners had until recently recalculated prices twice a day. "This allowance, though not enough, sees me through the month," says Majuru. "I can plan what my salary can and cannot buy since prices have stabilized. I could not do that when our dollar was the official currency...