December 8th, 2009
11:47 AM ET
9 months ago

Obama: Bailout for Main Street

Obama: Bailout for Main Street.'
Obama: Bailout for Main Street.'

Washington (CNNMoney.com) - President Obama on Tuesday outlined a broad new proposal to try to spur jobs and give more help to Main Street consumers and businesses.

In a speech at the Brookings Institution, Obama said he wants to give small businesses tax breaks for new hires and equipment purchases. He also wants to expand American Recovery and Reinvestment Act programs and spend some $50 billion more on roads, bridges, aviation and water projects.

Finally, Obama would offer consumers rebates for retro-fitting their homes to consume less energy.

"Even though we have reduced the deluge of job losses to a relative trickle, we are not yet creating jobs at a pace to help all those families who have been swept up in the flood," Obama said in prepared remarks.

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Filed under: Jobs • President Obama • TARP
soundoff (114 Responses)
  1. single mom

    This should have been done first, last year. Day late and $50 billion short.

    December 8, 2009 11:49 am at 11:49 am |
  2. ted

    Obama's strategy is always spending money, when history has shown that cutting taxes and spending is the key. We cant stand much more of this deficit.

    December 8, 2009 11:50 am at 11:50 am |
  3. Jamie

    Obama is making the right and responsible decision in building these jobs. Commercial loans that are halting these infrastructure problems are completely frozen, government should be involved in helping unfreeze these projects and create jobs.

    December 8, 2009 11:52 am at 11:52 am |
  4. Reggie

    47% approval raing Obama, cannot get anything done. BUT, he sure does talk a good game.

    December 8, 2009 11:53 am at 11:53 am |
  5. worriedmom

    Duh, Mr. President , this should have been your first priority. You were too busy wanting to be King of the World that you forgot the people who put you in the White House. I hope this is not "too little, too late" scenerio.
    Put everythign off the table now including health reform and get people jobs!!!!

    December 8, 2009 11:53 am at 11:53 am |
  6. RichP the Pocono's

    Oh boy, here comes another shell game, $200BILLION of our money 'left over' that was $200BILLION of money the taxpayer never had to begin with. Somebody needs to stop selling ink and cloth to the mint people, they got them presses running on overdrive...

    December 8, 2009 11:55 am at 11:55 am |
  7. New Era

    Obama, Get The Bank To Lend!!!

    December 8, 2009 11:58 am at 11:58 am |
  8. Idiot_Pelosi

    This CLOWN in the WH is becoming a total embarassment. Now I know why people call BO the "JOKER", because he is an absolute JOKE.

    December 8, 2009 12:00 pm at 12:00 pm |
  9. Henry Miller, Libertarian

    The only "bailout" "Main Street" needs is for government to get the hell out of the way and quit saddling us with outrageous levels of debt and the promise of outrageous tax increases to pay for their insane profligacy.

    December 8, 2009 12:03 pm at 12:03 pm |
  10. RCasson

    I hear you Mr. President. The REAL "real" America is still with you. Keep your head up!

    December 8, 2009 12:03 pm at 12:03 pm |
  11. terry,va

    With his poll numbers at 47% Obummie finally had to do something that makes sense. Drop your socialist agenda of heath care reform and cap and tax and you might get above 50%. If not, you will be at 40% in a few months. If your goal is to ruin the nation in 4 years and not get re-elected you are well on your way.

    December 8, 2009 12:03 pm at 12:03 pm |
  12. Carla Beckman

    Great idea. I trust Obama's intelligence and his economic advisers. More green jobs and infrastructure projects could boost the economy. Why not use TARP money...Wall Street got help, now it's middle-class's turn.

    December 8, 2009 12:04 pm at 12:04 pm |
  13. munchmom

    Another bailout for the people of Main Street to pay for, when we can't make ends meet now because of other bailouts! Give us a break!!

    December 8, 2009 12:06 pm at 12:06 pm |
  14. Keith in Austin

    Obozo doesn't have a clue. The EPA's decision the regulate Carbon Dioxide will end up costing millions of jobs!

    Wake up Sherlock, the key to addressing unemployment is lowering taxes and government intervention to employers! NOT the antithesis! Socialism is good for one thing. It creates more government jobs because it creates bigger government control of our lives!

    December 8, 2009 12:06 pm at 12:06 pm |
  15. Dutch/Bad Newz, VA

    While you are at it Mr. President, you should consider giving a tax break to those employers who begin hiringf within a cartain time frame. I would offer the 200 billion remaining TARP funds to small businesses that begin hiring now for the next 3 months. That will instantly spur growth.

    December 8, 2009 12:07 pm at 12:07 pm |
  16. DJ

    What about bringing the jobs back from India and China?

    December 8, 2009 12:08 pm at 12:08 pm |
  17. gino

    Well done, Mr. President.

    December 8, 2009 12:10 pm at 12:10 pm |
  18. Craig

    This is one bailout that we desparately need. Especially after the Republicans have been busy sending our jobs overseas. Of course the Republicans and their followers will be totally against it.

    December 8, 2009 12:12 pm at 12:12 pm |
  19. Chanel

    As long as these funds come from the stimulus money already passed, I don't see a problem with it. I would rather see the money go to small business tax breaks and more shovel ready projects, rather than bank bailouts any way. Put Americans back to work.

    December 8, 2009 12:14 pm at 12:14 pm |
  20. chris l

    the liar and chief is a complete fraud whose administration is made up of anti American criminals. i cant wait until 2010 and 2012 when all of these fringe radicals disguised as democrats are thrown out of office and sent back to the cesspool they crawled out of, or possibly even jail.

    December 8, 2009 12:14 pm at 12:14 pm |
  21. vwrtb

    Republicans should want to only pay off debt... They created the majority of it...

    December 8, 2009 12:15 pm at 12:15 pm |
  22. Fred Frandsen

    The President needs to do somthing and a tax break is a start.

    President Obama's job approval rating has fallen to 47 percent in the latest Gallup poll, the lowest ever recorded for any president at this point in his term.

    Below are comparable ratings for other presidents since Gallup began taking presidential approval polls in 1938:

    - George W. Bush, 86 percent
    - Bill Clinton, 52 percent
    - George H.W. Bush, 71 percent
    - Ronald Reagan, 49 percent
    - Jimmy Carter, 57 percent
    - Gerald Ford, 52 percent
    - Richard Nixon, 59 percent
    - Lyndon Johnson, 74 percent
    - John Kennedy, 77 percent
    - Dwight Eisenhower, 69 percent
    - Harry Truman, 49 percent

    December 8, 2009 12:16 pm at 12:16 pm |
  23. Mike1952

    Tell someone who just lost their job it's a trickle. One job lost is too many. Most of these jobs were lost on BO's watch yet he still blames someone else.

    I like the idea that BO is employing conservative approaches by helping small businesses with tax breaks. But I'm confused how you can spend money and still pay down the debt. I suppose you have to borrow money to spend and spend the money in the bank on debt. Sounds like a sum zero scam to me.

    December 8, 2009 12:23 pm at 12:23 pm |
  24. Obama 2.0

    just give the money, we will spend it ;)

    December 8, 2009 12:23 pm at 12:23 pm |
  25. Mike

    Who cares what his approval rating is now? The election is years off at this point and there isn't a republican contender in sight.

    I'm so tired of Americans whining about a bailout. Bail yourself out and work harder. I'm doing better in the last two years than before b/c I work my ass off and never complain. The economy, wars and climate aren't Obama's problem or the Democrats or Repubs, it's our problem. Quit complaining and do something about it!

    December 8, 2009 12:24 pm at 12:24 pm |
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