Will TARP cuts mean a jobs program? - Real Recovery
The Treasury is estimating that the original cost of the TARP program for banks (estimated over ten years) can be revised down by about $200 billion. Does that mean the President will want to use that money for jobs?
November saw the unemployment rate fall slightly (an estimated .2 percent) and though that was a welcome surprise for economists, it still means a lot of folks need jobs. That said though, it's not like the TARP money was already spent - it was just an estimated cost. It's likely any jobs program will face a lot of criticism from those worried about a bulging federal deficit.
The President is expected to make an announcement tomorrow.
Recently on the Current News Blog:
- Obama loses fans in Turkey over Afghanistan
- Meet Zouhair al Jezairy, my new Iraqi journalist friend
- Bhopal: 25 years later
- What's news in Turkey?
- 30,000 more troops to Afghanistan: The right choice?
The White House has been under pressure to tame the $1.4 trillion budget deficit, which has ballooned as the U.S. borrows vast sums of money. But with unemployment at 10%, the administration is also under pressure to find ways to create new jobs. Lowering deficit projections could help alleviate concerns that a new jobs bill would further inflate the deficit.
November saw the unemployment rate fall slightly (an estimated .2 percent) and though that was a welcome surprise for economists, it still means a lot of folks need jobs. That said though, it's not like the TARP money was already spent - it was just an estimated cost. It's likely any jobs program will face a lot of criticism from those worried about a bulging federal deficit.
The President is expected to make an announcement tomorrow.
Recently on the Current News Blog:
- Obama loses fans in Turkey over Afghanistan
- Meet Zouhair al Jezairy, my new Iraqi journalist friend
- Bhopal: 25 years later
- What's news in Turkey?
- 30,000 more troops to Afghanistan: The right choice?
