Obama’s Team is So Transparent, They’re Opaque; Release of Mid-Year Budget Review Delayed
The release of the mid-year budget review from the White House has been delayed. It really comes as no surprise anymore that the Obama team meant “transparency for thee but not for me.”
As a democrat, it’s ok to harp about Republicans, scream, and whine when you feel as though they aren’t being transparent enough. Then campaign on empty slogans of hope and change, but once in office do nothing of the sort. As they say to the victor goes the spoils and in this scenario, the spoils include hypocrisy and a lack of information disseminated to the American public. Read more
Bailout To Cost Taxpayers $167B More Than Anticipated
WASHINGTON — Bailing out the financial sector will cost taxpayers $167 billion more than originally anticipated, according to a Congressional Budget Office estimate. The original figure in January was $189 billion, but it is now $356 billion — $152 billion more for 2009 and $15 billion more next year, the CBO says in its March report updating the budget and economic outlook.
The CBO raised its projection because yields have increased on securities issued by the bailed-out financial institutions under the $700 billion Troubled Asset Relief Program. That means there will be an increase in the cost of the subsidy from the U.S. Treasury’s purchase of preferred stock, asset guarantees and loans to automakers, the CBO said.
Bailing out Fannie Mae and Freddie Mac _ the two mortage finance giants taken over by the government in September _ will cost another $52 billion this year alone, and an additional $28 billion for their activities from 2010 to 2019, says the CBO.
Fannie Mae and Freddie Mac plunged into the purchase of risky mortgages, becoming two of the major contributors to the housing market’s collapse and the ensuing global financial crisis.
