On June 3, 2010, In Uncategorized, By admin
On May 14, 2010, In Uncategorized, By admin
Despite President Obama’s pledge for honest budgeting and billions of dollars in stimulus money spent to save teachers’ jobs, the Education Department is asking for off-the-books emergency funding to keep local districts from laying off school teachers next school year.
Education Secretary Arne Duncan sent Democratic lawmakers a request Thursday to pass a $26 billion emergency supplemental to fund up to 300,000 teachers’ jobs that he says will otherwise be lost in the fall.
Administration officials want to add the teacher funding to a $60 billion supplemental request sent to Congress to pay for ongoing military operations in Afghanistan as well as Haiti relief and money for the Federal Emergency Management Agency. The Senate Appropriations Committee passed that measure on Thursday but Committee Chairman Daniel Inouye, D-Hawaii, has said he is reluctant to load the bill with additional spending goodies.
The request comes just a year after an unprecedented $100 billion in federal stimulus money was allocated to school districts as part of the $863 billion recovery act. Of that amount, $48 billion was designated for saving teachers’ jobs and investing in educational programs. Another $31 billion in stimulus funds were sent to school districts to use as they see fit.
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On May 6, 2010, In Uncategorized, By admin
If the failed bank bailout and stimulus bill wasn’t enough to prove to Americans the kind of misguided, destructive spending that goes on in Washington this will: The Democrat Congress, aided by a few Republicans, used a war spending bill to send bailout money to an international fund that’s partially-controlled by our enemies.
America can’t afford to bail out foreign countries with borrowed dollars from China and certainly shouldn’t allow state sponsors of terror a hand in that process.
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On April 30, 2010, In Uncategorized, By admin
Democrats seem to be operating under the premise that endless bailouts are the new normal. Their plan for a permanent political economy gives special status to institutions that Washington considers too-big-to-fail, lays the groundwork for future bailouts, and lets Washington prop up zombie institutions for as long as it’s politically expedient.
These ideas aren’t new, and in America they’re anything but normal.
On April 30, 2010, In Uncategorized, By admin
On April 22, 2010, In Uncategorized, By admin
“It appears to be nothing more than an elaborate TARP money shuffle,” Grassley, the ranking Republican on the Senate Finance Committee, said in a letter Thursday to Treasury Secretary Timothy Geithner.
GM announced Wednesday that it had paid back the $8.1 billion in loans it received from the U.S. and Canadian governments. Of that, $6.7 billion went to the U.S. treasury.
But Grassley said in his letter that a Securities and Exchange Commission form filed by GM showed that $6.7 billion of the tens of billions the company received was sitting in an escrow account and available to be used for repayment. He called on Geithner to provide more information about why the company was allowed to use bailout money to repay bailout money, and how much of the remaining escrow money GM would be allowed to keep.
On February 2, 2010, In Uncategorized, By admin
On December 30, 2009, In Uncategorized, By admin
The federal government said Wednesday that it will take majority control of troubled auto lender GMAC and provide an additional $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.
The Treasury Department has said for months that GMAC would need more federal money, but the decision to increase the government’s ownership stake came as a surprise, cutting against the grain of the Obama administration’s recent efforts to wind down its bailout of large banks.
What initially appeared to be a closing act now looks more like year-end portfolio rebalancing, with companies including Citigroup and Bank of America allowed to repay aid even as the government deepens its involvement in mortgage financiers Fannie Mae and Freddie Mac — and now, GMAC.
The government now owns majority ownership stakes in those three firms, General Motors and insurance giant American International Group. It also holds large stakes in Citigroup and Chrysler.
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On December 15, 2009, In Uncategorized, By admin
On December 11, 2009, In Uncategorized, By admin
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Joel Pollak
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