Dems Happy With Stimulus Tweaks, Expect Request for $350B TARP Money
EmailABC News’ Z. Byron Wolf reports: Democrats emerging from a meeting with Obama economic adviser Larry Summers seem satisfied that the stimulus cocktail of tax measures, direct investment in infrastructure and aid to states will be re-shaken toward their priorities (and away from Republicans’) when they receive a fuller outline in the next day or so.
Sen. Kent Conrad, D-N.D., said of the Obama team, "It’s very clear that they have listened and they have heard.”
Said Sen. Chuck Schumer, D-N.Y., after a quick break and a football update in another room: "Its going a lot better in that room than it is in Giants Stadium." (His home-state New York Giants were losing to the Philadelphia Eagles at the time, on their way to their elimination from the pro football playoffs.)
As with many things stimulus, however, there were few details.
Also discussed in the Democrats’ weekend powwow was the potential request for the second $350 billion piece of the Troubled Assets Relief Program (TARP) pie — the $700 billion fund Congress and President Bush approved in 2008 to strengthen the nation’s financial sector.
Sen. John Kerry, D-Mass., emerging from the meeting, told reporters he thinks people can expect President-elect Obama to make known "in the next hours" that the second half of TARP is needed, and then a formal request for the funds would come from President Bush.
Conrad said he thinks the request will come this week along with a letter from Democratic lawmakers demanding more accountability for the money.
Conrad said in order for any TARP request to pass Congress, it will take specific, in-writing pledges for new accountability from the incoming administration.
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Wastrel or profligate is an oldfashioned word but it fits the Bush/Cheney/Paulson trio very well.
I hope Congress has finally gotten smart enough to not give the rest of TARP to them.
Posted by: jan | January 11, 2009, 5:40 pm 5:40 pm
bush and his thug party have raped america for 8 years now it will take obama and us tax payers to repair all teh destruction bush has brought on us.
Posted by: T | January 11, 2009, 5:58 pm 5:58 pm
Great now more weak banks can buy up the profitable banks, and give out million dollar bonuses and severance/retirement packages to the folks who ran these banks into the ground, on the taxpayers dime. And this solves the housing crisis/credit crunch HOW??? By giving golden parachutes to thieves and crooks? WHY are the Democrats, let alone the Republicans cheering this giveaway of taxpayer dollars!?! Oh well, I guess more of the same is what accounts for “Change” these days. It’s one thing to let this happen, it’s another to let people be REWARDED for it AFTER they have been proven guilty. Oh well, I guess we’ll all just re-elect them like we always do. And you wonder how/why things continue to get worse.
Posted by: hmn... | January 11, 2009, 6:08 pm 6:08 pm
bush and his thug party have raped america for 8 years now it will take obama and us tax payers to repair all teh destruction bush has brought on us.
Posted by: T
It took this guy 20 years to figure out what his pastor was preaching. So, good luck with that.
Posted by: flopez | January 11, 2009, 6:11 pm 6:11 pm
Any future stimulate should go directly to the tax payers of this land. Why not issue a check for $100,000.00 to each and every tax payer family. People could catch up on their mortgage, credit cards, have money to spend in their hands.
Posted by: Michael | January 11, 2009, 6:14 pm 6:14 pm
This is UNBELIEVABLE. Obama is 8 days away from taking office and he is going to hand this money over to Bush and Paulson??? PATHETIC! This is absolutely BIZARRE!!!! We are living in bizarro world.
Posted by: anak | January 11, 2009, 6:21 pm 6:21 pm
The tweaking was directing the 50 million dollar bonuses from republican CEO’s to democratic CEO’s.
Posted by: sensealot | January 11, 2009, 6:24 pm 6:24 pm
when will america wake up? i hope I live to see the day when the streets burn and the houses on 5th avenue and buildings on wall and broad crumble burying the ashes for good
Posted by: vermontroyster | January 11, 2009, 6:33 pm 6:33 pm
Michael, that would require about 10 trillion dollars or 14 times the 700 billion that was approved.
Posted by: Bob | January 11, 2009, 6:36 pm 6:36 pm
REAL CHANGE – - Another secrete back room deal… yeah… so much for open Government…. BO is such a GOOD liar….. so how much pork are the Democratic Senators getting…..
Posted by: Vet1973 | January 11, 2009, 6:36 pm 6:36 pm
Infrastructure projects are temporary. They don’t make much of a difference, it doesn’t hit the heart of america’s problem. This “new deal” so to say, doesn’t come 360. It doesn’t cause ripple effect. How is education, the core of american economy, which is currently failing, going to be changed by these infrastructure projects?
Posted by: Vinni | January 11, 2009, 7:01 pm 7:01 pm
Seriously, this is just another small patch on something that is growing and ready to crash.
Posted by: Vinni | January 11, 2009, 7:03 pm 7:03 pm
So what are the Dems priorities? Obviously not Republican priorities? So will that mean Pelosi/Reid lock out all stimulus for Republican districts? Does it mean there will be no watch on waste that Republicans want? Does it mean there is no bipartisanship? Guess Pleosi decided that last week when she ended Republican imposed rules to allow the opposition to have a say in legislation and end term limits for committee chairs. Guess that leaves crooks Rangel and Frank in as chairs forever.Sounds like the Dems will be ignoring 46% of the population.
Posted by: jschmidt | January 11, 2009, 7:06 pm 7:06 pm
Infusing all this Monopoly Money into our economy devalues our currency and demoralizes our work ethic. It’s a short-sighted solution that is no solution.
Posted by: MadeInUSA | January 11, 2009, 7:15 pm 7:15 pm
jschmidt That’s right suckaaa. Dems rule now.
Posted by: Chet Walker | January 11, 2009, 7:16 pm 7:16 pm
The BS machine has been cranked up to eleven.
Posted by: Gotterdammerung | January 11, 2009, 7:18 pm 7:18 pm
Went out to eat tonight. The place was packed when we got there and packed when we left. 30 to 40 minute wait. Also, the 8 or more other resturants were also packed. These are places like Olive Garden, Red Lobster, Stickey Fingers, not the Ritz I know but not excatly McDonalds either. The mall close by was also packed. I realize people are losing their jobs and things are getting tight but I don’t believe things are as bad as the media wants us to believe. You watch, starting Jan 21, 2009 the media will start reporting how things are looking up. All this to make Obama and the dems look like miracle workers. I’m not falling for it. I have yet to go to a store, mall or anyplace of entertainment and see people walking around, not spending money. Bass Pro was so crowded today and lines at the check out 10 deep
Posted by: can'tseeit | January 11, 2009, 7:27 pm 7:27 pm
can’tseeit You’ll see it soon. Bush screwed up the economy so bad it’ll take years to get this under control. Thank god we got someone like Obama coming to the rescue.
Posted by: Jim Bob | January 11, 2009, 7:40 pm 7:40 pm
“Democratic lawmakers demanding more accountability for the money” This shows how stupid the Democrats are, THEY wrote and passed the law, why didn’t they put this so-called accountability in ????…..Cause we know they don’t really want to know… especially Chucky Schumer, he is in the Wall Street bankers back pocket, where do you think NYC gets all its money from.. they are just trying to make the Administration look bad for the LAW THEY PASSED
Posted by: Vet1973 | January 11, 2009, 7:58 pm 7:58 pm
the old Dem Bolsheviks in Congress can now party big time at taxpayer expense..
Posted by: pravbank | January 11, 2009, 7:59 pm 7:59 pm
So I guess this means on DAY ONE— BO WILL TELL us WHO got the money and where it went…. or will the Democratic MEDIA party hush it up as soon as BO becomes pres
Posted by: Vet1973 | January 11, 2009, 8:01 pm 8:01 pm
can’tseei
I too have noticed everyone out and about spending but with so much doom and gloom about it is a wonder that people aren’t piling what money they have under their beds. For the past 2 years we have been handed one bad news story after another, part of it real and part simple politics. Some say Obama will clean “the mess up” but something tells me that culprits like Frank and Dodd will continue in leadership roles that only thieves relish and Obama will wage a war on the mythical global warming scam and go after a former President.
Posted by: david | January 11, 2009, 8:05 pm 8:05 pm
Chet- with the Dems calling the shots, we are suckers. Hope you enjoy Pelosi and Reid and their corrupt Democratic chairman. When they don’t deliver, they’ll be out in 2010. No Republicans to blame this time.
Posted by: jschmidt | January 11, 2009, 8:05 pm 8:05 pm
Even though the thug Democrats Dodd, Schumer and Barney Frank forced Freedi and Fannie to make loans to unqualified borrower, the real problem is debt at all levels. People need to take personal responsibility for this mess. We the American people did this by living on a false economy for the past 40 years based on borrowing money. NO DEBT-NO DEFAULTS. Once people realize that they did this, borrowing more more seems like insanity. well it is. Obama is going to generate so much debt, Bush will be thought of as a beacon of austerity. We have to stop these Democrats from destroying the next generations with debt.
Posted by: Brian | January 11, 2009, 8:15 pm 8:15 pm
People need to take personal responsiblity for their stupid purchases…and understand that not everybody is entitled to an $800K house…duh…oh, and by the way, you don’t buy what you can just afford; you buy what you can well afford. Common Sense people. And I agree with Brian, that Chris, Barney, and Schumer should be paying back a lot of these $100blns out of their own pocket, since they forced the banks to make these crap loans.
Posted by: Bill | January 11, 2009, 8:29 pm 8:29 pm
I LOVE IT! ‘Bama and his back-room antics with the money that shouldn’t have been given to anyone now goes to the Dems? Why the hell do they keep calling it TARP Money? It’s TAXPAYER MONEY, YOU IDIOTS, AND STOP SPENDING IT!
Posted by: Thomas Dockery | January 11, 2009, 8:33 pm 8:33 pm
Palosi,Reid,Paulson,Bush——-The great four amd there is many many more that we chose to represent us and who do they really represent. Their own interest and personal agendas are all they care about. I wonder how much money Nascar will get this time. Say goodbye to that 350 billion. Oh what the heck. We tax payers only have to pay for it so why should we have a say or vote. Maybe we should have a special election so we can vote where it goes. Ha! That would be the day. They do not want us to receive it. Dem, Rep. it doesnt matter. They are all about them and the rich that can line their pockets and special interest. Their voting soon to give themselves a pay raise. I guess they wouldnt want us to vote on that either. Their smart. (And crooked.)I hope and pray that Obama is a change and will be a man of his word and will acually care about the average hard working or willing to work American. He would be a first in a long long time.
Posted by: CAW | January 11, 2009, 8:35 pm 8:35 pm
Number one – Clinton started this when he decided that EVERYONE should be able to own a home. No – EVERYONE shouldn’t. 100 percent financing…so now all the people who have paid their bills diligently are feeling a real crunch…all because bleeding heart liberals want to socialize(communist) our middle class.
That and everyone wants and expects to have exactly what their parents have (or more) as soon as they graduate from school (HS, College, etc)…all the cars, the big house, etc. Everyone should wait and WORK FOR these things…not get them and work later to pay for them.
Posted by: Charlotte | January 11, 2009, 8:48 pm 8:48 pm
CAW Personal agendas are what politics is all about. Bush-Enron, Cheney-Haliburton. You get the picture.i
Posted by: jim bob | January 11, 2009, 9:01 pm 9:01 pm
Boy, I sure hope I get my cut. I haven’t had a job in over 2 years.
Posted by: 4honeybee | January 11, 2009, 9:07 pm 9:07 pm
Cant see it… you forgot to mention the lard a lot of Americans carry around on their backsides. Yes we are really having it rough in this country.
Maybe it is better in Africa, or Gaza!
The great one had to “paint” such a terrible picture in America… I cant see it either. People have gas in the cars and fat on the arsses. The real tough times they are talking about are because we need to lend 700 B to wall street so they can give us credit. We need to bail out the big 3 automakers so they can continue to build cars that we can’t afford to buy. We need to make sure the CEO’s get their millions even if the companies go under. We taxpayers sure are a bunch of suckers. makes me feel kind of like an Obama supporter!
Posted by: Badboy | January 11, 2009, 9:11 pm 9:11 pm
Ah, Congress, doing what they do best; spending our money. They must be salivating at the prospects of 350 Billion.
Posted by: Brandy | January 11, 2009, 9:13 pm 9:13 pm
can’tseeit You’ll see it soon. Bush screwed up the economy so bad it’ll take years to get this under control. Thank god we got someone like Obama coming to the rescue.
You are an idiot. Bush didn’t screw up the economy any more than Clinton. The housing crisis was caused by Clinton. The Democrats pushed the bill to allow any idiot like yourself who cant add or subtract to “buy” a house. Now we all pay for the mistakes the idiot Dem-wits made. Blaming Bush is your scapegoat from the real truth. I ain’t seeing it either. You must live somewhere else. Funny thing, you are probably one of the fat, ignorant Dem-wits on disability
who sits at his computer and eats junk food all day. Are you really hurtin’? JimBob?? Or is it all in you and Obama’s mind????
Posted by: Badboy | January 11, 2009, 9:18 pm 9:18 pm
CAW Personal agendas are what politics is all about. Bush-Enron, Cheney-Haliburton. You get the picture.i
You forgot to mention a few things Jim Blob! Clinton-Dubai, Dodd & Frank, Fannie/Freddie, Ted kennedy, murder
Hillary, theft, Pelosi-retard, Reid, senility… should I go on???
Quit your crying about Bush. Obama can continue to blame the former administration and milk another bunch of idiots next election! (just like you)
Posted by: Badboy | January 11, 2009, 9:22 pm 9:22 pm
Paulson lied to the congress when he was fear mongering that the economy will further slump if the 700 billion bail out was not granted. Once the funds were appropriated they disappeared into thin air. Now more fear mongering for a trillion dollars. Never in history of America has the tax payer funds been squandered, plundered and swindled as in recent times. Just pay off the deficit and give the middle class a tax cut and stop the fear mongering and let the chips fall where they may. We have nothing to fear but fear itself. Never before this statement by FDR is more relevant and appropriate than now. From the posts here and posts elsewhere it is very clear that there is no confidence in the government and wall street and that people are disgusted with the liars and the thieves who have made off with billions and the Swindlers list is growing by the minute. We are expected to trust that there will be oversight in how the remaining 350 billion will be spent. It is a big lie and it will disappear like the previous 350 million with no change in the economy, with more unemployed and more misery for the tax payers and lavish parties for the swindlers and the crooks.
Posted by: gjkotw01 | January 11, 2009, 9:37 pm 9:37 pm
Giving people money or tax breaks is not teaching anyone to be fiscally responsible. Oh that’s right, they don’t want us to be that way. Same old answers to the a serious problem is not the way to go. Spend, spend, spend and worry about it later, unbelievable.!
Posted by: YellowCobalt | January 11, 2009, 9:37 pm 9:37 pm
We are so screwed……….
Posted by: smearjay | January 11, 2009, 9:45 pm 9:45 pm
Oh yeah…anything that comes to the middle class worker will be a joke. (600.00) bahahahahahah….Not even a house payment for my little bitty 1400 square foot house.
Posted by: Charlotte | January 11, 2009, 10:00 pm 10:00 pm
Posted by: anak | Jan 11, 2009 6:21:13 PM
You are absolutely right for not trusting the destructive wild bush and paulson; but even they couldn’t wast $350 BILLION in five days. lol
The rest of the TARP money is going to be allocated by the new administration.
Posted by: Patriot | January 11, 2009, 11:38 pm 11:38 pm
I can not agree with you more,and i think most people will approve,too.
Posted by: dofus kamas | January 12, 2009, 12:37 am 12:37 am
All Democrats were worried about is how much of your tax dollars were going to fund their PAY TO PLAY politics scam. All the while BAMBOOZLING all you dopes that think you voted for CHANGE
Posted by: doggie | January 12, 2009, 5:10 am 5:10 am
But Paulson, who pushed the TARP bailout on fear mongering and drafted no oversight into the conditions, is still the overseer. It’s like the chickens are imploring the fox to come back to the henouse. The fox should get dissed first.
Posted by: kat | January 12, 2009, 10:16 am 10:16 am