March 3rd, 2009
07:40 PM ET
11 years ago

Obama budget hopes meet bailout rage

President Obama's economic A-team went to Capitol Hill on Tuesday to address questions about the administration's ambitious budget request.

President Obama's economic A-team went to Capitol Hill on Tuesday to address questions about the administration's ambitious budget request.

NEW YORK (CNNMoney.com) – President Obama's economic A-team went to Capitol Hill on Tuesday to address questions about the administration's ambitious budget request.

But they also ended up being grilled on everything from the latest AIG bailout to the risk of propping up zombie institutions.

Proposals like Obama's plans to reform federal efforts on health care and energy are big heaves in normal times. Now the president has to sell his budget at a time when many lawmakers are worried about the effectiveness of the government's expensive efforts to stem the economic and financial crises so far.

That was made abundantly clear as Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke and White House budget director Peter Orszag testified in hearings before the House and Senate.

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Filed under: President Obama
soundoff (82 Responses)
  1. YBM

    Holy cow gentlemen!!! We have to worry about our phony baloney jobs...harrumph....harrumph....harrumph......I didn't get a harrumph outta that guy........

    Thus, he continues his task of ruining the country.

    Come ON Sheeple,,,Wake UP!!!!!!

    March 3, 2009 09:14 pm at 9:14 pm |
  2. simmy

    Props to the dynamic duo Geithner and Orszag! They stood their grounds on Capitol Hill. They were not intimidated by the questions, and answered with confidence. Congress needs to get its act together, and get on the same page as the President, so that this country can look like it's sort of unified, and that the economy is eventually going to be resusitated. It's bad enough having Puff the Mouth Almighty Dragon Limbaugh out there blowing hot air, with reckless abandonment. The American people need to know that Congress puts their best interest first, and not party ideologies.

    March 3, 2009 09:14 pm at 9:14 pm |
  3. Denise

    I have utmost confidence in you Mr. President. You've shown me that I have no reason to doubt your judgment. Good job. Thanks for doing all you can.

    March 3, 2009 09:16 pm at 9:16 pm |
  4. lkinopfl

    People just don't understand that Obama is doing the best that he can with what's in front of him. Personally I am very pleased to see that he's been a VERY EFFECTIVE AND ACTIVE LEADER in the first 1month & 1/2 since he's been in office. I can't believe that he's moving forward so quickly in so little time. The time to act is now. If he did nothing, then he'd be criticized for that too. Unfortunately he doesn't have the pleasure of acting slowly or doing nothing. He was left with such a mess, and it would be much more dire to do absolutely nothing. I think the tide is turning. We will see some positive changes from this, and God knows this country needed CHANGE. We were SO on the WRONG course! So we know we need to change direction, so we just need to hang on and let the changes settle in and move ahead of the wave as they need to. WE CAN DO THIS! & WE WILL DO THIS!! OUR COUNTRY REQUIRES THIS OF US TO STAY A STRONG NATION!!

    March 3, 2009 09:25 pm at 9:25 pm |
  5. susie

    I work hard to pay my mortgage on time. Now, Obama is going to help all those people who took out higher mortgages and are lax on paying the money back. This is not fair!!!!

    March 3, 2009 09:31 pm at 9:31 pm |
  6. howie

    Obama- I promise you when I am president, I will not sign any bills with earmarks!!!!!! What I meant to say was that earmarks will not exceed 10,000.????????? Now this is "CHANGE"

    March 3, 2009 09:31 pm at 9:31 pm |
  7. Retired Army in San Antonio

    45% of the Senate is Republican......but they sponsored 51% of the ear-mark spending that conservatives are whining about.

    So much for Republicans being fiscally conservative; more like them being typically hypocritical (LOL) ......

    March 3, 2009 09:34 pm at 9:34 pm |
  8. Larry

    The American people want instant gratification and entitlements,the Democrats with dictator power now,are taking total advantage of us by knowing that.They know If there plan doesn't go threw before we understand what's in it,and we learn that it isn't going to do anything but make the situation worse even now,they won't get their agenda of more power for the government.That is why they are pushing and forcing this trillion dollar pork barrel bill.

    LET'S STOP,APPLY SOME COMMON SINCE,THEN MOVE FORWARD.

    March 3, 2009 09:38 pm at 9:38 pm |
  9. Raymond

    Obama = broken promises, Chicago Politics meets DC.

    Your messiah is a con-man!!

    March 3, 2009 09:39 pm at 9:39 pm |
  10. GOPs got us into this mess

    Until the GOPs admit that *they* were the ones who ran the economy into the ground, started expensive wars for idiodic reasons with no planning, trampled on citizens' rights, and have no valid ideas to fix the current mess (tax cuts have already been tried bozos), they can just shut up.

    For once in your pathetic lives, follow your own oft-repeated advice and take responsibility for YOUR actions. I'd faint from shock if any of you actually did this – I'm not holding my breath.

    March 3, 2009 09:39 pm at 9:39 pm |
  11. Response to 2013

    Hey 2013,

    Can you regurgitate the far Right's commercials anymore? Puhlease. Get an intelligent, original thought of your own. The every day since Jesus was born has been ALL OVER tv and only impresses people like you- which means less than 20% of the population.

    That also goes for anyone who hasn't paid enough attention to their government before about 2 months ago and who thinks the Republicans were only in office for 6 of the the last 40 years – you can't be taken seriously if you don't know the truth about which party controlled WHEN!

    As for socialism, this country has always been the part capitalist, part-socialist – all the way back to the 1790s when the Bank of the United States was formed! My God, you people from the far Right might be taken seriously IF you knew what you were talking about!

    March 3, 2009 09:41 pm at 9:41 pm |
  12. ib

    Change is when the stock drops by 20% your first six weeks in office. Change is when the stock market drops everytime you open your mouth. Change is watching your 401K drop everytime Obama opens his mouth. Think about it.

    March 3, 2009 09:42 pm at 9:42 pm |
  13. EVOLVE

    OBAMA IS MOVING IN A POSITIVE DIRECTION AND MAKING GOOD DECESIONS SUPPORTED BY NOBEL PRIZE WINNING ECONOMIST. YOUR CAN'T TURN AN ECONOMIC CRSIS OVER BY THE REPUBLICANS OVER IN 40 DAYS WHEN IT HAS BEEN GOING ON FOR 18 MONTHS.

    I WOULD SAY REDUCING THE BUDGET IN HALF BY THE END OF HIS TERM IS A HUGE PLUS. THINGS WILL START TO TURN IN 3-4 MONTHS

    GO OBAMA

    March 3, 2009 09:45 pm at 9:45 pm |
  14. Linda

    When is President Obama and the rest of the Democrats going to quit blaming George Bush????? They can only use this excuse so many times and then it gets old. I used to have a boss who said that there is a BIG difference in reason and excuse. He is using the blame game on George Bush, and this is an EXCUSE. He needs to learn the REASON of why he can't solve everything that he promised he would. All of our representatives caused this mess!!!–and President Obama is just showing his inexperience.

    March 3, 2009 09:49 pm at 9:49 pm |
  15. Carl from Texas

    Mindless sheep following politics and these politicians.

    Do you even have a clue that they don't care about you?

    THEY DO NOT AND WILL NOT EVER CARE ABOUT YOU....

    period.

    You must rely on each other, and we will learn that all too well in the next few years.

    Both sides are hypocrites. Both sides play dirty. Both sides do not care about you.

    March 3, 2009 09:51 pm at 9:51 pm |
  16. Paul H

    The more money we hand out is actually creating more money that we have to hand out. More and more people are coming forward for the great bail out.
    Nobody is talking about reforming their methods, or changing policy, or taking pay cuts, or lowering cost to move product. It's just bail us out, and while your at it bail them out too.
    When welfare is taking place there is no incentive to rise above, or better yourself.
    Even in a welfare state people get left behind, actually more people get left behind, and those that could have are drug down, and pulled backwards.

    March 3, 2009 09:54 pm at 9:54 pm |
  17. USA

    Palin, Rush, McCain, Bush, etc. Do any of them have a plan to get us out of this mess except staying with the same old policies? Our country has survived times worse than this and I feel confident we have the right leader to get us back on track. Support our country and support our president and things might get better faster for all of us.

    March 3, 2009 09:56 pm at 9:56 pm |
  18. magella

    You know, all these people who say "America, you've been had" are really getting tiresome. WE ALL had been had through the first eight years of this century. Can anyone point to anything that worked or got better under Bush? Do you realize how much money he was spending without any oversight or pushback? The war in Iraq filled the coffers of Bush's cronies at Halliburton and Blackwater and bankrupted our country. SO LITTLE of that money was spent domestically but NOW, when our president wants to spend a similar amount at home, on things we need–safe bridges, levees, schools–now you're saying we shouldn't do it? How exactly do you think we will maintain the infrastructure of our country? Our interstate system is NATIONAL. If we don't pay for it with NATIONAL funds, how will we keep it from disintegrating?

    We are trying to stimulate the economy, remember? Letting it come to a screeching halt is not the way to do it. And if you hate big government, you should have said something when YOUR president was growing it like a sea monkey in water.

    March 3, 2009 09:57 pm at 9:57 pm |
  19. Irishny

    Wheres the change we were promised??
    Seems like Obama is doing the exact same thing Bush did,namely spending the country into bankruptcy!

    March 3, 2009 10:01 pm at 10:01 pm |
  20. Mary T. Jastron

    Republicans–you're stuck in STUPID. How sad that you repubs can't see beyond the tip of your noses.. I'm relieved that President Obama is steering our ship. I've confidence in our young energetic, intelligent, strong President Obama. Thank God that he is where he is supposed to be now when the USA and the world needs him so desperately.
    REPUBLICANS, GROW UP It would be so refreshing if you could COOPERATE instead of trying so hard to be the opposition..

    March 3, 2009 10:02 pm at 10:02 pm |
  21. Rol Gib

    There is an old saying in politics "You Have To Throw The Baby Out With The Bath Water." We are being blead to death by multi-corporations that have become apart of our government by way of our representatives pandering to them.

    March 3, 2009 10:08 pm at 10:08 pm |
  22. Penn Voter

    This president must be an idiot if he thinks we want his socialist One World Order agenda and spend spend spend approach.

    March 3, 2009 10:08 pm at 10:08 pm |
  23. Rol Gib

    A quote by Tony Benn former British Labor Party Leader. "If You Can Find Money To Kill People You Can Find Money To Help People."

    March 3, 2009 10:11 pm at 10:11 pm |
  24. Daniel, Atlanta, GA, ex-republican

    RUSH IS GOD OF THE GOP!

    March 3, 2009 10:11 pm at 10:11 pm |
  25. Gene

    I'm tired of all this ridiculous "pork" spending... I'd much rather spend those trillions of dollars bringing democracy to iraq!

    Obama is such a disappointment so far.. look at him.. always trying to be hands on.. working at the speed of light, tackling problem after problem... he should just respect the conservative agenda... lower taxes some more... sit back, do nothing, and just hope things fix themselves.

    Do all you Repub nutjobs realize that everything Obama is doing is exactly what every Republican has promised to do during their campaigns and then left them on the back burner?

    Every candidate, republican and democrat has been promising to put money into schools, roads, jobs.. basic infrastructure. Finally we have a president who puts his money where his mouth is, and everybody blasts him by calling him a socialist.

    You "anti-socialist" people are idiots... you're calling a man who wants to invest in building America a socialist... McCain would've brought socialism to the middle east... with OUR money.

    March 3, 2009 10:12 pm at 10:12 pm |
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