December 8th, 2009
11:47 AM ET
10 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. C Spurgeon

    What about the seniors who don't have enough left from their SS checks after buying groceries to install new windows. where is the COLA when you go to buy groceries and everything that is going up.

    December 8, 2009 01:42 pm at 1:42 pm |
  2. catjax

    Bailout for the people that is paying for the bailout? Where do you think the money is coming from? this is just so silly. This only means higher taxes for everyone.

    December 8, 2009 01:43 pm at 1:43 pm |
  3. NV

    That's just what we need more temporary jobs for unskilled laborers. Instead of feeding us this BS about shovel ready jobs that don't exist maybe the first lady could add a few more personal servants to the pay roll.

    December 8, 2009 01:47 pm at 1:47 pm |
  4. Tim

    You know all that change Obama promised you. You best be sending it to him in Washington, we're going to need every last red cent.

    December 8, 2009 01:47 pm at 1:47 pm |
  5. phoenix86

    Obama's cure for the economic decline he is causing is to spend more?

    In other words, if you lost your job and can't pay your mortgage, then max out your credit cards.

    This is the Obama economic plan in simple terms.

    Tax breaks that Obama is offering will be more than wiped out by the tax and costs associated with his health care plan.

    The only way to get out of this recession is to neuter Obama and Pelosi and put someone in charge that has basic economic understanding.

    December 8, 2009 01:47 pm at 1:47 pm |
  6. Tim

    The TARP bill was clear that all money not spent would have to pay down the debt.

    But Obama's doesn't need to worry about rules and laws, he's got the press on his side.

    December 8, 2009 01:48 pm at 1:48 pm |
  7. Tina

    Hey Prez, why don't you force "global companies" that are headquartered here in the U.S., to bring back the good paying corporate jobs that have been allowed to be "offshored". The key to good paying jobs is to allow corporations to create them and keep them in the U.S.

    Small business may create jobs, but these jobs don't pay well and have few if any benefits.

    Corporate jobs have good salaries (i.e. $50,000 and up), vacation time, and medical, dental, and vision benefits as well as 401K. Start penalizing corprations for outsourcing jobs and you will see these jobs return to the U.S. where they belong.

    December 8, 2009 01:48 pm at 1:48 pm |
  8. PREDICTA

    The problem is, they're not talking about funding a jobs stimulus with stimulus money. That is reserved for political payoffs to Obama constituents. Instead, they want to tap into the TARP money being repaid by banks. Using the unused Stimulus money would not increase the deficit, since this money is already considered spent and part of the 12 trillion debt. But using TARP funds will increase the debt, since this money is suppose to be returned to the treasury (with interest), not spent on another Obama program.

    December 8, 2009 01:49 pm at 1:49 pm |
  9. Tina

    Bring back the corporate obs outsourced to India and Buenos Aires.

    December 8, 2009 01:51 pm at 1:51 pm |
  10. Steve (the real one)

    I did not vote for the man and I am not a fan of the socialist turn we are taking BUT he is the president and as such is deserving of the respect. the ofice requires. That doesn't mean we don't criticize, just be respectful! Now I think we can agree it is all about jobs. One way to establish jobs is to create the environment that attracts businesses. Companies are moving off shore because they are getting better than a 35% business tax rate! The more people working, the more people paying taxes! SC just attracted Boeing to North Charleston! If state leadership can figure out how to do this, surely folks at the federal level can do the same!

    December 8, 2009 01:52 pm at 1:52 pm |
  11. The Real Repblican Motto: "In Fear We Trust"

    Boy, the ridiculous right is like a spoiled four year old: never happy, refusing to agree with anything because its far more easy to be a coward and criticize from the sidelines.

    When I read "tax break" I thought the republican heavens would open and a hallelujah chorus would burst forth from the mouths of the idea-less conservatives. But no, more carping. "He's not doing anything" or He's doing the wrong thing" or "He's doing it too late". Geez, make up your itty-bitty little confused neocon minds.

    December 8, 2009 01:56 pm at 1:56 pm |
  12. Joe M

    He needs to get off his butt and do something, besides fly AF-1 around the world every month..He thinks this is his personnel Chicago Mafia taxi..He has not done a thing for this country in the time he has been in the White House but go on vacations in AF-1 and play golf or bounce his basketball...Or take his wife on million dollar dates in New York.

    December 8, 2009 01:56 pm at 1:56 pm |
  13. aware

    You are not trusted or believed by the majority of Americans BO! You are not change Americans can believe in! :(

    December 8, 2009 01:56 pm at 1:56 pm |
  14. Ancient Texan

    The man is finally figuring out that business, especially small businesses, create jobs? Government only builds roadblocks to businesses that actually make the economy active. The trillions of dollars he has wasted so far will not get the economy and the hiring activated. The deficit is sinking our economy.

    December 8, 2009 01:57 pm at 1:57 pm |
  15. P Adams Jr

    Please, please, Obama, don't help me. I'm in enough trouble caused by you and the congress already.

    December 8, 2009 01:57 pm at 1:57 pm |
  16. Jeff from Atlanta

    It's hard to watch his total lack of leadership on a day to day basis.

    How did we ever elect his idiot!?!?!

    December 8, 2009 01:59 pm at 1:59 pm |
  17. Kevin

    When you have the far right and far left mad at you..... you're doing something right. Keep governing for the people not for a political party. Job Well Done!

    December 8, 2009 02:02 pm at 2:02 pm |
  18. Angela

    Republicans had better watch out! These are people who vote you in or out so don't be bashing helping out Main Street like you "promised" a year ago.

    I think that there should be a tax break to those who purchase items from the US and not China or India. I think anything that any US government body invests in should not have bids come in from China or any other outside country. I also think that ANY bank that got a bailout whether or not they paid it back should get tax incentives to loan out money to qualified people so that this economy can start rolling again. MADE IN USA will employ people, who will then spend and in turn start getting tax revenues moving again. For those who oppose this – I am sorry for you. I know that each one of you knows someone who needs a job and cannot afford the necessities of life at the moment. Help Main Street to help yourselves.

    On my end, we have A TON of projects pending. BUT EVERY ONE OF THEM ARE WAITING ON THE BANKS TO LEND. Come on people – let's get this show on the road!!!

    December 8, 2009 02:03 pm at 2:03 pm |
  19. Willy Brown

    There goes tax and spend Barry. Always screwing the tax payers over to save his bro's on Wall Street.

    December 8, 2009 02:05 pm at 2:05 pm |
  20. New Father

    We still have a few hundred billion of the stimulus left. What happened is it not working? Could the people who said it wouldn't work were right. Isn't repeating the same mistakes over and over again cosidered insanity? Wouldn't the $787 billion waste have paid for universal health care? So he looked at hundreds of years of history and decided the Great Depression, the Lost Decade, and the fall of Rome all sounded like periods of great success. Tell me again how the US is ranked so poorly on education. A Harvard Law degree seems to be the same as a 5th grade education.

    December 8, 2009 02:05 pm at 2:05 pm |
  21. Rob

    Apparently the libs forgot that it was the DEMS (on one of the few days Obumbles decided to show up to his job as senator) that rejected the bill that would have stopped Fannie and Freddie from destroying things. And Obumbles has increased the debt more in 1 year than any other president has EVER! And as we see by the latest Gallup poll, Obumbles is right on track to becoming the worst president ever!

    Oh, and one more thing. In EVERY ONE of Ditzy Harry Reid's examples of stalling, they were DEMOCRATS who were the ones stalling things! What an idiot.

    December 8, 2009 02:06 pm at 2:06 pm |
  22. C. Farrell, Houston, Tx

    The "nay sayers" will soon fall by the wayside and the sooner the better while the rest of us work with President Obama.

    December 8, 2009 02:09 pm at 2:09 pm |
  23. George Guadiane - Austerlitz, NY

    Better late than never.

    December 8, 2009 02:10 pm at 2:10 pm |
  24. D. Tree

    good ideas.

    December 8, 2009 02:12 pm at 2:12 pm |
  25. kuriya

    Let us put it this way, how can any one pay for debt if they have no job. Paying for the deficit now is not the time. People are looking for jobs, and those who have are afraid of losing it. Please republican use your brain. If you were a deficit hunk you should have not started growing the deficit in the first place.

    December 8, 2009 02:17 pm at 2:17 pm |
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