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...incentives would be a combination of new incentives and extensions of credits already in the tax code. The National Automobile Dealers Association has made the incentives a top lobbying priority; new legislation has already been introduced in Congress. One proposal supported by Democratic Sen. Barbara Mikulski of Maryland and Republican Sen. Kit Bond of Missouri would permit new car buyers to deduct auto loan interest and sales tax on their personal income taxes. "We think temporarily making interest deductible on car loans would spur sales," says NADA economist Paul Taylor. The NADA is also supporting "cash for clunkers" initiatives, which...

Author: /time Magazine | Title: The Auto Bailout Keeps Growing, and Growing | 1/14/2009 | See Source »

...disbursed, reflecting the frustration and anger of many members regarding the Treasury Department's handling of the funds. Still, many Democrats said on Monday that Obama's letter was not enough to convince them to vote against the resolution, which was filed by Senator David Vitter, a Louisiana Republican. Most fiscal conservatives, like Vitter, opposed the TARP from its inception, and even those who voted to pass it in September have insisted that something more than Obama's vague promises is needed to win their grudging support...

Author: /time Magazine | Title: Obama Urges Congress Not to Block the Bailout | 1/14/2009 | See Source »

...spent weekends walking down the street to the barbershop instead of riding a 4x4 across a ranch to clear some brush is more significant than any particular kind of cultural or sociological orientation. It means he thinks about policy problems and solutions in a way that differs from most Republican and Democratic politicians, a fact that could dramatically shape this urban President's domestic agenda. (See pictures of Obama's college years...

Author: /time Magazine | Title: Obama's Other Breakthrough: A Big-City President | 1/13/2009 | See Source »

...Tastee Freezes. But every so often, the city boy would break loose. One November evening in 2007, Obama stood in a school gym in Grundy Center, Iowa (pop. 2,596), while a woman explained that she didn't think he could protect the country as well as a Republican. "Don't think that I care any less than Rudy Giuliani or Mitt Romney about making sure that my daughters don't get blown up," Obama told her. He paused for a moment and then laughed, knowing he should probably stop there. "I live in Chicago," he continued...

Author: /time Magazine | Title: Obama's Other Breakthrough: A Big-City President | 1/13/2009 | See Source »

...confirmation hearings are expected to cover much of the territory Clinton will likely have to deal with early in her tenure. Senator Richard Lugar, the ranking Republican and a mentor of sorts to Obama, is particularly interested in containing Russia's bad behavior in the countries of the former Soviet Union. Democrats will ask Clinton about plans to withdraw from Iraq, close Guantánamo Bay and boost troop levels in Afghanistan. Junior Republicans, like Lisa Murkowski, will ask about regional issues, like the U.S.'s role in the Arctic...

Author: /time Magazine | Title: Clinton's Senate Hearing Is First Diplomatic Test | 1/13/2009 | See Source »

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