We shld start saving right about now..

Well these here are the expenses we needed done..

Jobs bill approved

The U.S. House approved a $154 billion economic-aid package and a $290 billion increase in the legal limit on government borrowing as the chamber wrapped up its legislative business for the year.

via Bloomberg

The house voted these measures in with a narrow vote and the senate is expected to oppose the jobs bill
Once the senate is done, that makes the complete $1.1 T including the defense spending below and starts the jobs giveaway..i hope recovery.gov can track this one.

Isn’t a $1.1 trillion too much?

Wow, it might add up to a little more

This $1.1 trillion bill is not using the leftover funds from TARP at all. And sorry to sound like a tired donkey on the wrong crop, but keeping stakeholders happy with extra cash is going to come back to someone discussing your Rassmussen reports.

In the Fat Cat Bankers interview,

In the interview, which was conducted last week for CBS’s “60 Minutes,” Mr. Obama was asked about Wall Street banks that had recently recovered enough to repay government loans, but once again planned to give large bonuses to employees. News of the bonuses has has only fueled continuing anger over the bank bailouts.

“They don’t get it,” Mr. Obama said. “They’re still puzzled why is it that people are mad at the banks. Well, let’s see. You guys are drawing down ten million, twenty million dollar bonuses after America went through the worst economic year that it’s gone through in decades, and you guys caused the problem.”

Lawrence H. Summers, the White House chief economic adviser, said on ABC’s “This Week” Sunday that bankers “need to recognize that they’ve got obligations to the country after all that’s been done for them, and there is a lot more they can do.”

There is a reason why this comes here. Obama meets the bankers tonight to discuss their ‘special responsibility’ that presumably ties in with his own fiscally prudent self. And he is signing of $1100 billion at the year end himself. With an extra $650 billion for

The bankers will probably tell him his funds are safe now that BofA and Citi are well on their way, In fact BofA is now out of the purview of Federal supervision, leaving only 6 like Citi and AIG in their grasp. The Financial regulatory bill has more than 12 months to go in the Senate, notwithstanding the approval by the House.

These are the pork projects for the FBI and the CIA over 3000 of them

This still leaves the $650 billion defense bill that includes action to raise the $12.1 trillion ceiling of US debt and proposals to save the job market. This includes the savings from TARP funds as of today. In the five bills included in the sign off piece, FBI gets $7.9 billion, a $680 million increase over 2009; the Veterans Health Administration budget goes from $41 billion to $45.1 billion; and the National Institutes of Health receives $31 billion, a $692 million increase.

All but three Democrats voted for the bill, while all but three Republicans opposed it. And as any other year end appropriation, this will be fodder for the GOP that indulged itself with a much bigger ticket every other year. More importantly, Obama needs to steer the debt and the fiscal deficiti back on track and make jobs from the petty cash he has left including this $1.1 T ( that’s just another trillion) all funded from Chinese purchase of treasuries. Hoo boy, bad end to the year!, but probably in the normal course of affairs. It is probably more a ‘Fat Cat Armed Forces’ vs the ‘Fat Cat Intelligence’ and others waiting for the annual dole. Economics and the Economy never sung the same notes, let alone the same song.

Actually, the bill has quite a few saving graces and is more than justfied. My fellow bloggers should be able to see the woods and the trees both without shaking up the snow flurries. Here are the details from Reuters:

Following are details on some items in the legislation:

* Includes $1.11 billion, a 14 percent boost, to allow the Securities and Exchange Commission to hire 420 workers to oversee investments and financial markets. The agency has faced questions about its effectiveness after it failed to catch a $65 billion scheme perpetrated by Bernard Madoff.
* Provides $824 million for the Small Business Administration, a 26 percent increase, to support new lending to small businesses. Further efforts to encourage small-business growth could pass Congress in the coming weeks as part of an effort to bring down U.S. unemployment, which stands at 10 percent nationally.
* Requires General Motors Co and Chrysler to submit to binding arbitration to determine whether auto dealerships they have tried to close should be reopened.
* Includes a 50 percent increase to fight fraud in entitlement programs such as Social Security and Medicare. Lawmakers say this could save $48 billion over the next 10 years.
* Provides $2.5 billion for high-speed rail intercity rail projects, on top of $8 billion signed into law earlier this year as part of the economic stimulus bill.
* Includes nearly $1.5 billion for new nonmilitary aid to Pakistan, proposed by Obama as one tool to combat extremism there.
* Has no money for an infrastructure bank requested by the Obama administration to finance large-scale transportation projects. Lawmakers said the $5 billion project was too complex to handle through a spending bill.
* Reduces economic, governance and security aid to Iraq by 30 percent; keeps levels to Pakistan and Afghanistan roughly the same.
* Prevents the government from doing business with U.S. companies that have moved headquarters overseas to reduce their tax bills.
* Prevents the Export-Import Bank from providing loans to oil companies that do business with Iran.

[Tag Onomics, 2008, 2009, Banks, Reform, Banking, Crisis, Meltdown, TARP, Healthcare, Health]