What Will Our New President Do About The Bush Bailout Bill?
Every four years we're fortunate enough to have the opportunity to change the direction
of our country by electing a new President. This year, our President-Elect Barack Obama
is inheriting one of the most frightening financial crises that we have seen in many
years. With unemployment at a 14 year high, homes being foreclosed on and a $700 billion dollar
bailout bill to help free
up funds for lending, we would be remiss in not discussing what this all means to a new
Additional Bailouts May Be Necessary
Home foreclosures are expected to increase as we work our way through the deep financial
difficulties that our country is currently facing. President Elect Obama will have to deal
with how to keep people in their homes, create jobs and more. Chances are that this is going
to require additional bailouts to help struggling families, the auto industry and even more
oversight on the existing banking bailout.
Barack Obama Pledges To Immediately Work On An Economic Stimulus Plan
President Elect Obama has stated very clearly that it is his intention to immediately begin
working on a new bailout bill that will put a freeze on foreclosures. In fact President Elect
Obama in a recent press conference stated very clearly:
The No. 1 priority, Obama said, is to get Congress to approve an economic stimulus plan
that would extend jobless benefits, send food aid to the poor, dispatch Medicaid funds to
states and spend tens of billions of dollars on public works projects. If the plan is not
approved this month, in a special session of Congress, Obama said that "it will be the
first thing I get done as president of the United States."
Source: I'm Going To Confront This Economic Crisis
Summmary of Barack Obama's Economic Plan
President Elect Obama has laid out a very clear economic plan that includes highlights
- $1,000 rebate to all families for energy bills
- Relief to states to help spur growth
- Tax Cuts for working families
- Elimination of taxes on Seniors making $50,000 or less
- Tax Relief for small businesses
© iStockphoto.com - bluestocking
In addition to these economic measures President Elect Obama has made a commitment to making
sure that banks practice fair lending to all consumers and proposes legislation that will:
- Mandate accurate loan disclosures
- All bankruptcy courts to renegotiate mortgage loan payments
- Prevent abusive loan practices
- Encourage banks to lend to more small businesses
While we are all concerned with our national debt which has swelled to proportions that are
beyond most of our understanding there is also a sense that one must take the risk of increasing
debt on the federal government level to help families who are in trouble.
The economic outlook for our country is not very bright at this point - we're facing a recession,
thousands of people a month are losing their jobs and many who are losing their jobs are facing
the very real prospect of losing their homes as well.
It remains to be seen how much the Bush Bailout Bill will impact the plans that President Elect
Obama has for our country, but there is one thing that is for certain, the Bush Bailout Bill will
certainly change how we look at regulating the lending industry in the future.
See also: The Bush Bailout Bill,
Barack Obama and Taxes