Word: trillion
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...last eight years, spending got way out of control. The White House couldn't put a check on Congress and the Congress wouldn't put a check on the White House, so everyone spent what they wanted and we ended up with trillion-dollar deficits," says Representative Jim Moran, a Virginia Democrat who nevertheless voted for the package. "We have a responsibility as Democrats to make sure that we don't do that sort of thing - that when the White House is willing to make tough budgetary choices, that Congress plays a constructive role." Apparently, that new responsible role doesn...
...president also said that his advisers had found $2 trillion in spending planned over the next decade which is unnecessary. The Congress may not view it that way, but, even if everyone is in agreement, a spending reduction of $200 billion or $300 billion a year over the next two or three years will not make a substantial enough dent in the deficit to bring it down by half...
...federal government is handing out over $1.5 trillion to support the economy through the Obama stimulus package, TARP, and the new mortgage assistance program. Among the clear winners in the frenzy to save parts of American industry are financial firms and the car companies. Aid may be extended to auto parts companies and insurance operators. The general rule of thumb is that the sectors of the economy that are considered "strategic" will get the lion's share of funding. Car companies are strategic because they employ so many people. Banks are in this category because the credit system cannot operate...
...economic plunge at all costs. Instead, this announcement sends mixed signals. Obama recently signed a $787 billion stimulus package, the American Reinvestment and Recovery Act, into law. Tim Geithner just set out the skeleton for a plan to rescue the banking system that could cost up to $2.5 trillion. Obama is also holding fast to his campaign promises to reform health care and education. He has also highlighted Social Security as “the single most pressing fiscal challenge we face, by far.” Obama is an intelligent man and a gifted leader, but accomplishing...
...will spy on his competitors to stay a few steps ahead, fire incompetent employees with alacrity, and invent new business models, all in an effort to capture new market space. It is hard to fathom the ingenuity we would witness if capitalists participated fully in the one-half-trillion dollar market of educating American children, sights set broadly on the trillions more that lay beyond our borders...