March 29th, 2009
03:12 PM ET
14 years ago

Dem to Obama: 'Come make your case' for more bank bailout $$$

WASHINGTON (CNN) – In yet another sign that President Obama may face a fight with his own party over his massive $3.6 trillion budget, a leading Democrat in the House said Sunday that the burden is on the president to prove the need for money to bailout the nation’s troubled banks.

House Budget Committee Chairman John Spratt of South Carolina was asked Sunday about his decision to remove Obama’s request for another $250 billion in bank bailout money from the House version of the budget blueprint. Spratt told CNN’s John King that the president would have to show why that additional money was necessary.

“We're essentially saying, ‘come make your case,’ Spratt said Sunday on CNN’s State of the Union. “The burden of persuasion is upon the president. Nobody likes funding these things. We’d like to see more definition than we got in the last packages. So this is our way of exercising a little leverage over it. If it's needed, we will be there to support it. But let's not create a presumption it is needed and see if we can't make the most of what's in circulation already.”

Related: Obama on his meeting with the big banks

Filed under: Congress • President Obama • State of the Union • TARP
soundoff (49 Responses)
  1. worriedmom

    Maybe the kool-aid is wearing off

    March 29, 2009 05:28 pm at 5:28 pm |
  2. Jamey

    Spratt should change his party affiliation to Republican. I hear they are looking for a few good imbeciles.

    March 29, 2009 05:34 pm at 5:34 pm |
  3. JB

    Yeah, Obammy! Where's my free money? I voted tor you since you said I could remail a welfare queen and live off those rich bankers taxes. Well, I got a free fried chicken dinner too I suppose, right before voting. I know my rights...where's my money! This is discrimination!!!

    March 29, 2009 05:49 pm at 5:49 pm |
  4. Mike

    Fact: Obama hasn't accomplished anything yet.
    Fact: Obama has done quite a bit by signing bills, spending money, going on his celebrity tour (Leno, etc.), all done in a completely partisan mannet.

    What will come from all of his actions? That remains to be seen. Those of us who did NOT vote for him only hope that there are good things at the end. Otherwise he will make Bush (whome I am very disappointed in by not working more closely with Dems like he promised when he was elected. Sound familiar right about now?) look like a genius and someone that we miss.

    If he can pull us through this mess and get us back on track then props to him. He will deserve all the credit he gets if this thing turns around. He better get it started though within four years or else there are a lot of votes he may not get in four years of doing nothing.

    So far though the economy is worse, the market is worse, more jobs have been lost, more jobs shipped overseas, more businesses shut down, and consumer confidence continues to fall along with the continued plummet of housing values.
    So far I'm not impressed, but like I said, I'll give this time and see what develops.

    March 29, 2009 05:53 pm at 5:53 pm |
  5. Yoyo

    I have nothing againts Pres. Obama,but it seems he's economic
    stimulus had more earmarks than improving our economy.Pres. Reagan & Pres. Bush banned funding to use for abortion in foreign country like Mexico.Pres. obama lifted it up same w/ pres. Clinton & put $450,000,000 to fund for abortionb in Mexico.He is going to rebuild Gaza the territory of the militant hamas for $906,000,000These people were gigling & dancing on the street when we were attacked the 9/11.He is going to spend billion of dollar
    to Afgahnistanm & Pakistan.We have now almost 12.4millionn american unemployed & he put's only $3.5million on job creation.More big co. are closing.I feel this Pres. put more money on social issues rather than solving the emergency prob.

    March 29, 2009 05:55 pm at 5:55 pm |



    March 29, 2009 06:08 pm at 6:08 pm |
  7. disgusted

    Maybe they could take the time to read a few history lessons. The percentage of banks that failed during the depression was very small. Doesn't take much when they are allowed to become so big.

    March 29, 2009 06:18 pm at 6:18 pm |
  8. jaye

    If the dems and republicans want our country to fail then just continue being Obstructionist....that is the sure fire way to doom our country.
    All the old fogies in the House need replaced with young smart people that aren't mired up in political nonsense and have ONLY the sake of our country at heart.
    These old people need ousted and replaced with young minds.

    March 29, 2009 06:20 pm at 6:20 pm |
  9. 35% of Americans are TRAITORS for wanting America to FAIL and 65% of Americans to SUFFER!

    Conrad is a dim Dem.

    President Obama has stated time after time, he wants to be transparent now a Dem wants him to remove bailout money from the budget? We were supposed to be getting away from the republican way of doing budgets.

    We were supposed to keep EVERYTHING in the budget so it could be tracked??? Remember, keep all costs of running the country out in the open? No war funding as a "supplement" and now, no bailouts as a supplement.

    Conrad has been drinking too much of the Greedy Obstructionist Perverts' prune juice!

    March 29, 2009 06:22 pm at 6:22 pm |
  10. Fitz in Texas

    To: Texas Teacher

    Even the so called "majority" (as you post) who wanted Obama because of his agenda are losing faith in him day by day.

    March 29, 2009 06:23 pm at 6:23 pm |
  11. Paying Attention

    How can you even consider blaming the existing economical problems on Obama? Everyone knew when Bush had 2 years left in his term that the Dems would take control of the Presidency. And it was quite obvious with the decisions that were made by the Bush administration, they intended to make it very difficult on the next administration. Unfortunately we need these companies due to the current economic makeup of this country and the reliance on the stock market, however now that the US taxpayers bailed them out, we have the opportunity to follow the money, as the companies are required to be more transparent with their spending. Its not just up to the Obama administration to ensure the money is handled right, its up to all of us to ensure it is. We have access to the details, and if we dont like it then our voice needs to be heard.

    March 29, 2009 06:25 pm at 6:25 pm |
  12. gl, Pittsburgh

    the person talking about the honeymoon being over, there was never a honeymoon between the president and Congress. It's his supporters that remain loyal.


    I second too that one, and I am still a loyal supporter to the President. Congress let Bush run this country to the ground for 8 years and now they won't to be hear now and taking serious – Right! it is a little to late!

    March 29, 2009 06:27 pm at 6:27 pm |
  13. gl, Pittsburgh

    I just brought a 2008 GM car this week and got a good price. At lest the banks are starting to lead again. I got my car through Chase Bank on of the bank President Obama bailout. We just need to give all this some time. Give it time!

    March 29, 2009 06:37 pm at 6:37 pm |
  14. Marc T

    Ok, so where's the tough question and what's the news in saying that Obama has to make his case? Of course he does. What would you expect as an answer?.... how about "I'm for it no matter what it is?" This isn't news, it's just to stir things up and make drama out of nothing. Trouble within the ranks and all that bull.

    March 29, 2009 06:54 pm at 6:54 pm |
  15. tyree

    Man, you tell the people who listen to Rush and Hannity. Wow, first of all, President Obama's budget has NOT been approved as of yet. So, all of you saying he just keeps spending money are making no sense. Regardless of what people think, this is not a dictatorship. The President has to work with Congress in order to get amendments and bills approved. Thats what a democracy is all about... Checks and balances. Disagreement is good. Especially if its constructive. I love President Obama, but we never want a single person to have too much power in this country. This aint North Korea.

    March 29, 2009 07:04 pm at 7:04 pm |
  16. SouthernMan

    I agree with Rep. Spratt in the House and still support the president. The House is finally doing their job and keeping the executive branch honest. There is no problem with this – it's the way the government was designed.

    March 29, 2009 07:17 pm at 7:17 pm |
  17. aware of nothing

    Pulease- CNN stop being drama queens- Of course, Obama has to make case- no one should rubber stamp anything.

    March 29, 2009 07:19 pm at 7:19 pm |
  18. Real World

    This economic crisis did not happen overnight! It will take a very long time before the economy can see the effects of the stimulus and I am referring to more than just several weeks. I am one of thousands who were laid off last month. I thought the stimulus would have saved my job but it did not and that is due to the fact that this economic crisis will not be fixed overnight no matter how much we all wish it would.This whole situation sucks but I hope for the sake of this country that Obama's plan will turn around the economy for the better before his term ends.

    March 29, 2009 07:20 pm at 7:20 pm |
  19. Ray Fisher

    There is no need for more bailouts, only reregulation and savings deposits. Bailouts are the lazy bankers method of recovering fast and resuming business as usual which we must stop!!! Rebuild slowly with a firm cash foundation to prevent another collapse. Take the time to recover correctly so we don't have repeat performances!!!

    March 29, 2009 07:26 pm at 7:26 pm |
  20. Jason Baran

    What about the generation x homebuyers? We are at an age where a large portion of us purchased our fist home in the most over-inflated housing market the nation has ever seen. Now, we will spend years rebuilding our credit and paying these huge debts that were created by lack of govt. regulation and greed in banking. Instead of us getting the help directly, the banks are getting money to again and again. How will they lend money to generation x homebuyers when they all have bad credit?

    March 29, 2009 07:33 pm at 7:33 pm |
  21. Konda, Mobile, AL

    @John, why don't you get on your senator and congressman/woman. President can only do so much without having the "downballot" working with you instead of against you. What you sould be losing faith in are the blue dog dems and the conservadems who are only making trouble...More troubel than the republicans.


    They Must Go!

    March 29, 2009 07:35 pm at 7:35 pm |
  22. KR


    March 29, 2009 07:38 pm at 7:38 pm |
  23. Lilly Rose

    Now President Obama has to deal with rogues in his own party. Perhaps the Democrats giving him such a hard time should also be reminded that just as a Republican can be, Democrats who stand in the way of rebuilding this country's economy can be replaced. Both parties need to step up to the plate and work with President Obama. Remember, a lot of your constituents are unemployed, losing their homes, and are without health insurance and will not appreciate any attempt to prevent the president from trying to fix this.

    March 29, 2009 07:43 pm at 7:43 pm |
  24. Why Bother

    why bother

    March 29, 2009 08:09 pm at 8:09 pm |
1 2