WHITE HOUSE (CNN) – White House Press Secretary Robert Gibbs told CNN White House correspondent Suzanne Malveaux Tuesday that the administration was planning to provide additional incentives for banks that receive TARP money to start lending more.
“We’re going to work with banks and provide incentives to ensure that the money that they get from the federal government gets lended (sic) to small businesses and families that are in desperate need of it,” Gibbs said. “The [Treasury] Secretary believes that the best way to do this is through a public-private partnership that will get that money out there as quickly as possible.”
Despite the tough talk President Obama aimed at some GOP critics of his stimulus plan Monday night, Gibbs gave a nod to bipartisanship in advance of the president’s second stimulus-themed event of the week, taking place in traditionally-Republican Fort Myers, Florida. “Democrats and Republicans, we can get something done that will help the lives of the American people,” Gibbs said.
NEW YORK (CNN) – The street artist who created the ubiquitous red, white and blue Obama "Hope" posters filed a federal lawsuit Monday against The Associated Press, which last week accused him of copyright infringement, according to court papers.
The papers argue that Shepard Fairey, 38, did not violate the AP's copyright on the 2006 photo of Obama, taken by AP photographer Mannie Garcia, upon which Fairey based his work.
The court documents, filed in Manhattan, argue that "Fairey transformed the literal depiction contained in the Garcia photograph into a stunning, abstracted and idealized visual image that creates powerful new meaning and conveys a radically different message that has no analogue in the original photo."
A copy of Fairey's poster currently hangs in the Smithsonian's National Portrait Gallery in Washington.
(CNN) - During his prime time press conference, President Obama couldn't help but take a slight dig at his at-times off message vice president.
Asked about Vice President Joe Biden's recent remark in reference to the stimulus bill saying there's a "30 percent chance we're going to get it wrong," Obama immediately grinned.
"I don't remember exactly what Joe was referring to. Not surprisingly," Obama said as the gathering of reporters laughed.
Biden made the remark to congressional Democrats at their annual retreat earlier this month, according to the Wall Street Journal.
Watch: Obama takes on critics over pork
"I wouldn't describe any numerical percentage to any of this…given the magnitude of the challenges that we have, any single thing that we do is going to be part of the solution, not all of the solution," Obama went on to say.
WASHINGTON (CNN) – Partnerships with the private sector - aimed at restoring the flow of credit to families and businesses– will be a key feature of an overhaul of the $700 billion financial bailout to be announced by Treasury Secretary Tim Geithner on Tuesday morning, according to a senior White House official.
The public-private par are expected to buy troubled assets that now clog banks' balance sheets and to provide incentives so banks will start lending again, the official said.
The plan will continue to rely heavily on companies injecting capital into banks, but it will require more from those companies, such as caps on executive compensation. The government also will boost monitoring to make sure those banks use the money to increase lending, the official said. The bailout, launched by the Bush administration, has come under fire for its lack of transparency.
The plan also will commit up to $100 billion of the program's remaining $350 billion to stem the tide of foreclosures, without seeking more money from Congress at this time, the official added.
The official also said the plan will significantly expand a Federal Reserve program aimed at unclogging lending to consumers and small businesses by widening the program to cover other types of loans, such as those for commercial real estate.
(CNN)– Vice President Joe Biden and his wife Jill will host a cocktail reception at the U.S. Naval Observatory this evening for new members of the U.S. Senate as well as their families. Tonight’s guests will include lawmakers who filled the replacements for seats vacated by President Obama, Vice President Biden and Secretary of State Hillary Clinton. Senators Roland Burris of Illinois, Ted Kaufman of Delaware and Kirsten Gillibrand of New York will join several other new senators at the gathering.
CNN: Official: Bailout overhaul will include public-private partnerships to ease lending
Partnerships with the private sector — aimed at restoring the flow of credit to families and businesses– will be a key feature of an overhaul of the $700 billion financial bailout to be announced by Treasury Secretary Tim Geithner on Tuesday morning, according to a senior White House official.
CNN: Obama: This isn't your 'run-of-the-mill recession'
President Obama appeared before a national audience Monday night to make the case for his economic stimulus plan, saying this is not your "run-of-the-mill recession.
CNN: Obama to talk economy in GOP stronghold
When Air Force One touches down in Fort Myers, Florida, Tuesday morning, the weather will be different than northern Indiana. Little else will be.
CNN: Obama: U.S. looking for dialogue with Iran
The United States is looking for opportunities for "face-to-face" dialogue with Iran after nearly three decades without diplomatic ties, President Barack Obama said Monday, but still has "deep concerns" about Tehran's actions.