March 29th, 2009
03:12 PM ET
6 years ago

Dem to Obama: 'Come make your case' for more bank bailout $$$

WASHINGTON (CNN) – In yet another sign that President Obama may face a fight with his own party over his massive $3.6 trillion budget, a leading Democrat in the House said Sunday that the burden is on the president to prove the need for money to bailout the nation’s troubled banks.

House Budget Committee Chairman John Spratt of South Carolina was asked Sunday about his decision to remove Obama’s request for another $250 billion in bank bailout money from the House version of the budget blueprint. Spratt told CNN’s John King that the president would have to show why that additional money was necessary.

“We're essentially saying, ‘come make your case,’ Spratt said Sunday on CNN’s State of the Union. “The burden of persuasion is upon the president. Nobody likes funding these things. We’d like to see more definition than we got in the last packages. So this is our way of exercising a little leverage over it. If it's needed, we will be there to support it. But let's not create a presumption it is needed and see if we can't make the most of what's in circulation already.”

Related: Obama on his meeting with the big banks


Filed under: Congress • President Obama • State of the Union • TARP
soundoff (49 Responses)
  1. John

    Hey obama,i voted for you but am losing faith fast.Wheres my bailout,my job or anything,sick of feeding the rip off banks

    March 29, 2009 03:19 pm at 3:19 pm |
  2. Zion

    That's right. Remember, Democrats don't operate like Republicans, you know, just simply giving your guy a rubber stamp government.

    March 29, 2009 03:19 pm at 3:19 pm |
  3. tyree

    Nothing wrong with people having constructive disagreements with the Presidents budget. I do have a problem with these guys criticizing and not proposing any solutions of their own. Afterall, isn't that what this is all about... The right solution? This is not a game. The future of our country is stake.

    March 29, 2009 03:22 pm at 3:22 pm |
  4. ED FL

    No one says that only GOP politicians from the BIBLE BELT are stupid, there are some democrats also . It must be the water but it makes no difference in gender or party the Caolinas have plenty of DUMB in both parties,. The dems usually hide it better.

    March 29, 2009 03:24 pm at 3:24 pm |
  5. Alfred E. Neumann

    Another sign that the honeymoon with this rather inexperienced president is coming to a conclusion.

    Obama's solution to current problems seems to be just to throw money at them – a tired Democratic idea for every problem facing the nation.

    March 29, 2009 03:31 pm at 3:31 pm |
  6. US Citizen

    Make your case? It worked so well the first time.

    March 29, 2009 03:34 pm at 3:34 pm |
  7. bk

    Obama has accomplished nothing, except spend our money. No jobs created, nothing for the working person, except 8 dollars. He is worse than Bush and is going to triple the deficit. Obama has spent more in 1 month than Bush spent in 8 years.

    March 29, 2009 03:49 pm at 3:49 pm |
  8. Mark, Bradenton,FL

    That's easy. The CEO's of these banks need more bonus pay and vacations for their great work.

    March 29, 2009 03:53 pm at 3:53 pm |
  9. Cherie

    I know Congressman Spratt will quickly work out any problems with President Obama. The Chairman understands banking and I trust his judgment. He doesn't disagree with the President lightly so I would the President's folks to study further if I had any influence.

    March 29, 2009 04:07 pm at 4:07 pm |
  10. Texas Teacher

    .... the people are watching... you know the majority that voted for Obama because we wanted his agenda... and we still do!

    March 29, 2009 04:15 pm at 4:15 pm |
  11. Glennis

    So far there's been a ton of money thrown at fixing the economic woes with little, if anything to show for it. When will the government give us an exact accounting of where this money went? I don't see job creation or retention coming from their actions. I do not want one more red cent to be spent on bailing out these companies. Further, the intricate and complex relationships between these corporations and various members of the administration and congress, and their family members makes any action suspect. How can we trust them when they've been in bed with these companies all along? The administration, and the previous one have done quite enough to point us in the direction of financial ruin by their "bailouts". Geithner's attitude that the government is the answer to these problems is symtomatic of the disconnect between the government and the governed. We know better than that. The government has been the problem more than it's been the solution. I don't expect that to change with these bozos running things.

    March 29, 2009 04:20 pm at 4:20 pm |
  12. edith in oregon

    Follow the money, then we can have a better discussion regarding why we are confronted with this crisis. The truth of it all cannot and will not be discussed with the American people, Journalist are not doing their job of investigative reporting. When did Bush know? and what did he do about It? I bet those criminals moved their money out of the country and then set-up this emergency bail-out just in time for Pres. Obama. All Americans should be outraged"

    March 29, 2009 04:22 pm at 4:22 pm |
  13. Fred

    bk, the actual job creation and money from the stimu-less bill will kick in in 2010, just in time to make the demmy's look good in the elections.

    March 29, 2009 04:23 pm at 4:23 pm |
  14. Farrell, Houston, Tx

    For those of you who say that Obama has accomplished nothing, I've found myself wondering exactly what did Bush do in his 8 years.

    March 29, 2009 04:36 pm at 4:36 pm |
  15. Simmy

    They are Democrats in name only. They are disrespectful in that they didn't have the balls to stand up to Bush, or to even ask him how much money he was spending and where the money was going. Now they feel it's ok to beat up on President Obama. There agendas are two-fold. Make a name for themselves, and taint the image of the President. They are pumas in every sense.

    To the person talking about the honeymoon being over, there was never a honeymoon between the president and Congress. It's his supporters that remain loyal.

    March 29, 2009 04:41 pm at 4:41 pm |
  16. Richard A. Spomer, Alexandria, VA

    The Dem's just think the more money they spend is actually good for the Country, and they are not paying the taxes everyone else is, so it is a Free for All sorry Ted they really screwed up a good song!

    March 29, 2009 04:59 pm at 4:59 pm |
  17. Bill Charlotte, NC

    CNN... John Spratt of SOUTH CAROLINA does not speak for Democrats.

    March 29, 2009 05:06 pm at 5:06 pm |
  18. Sally

    Teleprompter's welfare state is here.

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    March 29, 2009 05:09 pm at 5:09 pm |
  19. zarkov

    As head of the House Budget Committee, Rep. Spratt is only doing his job. Geithner has yet to produce a coherent plan for how the administration is going to clean up the banking mess, except to say it will probably take a lot more money. If more lickspittle Congresscritters remembered they're supposed to be the people's representatives instead of worshippers at the feet of an imperial President (of either political stripe), we'd all be a lot better off. The fact that Angela Merkel has told Obama frankly that runaway Govt. spending isn't the answer for world economic recovery, and the fact that the Chinese are already showing a reluctance to continue to back the US spending spree should tell us that maybe things aren't going in the right direction.

    March 29, 2009 05:10 pm at 5:10 pm |
  20. Mike Syracuse, NY

    I'm constantly amazed at the number of Dems who seem to have such blind unconditional trust in Obama. We are talking about someone with 4 years in the Senate, period. No executive experience at all, as is becoming more obvious by the day. Thank God, at least some Dems aren't buying the spend, spend, spend mantra lock, stock and barrel. And for the inevitable response"but Bush doubled the deficit"; it was wrong then and it's wrong now. Deficits helped get us into this mess, so how will more deficits get us out?

    March 29, 2009 05:15 pm at 5:15 pm |
  21. independent wonderer

    These arent democrats, there republicans working as moles..thats ok, we will remember them TOO come next election...

    March 29, 2009 05:15 pm at 5:15 pm |
  22. DEM in HI

    The only good news is that someone is finally asking for accountability after wasting over $2 trillion dollars of taxpayer money since 2007. Amazing how little of it has changed or helped people in foreclosure. Just fattening the rich greedy bankers and losers on Wall Street.

    March 29, 2009 05:19 pm at 5:19 pm |
  23. independent wonderer

    I sure dont see any of you complainers up there in washington, trying to HELP, all I'm seeing on here is more digs at our president, and lots of whining, complaining..take it to WASHINGTON if y'all know so darn much...

    March 29, 2009 05:19 pm at 5:19 pm |
  24. John Illinois

    Doesn't anyone have a problem with the fact that banks want to give/pay back the TARP crap but the government either will not let them or make it very difficult? The government is trying to make a power grab to have total control over the banking industry and private businesses and now it has been mentioned they want control of the newspapers also? This socialist crap must be stopped NOW! This administration is spending us into oblivion. Geez, even the socialists and the communists are openly stating that Obama, the treasury and Congress are economic idiots. How pitiful is that? It looks like Obama and Congress are trying to turn us into that Western European garbage and they are doing much worse than we are. NO to government nationalizing the banks, newspapers or private businesses.

    March 29, 2009 05:22 pm at 5:22 pm |
  25. Jonf

    I voted of President Obama in the last election – like most people, I wanted some change. But what we are getting is rampant spending and the insistence that there is only one way – Obama's way. Frankly it frightens me the way we seem to spend money that we do not have. It frightens me further to see the man in the White House nothing like the man who ran for President just months ago.

    It takes a long time for change – and requires the cooperation of many people. I truly think that we have elected someone who is so ego-centric and naive that he does not really understand that. He just seems to want to be the President that totally reformed America. Well, he needs to wake up and realize that this kind of change happens one day at a time. He also has to realize that he cannot gamble with this country's future by such enormous spending proposals. And yes, the economic crisis is more than an inconvenience standing in the way of your agenda – it is a major job in itself.

    Despite what people thing one man (George Bush) did not put us here. It took lots of people many years to make the mess that we are in.

    March 29, 2009 05:23 pm at 5:23 pm |
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