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. Gary

    Obama lied to us.

    He let in the pork spending after saying he wouldn't.

    He put lobbiest in his administration after he said he wouldn't.

    He wants more deficit spending even then crazy Bush.

    He, Pelosi and Reid are as partisan as ever.

    This isn't the change we were promised.

    Obama is just another sleezy politician.

    March 3, 2009 10:12 pm at 10:12 pm |
  2. Cheryl in Utah

    Harley – I don't usually leave comments but ..."GOD HELP US OH I FOROT THE DEM. DON'T LIKE GOD." Really?!?! Only an extremely arrogant, ignorant and misguided person would leave such a comment. Why don't you take a good look at the Republican ideology and then take a good look at the Democratic ideology and then decide which one is more "Christlike" ......It is because I do like and believe in God that I am a democrat!!

    March 3, 2009 10:19 pm at 10:19 pm |
  3. Penny Lane

    WE THE PEOPLE need to demand a say on where our money is going. If these banks are going under, is no fault but their own. They need to be accountable for the losses. If these pig bankers weren't filling their pockets so full over the past few years, we wouldn't have to empty our pockets now. Still, I have heard no accountability coming from the bankers. I hear blame on the "irresponsible greedy homeowners," the government "forcing banks to lend," but these are smoke screens. Government did not force banks to use the methods they used. The Community Reinvestment Act only encouraged bankers to lend to a more diverse population. They said open the door, not lock stock and barrel them in. The unregulated market was on their own with this one. We need someone with common sense to over see HOW these loans need to be modified. Home owners got screwed, we need modification from the banks not from the taxpayers. Bankers involved in this fiasco need to pay back the $$$$ they ran off with.

    March 3, 2009 10:20 pm at 10:20 pm |
  4. Janice Crovo

    Why is money specifically allocated for pork barrel projects instead of coming up with some type of formula for state allocation? This would put the shift of scrutiny and responsibility onto leaders within the individual states on how it should be spent. Let them fight it out and I predict the accountability factor would influence the wiser use of funds.

    March 3, 2009 10:21 pm at 10:21 pm |
  5. Obama Supporters

    Please show me how this is good for the economy. Taxes those who provide jobs during a recession??? Taking a shotgun approach to solving our problems when the #1 priority should be the financial markets.

    This adminstration is using the economic crisis to cram down far left reaching policies down our throats. But hey, maybe I can get used to hand outs??

    March 3, 2009 10:28 pm at 10:28 pm |
  6. against the bailout

    but if it is the best you can come up with, than get it done

    March 3, 2009 10:28 pm at 10:28 pm |
  7. A Really Conservative Realist

    Obamas worldview – accountability = Stalin

    March 3, 2009 10:29 pm at 10:29 pm |
  8. Brian

    So as a person with "skin in the game" a business owner, 401K owner, etc... I wonder when Mr Obama will take a look at Wall Street which represents the overall economic feelings of everyday Americans and say boy this is not going well. I guess wasting billions in special interest programs labeled stimulous.

    March 3, 2009 10:30 pm at 10:30 pm |
  9. worriedmom

    I don't belive anything Obama says anymore. He will tell you one thing to keep people happy and yet do something completely opposite. Sure am glad that I didn't drink any of that Kool-Aid.

    March 3, 2009 10:36 pm at 10:36 pm |
  10. KS Hawk

    Have people forgotten we had 8 years of Bush Admin. that got us into this god-awful mess? Where was your anger when Bush was spendig trillons on war??? What about Bush's bail out of the banking system (AIG had worst quarter AFTER they got bailed out!! I am personally pleased with how quickly Obama has been at work in the 6 weeks he has had.

    March 3, 2009 10:37 pm at 10:37 pm |
  11. christian

    it's amazing how hate filled some people are...

    If christ himself told you the answer to all your life's problems you'd spit in his eye and call him a liar.

    give the man a chance, he hasn't held office for a financial quarter and you're screaming the sky is falling.

    March 3, 2009 10:38 pm at 10:38 pm |
  12. BC in NC

    Anything worthwhile cost more money. So there--------

    March 3, 2009 10:40 pm at 10:40 pm |
  13. Rol Gib

    "If not me., then who: if not now, then when?"

    March 3, 2009 10:41 pm at 10:41 pm |
  14. Mike

    I can hear it now 4 years from now the democrats will still be saying that it's all Bush's fault and you have to give Obama a chance. You democrats need to come up with something new. If you don't agree with some one, you call them names and then accuse them of hatemongering....what a load of.....

    March 3, 2009 10:47 pm at 10:47 pm |
  15. go away mongers -Ventura CA

    The President has an agenda that we need. We also have a President who thinks before speaking. Already we have CHANGE that counts!

    March 3, 2009 10:48 pm at 10:48 pm |
  16. Mike

    My ex spent $5000 on a credit card that I inherited. Since it's not my fault that the bill is so high, I think I will barrow another $15,000 to fix my problems....wait...now I owe $20,000 oh well, at least I can blame it on my ex.

    March 3, 2009 10:50 pm at 10:50 pm |
  17. neil

    What is our tax rate going to be to pay all this back, hopefully not like Sweden's 66% plus 22% sales tax

    March 3, 2009 10:52 pm at 10:52 pm |
  18. in Canada

    can we all remember where GWB was early in his presidency??? Oh yes, he was being read to by a Kindergarten teacher...I guess that was his way of dealing with the terorists before they became a BIG problem!!! hmmmmm.

    March 3, 2009 11:15 pm at 11:15 pm |
  19. Sad Future

    NO MORE BAILOUTS! It is stupid to reward stupidity. Companies that are poorly run SHOULD fail and will be replaced by new, more efficient and better run companies. Keeping a failed company afloat is a waste of money and effort. And NO NATIONALIZATION either. Karl Marx would be proud right now. We are steadily but surely following his "10 planks of the Communist Manifesto". These bailouts begin to follow plank #5... "Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly." We already have several of the other planks in place already. Welcome to Socialism.

    March 3, 2009 11:39 pm at 11:39 pm |
  20. Gilbert

    It is time to stop the unending spending on corporate America and start propping up the American family and worker. I appreciate what the administration is doing but enough is enough. Let's start the "trickle up" theory.

    March 3, 2009 11:39 pm at 11:39 pm |
  21. sb

    All that wasteful spending and Mayor Bloomberg and the MTA want to increase fares....

    Where is the bailout outrage ??

    March 3, 2009 11:42 pm at 11:42 pm |
  22. Kathy

    After months of bad news about the mortgages & the banks financial crisis, I have come to the conclusion that it is about time that the mortgages should be taken out of the capitalistic banks and a whole new entity should be created that takes care of mortgages only – for all homeowners.
    This new entity will of course be government regulated. Let a new business begin. President Obama should think about this before any more bail out is made to any bank. Leave the current banks to capitalize in everything else, except mortgages.
    It is time for change –Yes we can
    Kathy

    March 3, 2009 11:46 pm at 11:46 pm |
  23. Still a Clinton Supporter

    Yet another example: EXPERIENCE COUNTS, for those of you who bought the "Change" nonsense and picked Obama over Hillary Clinton.

    Sure hope this babe in the woods can get his act together.

    March 3, 2009 11:56 pm at 11:56 pm |
  24. mike

    This guy is clueless. Please, resign now. The country can't take much more of this.

    March 3, 2009 11:58 pm at 11:58 pm |
  25. Erika, KS

    This stimulus package is all pork. It will do nothing to help the taxpayers. It will help CEO of banks, mortgage corporations and other companies who have already proved they're untrustworthy. Great going guys!

    March 4, 2009 12:02 am at 12:02 am |
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