December 9, 2009

NO ONE'S BUYING ANYMORE:

FACT CHECK: Sleight of hand? Obama promotes deficit reduction and increased spending (CALVIN WOODWARD, JIM KUHNHENN, 12/09/09, Associated Press)

In President Barack Obama's hands, the $700 billion financial rescue fund offers a bit of bookkeeping magic: an opportunity to pay down the deficit while also spending more — thereby adding to it.

Under law, any paybacks to the bailout known as the Troubled Asset Relief Program must be used to reduce the deficit. But in an economic speech on Tuesday, the president sought to have it both ways. Increased repayments from banks to the Treasury will reduce the deficit all right, but it will give Congress the budgetary room to spend more — and the president encouraged just that.


Just as dangerous for the UR as the mainstream press factchecking him all of a sudden is the photo accompanying the story, in which he's now just another white guy.

Posted by Orrin Judd at December 9, 2009 6:24 PM
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