December 8th, 2009
11:47 AM ET
8 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.

Full story


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

    Same song same verse. The same speech Obama has given for 10 months. It is time to realize that the bunch in Washington has lost touch with reality.
    Every plan offered has failed. No jobs, higher debt, business in a bind(except the banks and GM that were gifted with a trilloin dollars) and no hope for the government to solve the problem.
    What do you think of that "Hope and Change" now?
    The media sold a pig in the poke.
    It is really time for CHANGE!

    December 8, 2009 12:24 pm at 12:24 pm |
  2. aneanderthal

    Right, like this idiot has any credibility anywhere than with the Nobel Peace Prize committee. Even the most libertard wing nut now realizes that the stimulus program was a payback to the unions and the others that coerced people in to voting for Obama. Capital gains tax reduction was not even mentioned by the fool. I guess that would be like including tort reform in the healthcare bill, make sense and cost him a lot of support from the commies.

    December 8, 2009 12:25 pm at 12:25 pm |
  3. Connie from Colorado

    Okay, so his ratings are down. Who cares? What's the point in that? Can everyone just let him try to work these problems out? Give him a bit of time. It took 8 years to make this mess, so let him have a little time to work all the problems of our country out. People need to be patient!

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

    "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."

    First off Obama had no choice and the bailout was a bipartisan effort. Thank god they didn't listen to you or the other whiners or the economy would have collapsed. Second, taxes are as low as any point during Reagan's presidency. If you mean tax cuts for the lower class and middle class, I agree but most republicans want tax cuts for corporations and upper class only.

    Finally, instead of waiting for a bailout and whining, do some work and pull yourself out of this mess!

    December 8, 2009 12:28 pm at 12:28 pm |
  5. SocialismBad

    WOW! He's finally getting a partial clue. Only took a year!

    And PLEASE DROP the $50 billion on roads and bridges baloney. It's a waste of money we don't have. Besides, what about all the money still left to spend from last years $787 BILLION spending spree?

    December 8, 2009 12:29 pm at 12:29 pm |
  6. gt

    bail out or sell out of main street....more taxes wont get it done...

    December 8, 2009 12:29 pm at 12:29 pm |
  7. Jenn, Philadelphia

    Are they sure there's extra money in TARP? Remember who did the math, Tim Geitner. Let's just hope he's better and doing the country's taxes than his own.

    December 8, 2009 12:31 pm at 12:31 pm |
  8. josephine

    Don't you notice that the Repubs who caused these downward spiral seem to be the most vocal and most critical of the economy now. Where were they to be heard when George W was letting the economy get out of hand.

    December 8, 2009 12:33 pm at 12:33 pm |
  9. JES

    I don't think it would be a good thing to pay down our debt so let's keep on spending.

    Thank's for your great leadership on how to spend money that's not yours to spend.

    December 8, 2009 12:33 pm at 12:33 pm |
  10. KC

    Republican idiots are busy blaming President Obama and Democrats for the mess they caused under Bush administration. Why not you fools shut up for a while and let Obama fix this mess... Some fools re also busy blaming the government for there greed.. They went into mortgage they can't afford pay.

    December 8, 2009 12:34 pm at 12:34 pm |
  11. Sharon

    At least he is trying to do something to help. Repubs take notice, this is what we call progress. Anyone can stand up against anything and everything, it takes character to want to do something to help Americans who are having problems helping themselves. We will remember who tried to help at election time and will vote out all who have nothing to contribute to the process of helping Americans!!!

    December 8, 2009 12:35 pm at 12:35 pm |
  12. Sharon

    At least he is trying to do something to help. Repubs take notice, this is what we call progress. Anyone can stand up against anything and everything, it takes character to want to do something to help Americans who are having problems helping themselves. We will remember who tried to help at election time and will vote out all who had nothing to contribute to the process of helping Americans!!!

    December 8, 2009 12:37 pm at 12:37 pm |
  13. victim of the false prophet OBAMA

    it will take two to three generations to undo the damage this clown has done to our country.

    December 8, 2009 12:38 pm at 12:38 pm |
  14. John

    Obama is doing the work every other president has started but stalled because the job of change was tough, and lobbyist's spreading cash for their vote.

    December 8, 2009 12:38 pm at 12:38 pm |
  15. jim

    Fred Frandsen...

    – George W. Bush, 86 percent

    What was W's approval rating at the end of his term? Maybe we should look at the end of Obama's term, not the beginning. I think that's what really counts. HELLO??!??!!!

    December 8, 2009 12:39 pm at 12:39 pm |
  16. Vince Skinner

    ... oh lovely.. sure, give SMALL businesses a bailout so that they can stay in business. That doesn't create 3000 new jobs or do anything for the big picture. Big business is in the toilet. And they're the only ones that can hire enough people on a scale to bring back prosperity. Get off the small business bandwagon and bring back the big employers.

    December 8, 2009 12:39 pm at 12:39 pm |
  17. Adam in NJ

    Everyone needs to calm down. Everyone's so impatient with Obama in getting the economy turned around. No matter what he does, good or bad it seems is completely lambasted. I don't agree with him on everything he's done for the economy – what needs to be done is to stop trying to overengineer it and stop relying on Keynesian economics.

    December 8, 2009 12:44 pm at 12:44 pm |
  18. Sonny

    The jobs that outsourced to India and China destroyed the US middle class.Needs some kind of control or regulation to stop that bleeding.

    December 8, 2009 12:45 pm at 12:45 pm |
  19. Dominican mama 4 Obama

    Keep at it Mr. President. Intelligent folks know that our country was in a serious crisis and you had to prioritize almost in triage fashion. I remember MANY were those that complained that you were doing too many things at once. Now they're saying you didn't do this fast enough............Thank God it's you and not me, I don't have the patience for this type of bull.

    December 8, 2009 12:46 pm at 12:46 pm |
  20. Kevin B

    The whinny GOP haven't taken the time to note or refuse to see that job losses have significantly dropped and companies are looking to begin hiring during the first part of 2010.

    All they have is negativity and fear to sell and no one is buying it, but the ignorant and bigoted.

    No is mad, but the devil..............

    December 8, 2009 12:46 pm at 12:46 pm |
  21. Leon

    ...lol - and the negativity - CONTINUES. Obama administration, democrats, AND republicans - thank you for doing what you can to get things back to good standing in this country. Love the ideas and the work ethic, now if the people LIVING IN THIS COUNTRY would just shut up and grind as hard, then I'm sure we'd see a new day in no time.

    ...stop blaming, come up w/ better ideas than those that are being applied, and DO WORK.

    December 8, 2009 12:47 pm at 12:47 pm |
  22. The Lonely Libertarian of Liverpool NY

    Woo Hoo 50 Billion for the American people. wall street, AIG banking, auto industry received four trillion in bailouts, the American people 50 Billion, my god every time Harry Reid sneezes we spend more money than that.
    Come on folks the crooks run the country, time to clean this mess up.
    2010 Fire Congress! say NO to any republican or democrat. Say no to any politition who is accepting special interest money from outside their districts they are elected to represent.

    December 8, 2009 12:49 pm at 12:49 pm |
  23. Cindy

    Thank you President Obama!

    Now that those undeserving big guys on Wall Street are no longer on the brink of failure (thanks to our money...) it's time to spend it on us again.

    Meanwhile, please continue to work on keeping Wall Street from self-destructing and robbing us royal, again.

    December 8, 2009 12:49 pm at 12:49 pm |
  24. JT the Show Me State College Freshman

    Do we have any patience for anyone or anything now? We have become an instant gradification society; every time we don't get what we want immediately, we wine, moan, and groan because it was not fast enough. Sometimes it takes time to fix what is messed up. Have you ever heard of this saying: "It takes longer to fix something than it does to break it.?" Compare this situation to a calculator. You get mad and careless, and drop the calculator hard on the floor. It shatters into a lot of pieces, and you have to repair it, which will take at least a day. Breaking it took about a couple of seconds. So what do you think about this situation? It is exactly the same. What bothers me is that, we give irresponsibility decades to mess this up, but we only give the responsible only a year. Anybody see a reverse physcological situation here? Besides, sometimes doing the right thing is not popular at all. I took a look at history, and President Reagan's approval rating was much lower than 49% by the end of the year, lower than 47%. History does not lie.

    December 8, 2009 12:51 pm at 12:51 pm |
  25. Lisa T

    Once and for-all, tax cuts are not the answer to everything and subscribers to that theory are HYPOCRITICAL! You drive on roadways that are funded by tax dollars. You frequent parks funded by taxpayer dollars. You have police and fire protection available because of our tax dollars. You are protected by our great military paid for with tax dollars. Which of these services and items are you willing to forego? You are whiny, ungrateful and selfish citizens who do nothing but complain about anything and everything that you can't wrap your heads around! If you don't like something, do something productive to try to change it and whining is NOT it!
    Where were these angry outbursts about deficit spending under Reagan and W? We're in this situation because everyone keeps kicking the can down the road instead of trying to solve the problems facing us now.

    December 8, 2009 12:52 pm at 12:52 pm |
1 2 3 4 5