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News
News about Barack Obama's economy and your money.
A top Senate Republican is blocking a quick hearing for Timothy Geithner, President-elect Barack Obama's pick to head
the Treasury Department, after learning that Geithner had failed to pay $34,000 in taxes. click here for full article
At issue is Geithner's failure to pay appropriate Social Security and Medicare taxes when he worked for the International
Monetary Fund between 2001 and 2003. He had paid some of the back taxes in 2006 after the IRS sent him a bill. When the Obama
transition team discovered he owed even more back taxes, Geithner paid those additional taxes days before Obama announced
his choice in November, according to the Senate Finance Committee considering his nomination....Geithner also didn't realize
a housekeeper he paid in 2004 and 2005 did not have current employment documentation as an immigrant for the final three months
she worked for him, according to the materials released by the committee. click here for full article
Tested before taking power, President-elect Barack Obama privately delivered a pre-inauguration veto threat to fellow
Democrats on Tuesday, saying they would not deny him use of the remaining $350 billion in federal bailout funds. click here for full article
President-elect Barack Obama's choice to head the embattled Securities and Exchange Commission has been sued by a group
of brokerage firms contending she made misleading statements in a bid to push through a merger of the industry's self-policing
organizations. click here for full article
President-elect Barack Obama has teamed up with President George W. Bush for what could be the last major action of this
presidency. At Obama's request, Bush has agreed to ask Congress for the second $350 billion of the $700 billion financial
bailout. click here for full article
President George W. Bush said he is willing to ask for the additional $350 billion in financial bailout money if President-elect
Barack Obama thinks that should happen while Bush is still in office. click here for full article
His aides said Mr. Obama had studied the way Franklin D. Roosevelt approached the first 100 days of his presidency, and
in particular had seized on the notion of Roosevelt having a “conversation with the American public” to try to
prepare it for a difficult time. He has, aides said, even looked at the words Roosevelt used and the tone he struck. click here for full article
"We can regain the confidence of both Congress and the American people in that this is not just money that is being given
to banks without any strings attached and nobody knows what happens, but rather that it is targeted very specifically at getting
credit flowing again to businesses and families," the president-elect said in an interview aired Sunday. click here for full article
Obama's economic team has been talking with the Bush administration about having Treasury Secretary Henry Paulson ask
Congress as early as this week for access to the $350 billion remaining in the bailout fund. If Congress rejected such a request,
a presidential veto could still free up the money, unless Congress overrode the veto. click here for full article
Only drastic action will avert economic crisis: Obama... 1/08/2009
Appealing to an American public confronted daily with worsening economic news, U.S. president-elect Barack Obama warned
Thursday the nation is headed for years of severe recession unless he wins approval for an unprecedented government stimulus
package in the first weeks of his presidency. click here for full article
State Money: Obama set to Battle GOP... 1/06/2009
Republicans in the Senate have raised concerns about hasty passage of a bill that contains sizable domestic spending.
But the Obama team largely pacified these concerns on Sunday, when they said that the stimulus would include a heavy portion
of tax cuts for the middle class and would not likely pass the president's desk during his first days in office. click here for full article
Where did Obama get his money?... 10/2008
As both Barack Obama and his wife, Michelle, have noted many times, they paid for their educations via scholarships and
student loans. In the process (like many people) incurring debts which were not fully paid off until many years later. (In
the Obamas' case, it was largely the revenue derived from Barack's pair of best-selling books that finally allowed them to
retire their student loan debts.) click here for full article
In a financial crisis, Obama shows a steady hand... 9/21/2008
"Obama has been talking about the need for better financial regulation well before this crisis hit and has done some
real thinking about it," says Donaldson, a lifelong Republican. "McCain comes across as someone who suddenly realized changes
have to be made." click here for full article
Your Money: Obama on 20 key issues... 2008
What will the new President mean for your wallet? See where President-elect Barack Obama stands on major economic issues.
During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter
most to Americans. See Barack Obama's positions on key issues... click here
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