Warning that the global recession is deepening, the Obama administration on Wednesday called on major U.S. allies to do their part and support strong stimulus programs to fight the downturn. The administration said decisive action was needed by all countries to complement what is being done in the United States. Treasury Secretary Timothy Geithner outlined an ambitious agenda, including a tenfold increase in the size of an emergency fund the International Monetary Fund uses to help countries in trouble to as much as $500 billion.
[Ducheznee] And why not, right? I mean, the stimulus plan has miraculously turned our entire economy around. Maybe if every other country were to do the same, and each country becomes indebted to the next, we could all simply call it even and forgive everyone's debt. Problem solved! All of the spending of the stimulus - none of the responsibility. Am I right or am I right?
Furthermore, a poll from Rasmussen reports that 62% of voters want more tax cuts and less government spending in the plan.
[Ducheznee] So, if I were to round up 100 people, Rasmussen is telling me that 38 of them want to pay MORE taxes? I'd like to see that.
The Treasury is tussling with the worst problems in decades, stemming from careless lending that helped fuel a housing crisis that has now dragged the U.S. economy and much of the rest of the world into deep recession.
At its core, the legislation is designed to ease the worst economic recession in generations, and combines hundreds of billions of dollars in new spending with tax cuts. Much of the money would go for victims of the recession in the form of food stamps, unemployment compensation and health care.
[Ducheznee] Where's the "stimulus" here?
U.S. Treasury Secretary Timothy Geithner said Tuesday it is imperative for the government to reduce over time the debt that is piling up as a result of the government's response to recession and financial market turmoil.
[Ducheznee] Secretary Geithner, everybody. Let's give him a hand. [polite applause]
Despite the Obama administration's claim that its budget wouldn't raise taxes on families earning less than $250,000 a year, "the budget before us assumes large amounts of money" from the climate-change legislation, Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said at a hearing Tuesday. "And that means higher prices for Americans for food, for gas, for electricity, and in a state like Michigan for home heating -- pretty much anything that they buy."
[Ducheznee] Taxes come in many forms.
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