Update: Read the new Obama mortgage stimulus
WASHINGTON – President Barack Obama has pledged to reduce many Americans’ mortgage costs with his new economic plan. Specific details are yet to be know but rest assured the stimulus is on it’s way. The new financial plan is designed to “get credit flowing” once more in the U.S.
Obama, who faces one of the worst financial crisis’s in modern times, claims to be making the financial crises a top priority. The President had called on the United States Senate to approve his economic stimulus bill that the House of Representatives has already passed earlier this week.
However, Obama has promised even more new strategies as the financial condition of the United States has been getting worse in recent weeks.
“Soon my Treasury secretary, Tim Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families”. – President Obama in his weekly radio address. He then went on to talk about lowering costs for small business in order to create more jobs. You can watch The Presidents most recent radio/youtube address below.
Obama did not hint or give away details about the new plan, and there is no word on when the details will be revealed. Robert Gibbs (chief spokesman for President Obama) announced on Friday that the new administration would hold meetings next week at the White House about financial industry Regulation.
Republicans largely opposed the new stimulus package mainly due to the spending priorities of the $800 billion bill. Mitch McConnel (Senate Republican Leader) has suggested that the financial stimulus package include help for the many people struggling with their mortgage. The Senator proposed a 4% fixed rate mortgage plan which would be backed by the government, and available to any “credit worthy borrower”.
The President claims this new plan will help eliminate corruption on Wall street and Main Street by ensuring chief executives do not carelessly use tax dollars to spend on bonuses and extravagant living.
“We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008,” the president said. “While I’m committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed.” – The President.
President Obama is insisting on “unprecedented transparency, rigorous oversight, and clear accountability”. He went on to talk about how the country’s financial state will more than likely get worse before it starts getting better.
He claimed (in Saturdays address) that the new financial stimulus package would create or save 3 million jobs. He claims the 3 million jobs will be “over the next few years.”
“Americans know that our economic recovery will take years — not months,” he said. “But they will have little patience if we allow politics to get in the way of action, and our economy continues to slide.”
Next, you might want to read Spending vs Saving
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