Obama Officially Begins Push For New Bailout Of The States
It’s clear from recent news and official government stats that the budget cutting at the state level is proving to be a real drag on growth, via lost jobs.
Not surprisingly, Obama wants another bailout.
NYT (via Calculated Risk):
In a letter to Democratic and Republican Congressional leaders, Mr. Obama said the “mounting employment crisis” in the states “could set back the pace of our economic recovery.”
Proponents of aid to the states, including some Congressional Democrats, governors and mayors, have been urging the president to weigh in on proposed legislation, initially providing up to $50 billion in assistance, which has been derailed in the House and Senate. Mr. Obama did not endorse a dollar figure, reflecting the fact that Democratic leaders were trying to determine what amount could win enough votes in their party, given Republicans’ near-unanimous opposition.
When you have the New York Governor warning of chaos in a matter of days, and California already experiencing pretty big protests over cuts, it’s easy to understand the logic behind extending the power of the Federal printing press to this problem.
(Excerpt) Read more at businessinsider.com
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