President Barack Obama and First Lady Michelle Obama dined at Table 52 in Chicago for Valetine's Day last night. They return to Washington on Monday. (Photo by Ralf-Finn Hestoft-Pool/Getty Images)
by Mark Silva
President Barack Obama will fly to Denver, the place where he accepted the Democratic Party's nomination last summer, to sign the "American Recovery and Reinvestment Act'' into law on Tuesday.
It's "as good'' a place "as any" to sign the $787-billion measure into law, White House Press Secretary Robert Gibbs said on CBS News' Face the Nation this morning.
Watch for a lot of Obama's biggest initiatives in the War on Recession to carry datelines outside of Washington. And this one is big - with the signing, the White House spokesman noting, arriving in "just his fourth week in office.'' Even while Obama was campaigning for the measure last week, he conceded that it was imperfect -- even joking at one point on the road: What is one to expect? It's coming from Washington.
With the same alacrity, the president will turn his attention to the housing crisis, planning to announce his intentions the next day in Phoenix - with an overnight journey to two Western centers central to his party's campaign for broader appeal.
Of course, the bipartisan push that the president has made since inauguration is not going that well - only three Republicans in the entire Congress voted for the stimulus, CBS News' Bob Schieffer reminded Gibbs this morning. But the White House could not have passed the bill without the three Republican senators - Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania -- who backed it, Gibbs noted.
Asked if this measure will avert an increase in unemployment to 10 percent this year, the White House spokesman said they count on it to help avoid "double-digit'' joblessness.
The White House suffered a setback last week with the withdrawal of Sen. Judd Gregg of New Hampshire from nomination as Commerce secretary, with the Republican explaining that he had had an "unresolvable'' political conflict with the new administration, starting with the stimulus, which he oppsed Friday. Gibbs made it fairly clear that the search for a new nominee probably won' result in another Republican candidate.
It "is what it is,'' Gibbs said of the Gregg withdrawal -- a change of heart, nothing more to it. 'He changed his mind."
The White House also appears to have some reservations about the tougher caps on executive compensation for banks participating in the federal bailout than what the president had ordered. Pressed on the question of whether the White House will enforce the regulations - they are in the bill, and the president plans to sign it, Gibbs said, the press secretary would only say: "He will sign this bill Tuesday.''
Could Obama's first "signing statement'' be far behind? If he issues one of those exceptions for which his predecessor became famous, carving out the right to carry out a law the way the White House saw fit, it just may carry a Washington dateline.
Comments
Early 2010 republican talking points: The economy would have turned around anyway!
Posted by: bill r. | February 15, 2009 12:32 PM
The billion-dollar financiers responsible for this "melt down" should be prosecuted under the Patriot Act for economic terrorism.
Posted by: Hilary Smith | February 15, 2009 12:40 PM
Republicans and conservatives are just waiting for the first batch of negative economic numbers to be released - regardless of whether or not they are in the proper timeline of the stimulus - to jump on Obama and the Dems, blaming the stimulus for the next Depression.
http://www.political-buzz.com/
Posted by: matt | February 15, 2009 12:42 PM
If President Obama outsources the bill to Democrtic Porkers Nancy Pelosi and Harry Reid, Obama can't disclaim responsibility for the pork-filled consequences.
Posted by: Inconvenient Truth | February 15, 2009 1:30 PM
To Whom It May Concern:
RE: President’s Doomsday Housing Proposal
After personally meeting with several bankers, lending institutions and escrow companies, we have come up with a solution that would restore the free fall of the housing market within a two week period of time. It would put people back into their foreclosed homes if still available, restore the credit worthiness of the homeowners so they would be able to start spending money again. This would be a domino effect to employ more people. The non performing loans that banks have could become performing without discounting the original note. As the governments plan is now, if this direction is not put in place and the direction that seems to be accepted and is going to be implemented, by the banks discounting the value of their notes of their homes would only devalue everyone's equity that as of now still exists in the homes. This would create a greater free fall and devaluation of the whole entire housing market. It is the opposite effect of what they are looking to accomplish. It is a doomsday effect to the housing market. The only way to accomplish it correctly and leave people with their equity is to reduce the interest rates and leave the principal note standing, otherwise the new comps of home areas would be at a lower value because of this. The people who depended on their home equity to borrow against for college, investments, growing their businesses, etc. would be completely evaporated. Most of all, we would take 15 months of inventory off the housing market, which is approximately 2.6 million homes. You would start to see back up offers on homes. We would be restoring confidence to Wall Street, Main Street, credit institutions, the news media and the world would see what makes us a great country. It would cost the government in the millions not billions or trillions. In many cases it would be enabling people to have a minimum of $5000.00 to $25,000.00 extra spending money at no cost to the government. This plan would be for people who are not homeowners as well. This is a win, win for everyone, low income or mega income.
This problem has such a simple solution that has been overlooked. Everything starts with a story, however I am going to end it with one: There was once a semi truck stuck under an underpass. The bureau of engineers, tow companies and emergency services determined they needed to cut the semi truck up in order to get it out from under the bridge. A little boy that was 11 years old that was watching this take place told everyone that maybe they should just let the air out of the tires on the semi and that could solve the problem. It is that simple.
Please get a hold of me as soon as possible so hopefully you can get the solution to the right people. I can be reached at anytime except for the Sabbath, Friday night 5:00 until Saturday evening 7:00.
Sincerely,
Steve Zipp
213-999-9918
hayomyom@aol.com
Cc: Steven J Eichberg, Attorney At Law
Posted by: steve zipp | February 15, 2009 1:37 PM
Billy R,
.
The truth is always a good place to start.
.
Ms. Smith,
.
We can start with bring Brothel Barney Frank and Chris "Friend of Angelo" Dodd before Congress
Posted by: Terry | February 15, 2009 1:59 PM
I still find it amazing how the GOP continues to be able to con some of the blue collar Americans (mostly in the south) who always parrot their calls for more tax cuts. Apparently they don't have an internet connection or they only listen to Druggy Rush and Faux News because if they ever read the fine print they'd notice that when the GOP talks tax cuts they're talking about tax cuts for the wealthiest 1-2% of Americans, Big Corporations and Big Oil.
They've become used to blaming others. The Repuglican leadership (Rush, Faux News etc) is very, very skilled at identifying scapegoats so that almost all of their blue collar supporters have someone else to blame for their sorry state of affairs i.e.: "liberals, tax-and-spend Democrats, hippies, communists, immigrants, gays". It's an easy way to avoid facing reality. - "Gay people drove my property values up! And Mexicans took my $50.00 per hour lettuce-picking job from me! And the Demoncrats take all my tax money and use some of it for THINGS I DON'T NEED! And the hippies made us lose Vietnam! And the Communists...well...not sure what they did...and the liberals killed my cousin's baby after I got her pregnant! And the immigrants! How dare they have the chance to earn the same quality of life and hope for their childrens' future that I have for me and my family"!
Most of the average GOPer's still haven't figured out that wealth doesn't ever trickledown to them.
It's like a shell game to the Repuglican leadership, using diversionary tactics to steer the people away from seeing the real problems. Unfortunately for them, they're starting to lose that game nowdays.
Posted by: Hulk Smash! | February 15, 2009 4:18 PM
Republicans will be judged by the voters again in 2010. If they want to obstruct and filibuster while the economy is in free fall, President Obama and the Dems should call their bluff and let them go at it. In the first four years after F.D.R. took over from Hoover, the already decimated ranks of Republicans in Congress fell from 36 to 16 in the Senate and from 117 to 88 in the House. If the Greedy Oil Party is so insistent that the New Deal was a mirage they probably have also convinced themselves that their own sorry record back then didn’t happen either.
Posted by: Hamburglar | February 15, 2009 4:31 PM
We can start with bring Brothel Barney Frank and Chris "Friend of Angelo" Dodd before Congress
Posted by: Terry | February 15, 2009 1:59 PM
.....
Yes of course, it was minority party Democrats who sank the Bush economy!.....geeez, is it any wonder that the Repukelicans can't win elections anymore?
The Repukes still haven't figured out that THEY are the only ones who believe their BS propaganda talking points anymore. I wonder how far they'll have to fall into the wilderness before they figure that out?
Joseph Goebbels would be proud of the 2009 Republican party....and so would the Three Stooges.
Posted by: zlaomribda | February 15, 2009 4:39 PM
Terry the myth perpetuator. Urban legend teller.
Why not look for the real truth, Terry?
Posted by: mort | February 15, 2009 4:41 PM
Betting against the American people and the American economy is a suckers bet and the Republicans have not only taken that bet, they've doubled down on it.
It won't be much longer before we can start calling the GOPer's by their new name: "the Whigs".
Posted by: malphie | February 15, 2009 4:44 PM
President Obama and the Dems are driving the Republicans insane but the Republicans are also doing their part in damaging themselves by playing along. It's almost to easy.
The Republicans control the corporate media, so every single time there's an issue (any issue) over anything between the Dems and the Republicans, the Republicans instantly run around to all of the corporate media outlets and do their usual screaming, hair on fire, petulant child act, meanwhile Obama and the Dems just sit back and let them punch themselves out and then they go out and make their case directly to the American people and certain targeted media outlets (thank you Pres Obama).
America is sick and tired of the right-wing Rovian noise machine.
Posted by: LoungeAct | February 15, 2009 5:02 PM
'Steve Zipp'
I believe I received a letter in my E mail just like yours, except it came from Nigeria.
www.go_away.com
Posted by: gord | February 15, 2009 5:09 PM
Hamburger, that was rich!
Frank Rich, that is.
No matter. You're right. Replicans must now look to their friends in the courts to "protect" them from pesky New New Deal legislation.
Starting with the 3 Italians on the Sup. Ct.
Who don't seem to like Barack.
Again, no matter.
I think I see where Barack is going: all over the country. He will run the Replicans ragged. There is no plane they have that can out-fly Air Force One.
Which will be flying a target list, not a flight plan.
Posted by: ornery | February 15, 2009 5:41 PM
Republicans are lying again, relentlessly and forcefully, about the economic crisis. Their lies show up everywhere from CNN, Faux News and MSNBC to the Op Ed page New York Times. If they make themselves believed we'll pay for it with a worldwide economic depression.
The chief Republican lie is that the stimulus package Obama will sign into law next week isn't a stimulus package at all. The Republicans claim instead that it's a "spending" bill, an orgy of government pork barrel largesse, a massive frittering away of dollars on wasteful and frivolous projects.
This lie is particularly transparent as well as imbecilic. By definition all government spending is stimulative. Whether the government orders repairs to the monuments on the National Mall or a new battle ship, a high speed rail line or a school, every dollar it disburses stimulates the economy. The same dollar that leaves the Treasury to build or buy anything generates a construction contract, spurs orders for materials and shipping, puts income into the pockets of workers and bosses, gets spent in turn on groceries, clothing, washing machines, stimulates production of all those items, generating more contracts and orders and income, etc. The multiplier effect transforms every dollar of government spending into many dollars of economic stimulus. It's not a question for debate or an opinion or a matter of principle. It's just a fact. Anyone who says otherwise is simply lying.
It seems that nothing will stop the GOP from lying. A political party that formerly harbored at least some honest men, Dwight Eisenhower comes to mind, has degenerated into a party exclusively of pathological liars like Boehner, McConnell, and Cantor. The GOP says the stimulus package is a plot to massively expand the government bureaucracy in order to insure a permanent Democratic government. This is merely another lie, but unless the Republicans reform themselves it might be the only sensible policy proposal they are ever likely to make
Posted by: DrainYou | February 15, 2009 6:02 PM
Mort, Zia,
.
Facts are a tricky things to you flatliners.
.
Here is the article about the person that wanted to have more oversight on Fannie and Freddie. NOtcie the year
.
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63
.
Below is the story about the guy that wanted to "roll the dice" and other notable flatliners.
.
http://online.wsj.com/article/SB122290574391296381.html
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Zia - the Nazi refernce is so 2008, didn't you get the Daily Kos memo and you are supposed to compare the conservatices to the Taliban?
Posted by: Terry | February 15, 2009 8:18 PM
And in 2003, Terry, Fannie and Freddie were just fine; then Bush and others started pushing the Ownership Society and encouraging Fannie Freddie and unregulated lenders to buy no doc loans. So articles in 2003 are not much help. Frank didn't become committe chairman until 2007; until then the Republicans were in the majority. As I said, what you say is a myth.
Posted by: mort | February 15, 2009 9:14 PM
"NOtcie the year."
Posted by: Terry
And who was in control of Congress then, Terry?? Not the guys you're trying to blame. Mort is right.
Posted by: Flo | February 15, 2009 9:20 PM
Gee, they still have their xmas lites up. Reminds me of my neighbor. His were up for 4 years, then he suddenly took them down in November!
Then the house went into foreclosure. Guess that's why he took the lites down.
Posted by: C.Morris✈ | February 15, 2009 11:03 PM
Flo,
.
Notice the quotes? Have you noticed how important 60 votes in the Seante is? GOP was nowhere near it.
.
Mort,
.
It was the Clinton administartiuon and the pushing of stricter enforcement of the CRA that got this whole ball rolling.
.
Sorry, as usual, Mort is wrong.
Posted by: Terry | February 16, 2009 6:53 AM
That CRA argument is bogus, Terry. The facts are that CRA loans had fewer foreclosures than others. Actual studies prove it. You're simply buying into rightwing talking points that are unsupported by real evidence. The blame it on Clinton era is over.
Posted by: mort | February 16, 2009 9:01 AM
.
It was the Clinton administration and the pushing of stricter enforcement of the CRA that got this whole ball rolling.
.
Sorry, as usual, Mort is wrong.
Posted by: Terry | February 16, 2009 6:53 AM
Finally, some truth, the act was authored by none other than Larry Summers, who's now the economic czar for the empty suit,, they must be gluttons for punishment.
Larry is a real SMART fellow, he also said women don't have enough grey matter to take on mathematics.
Posted by: Don B. | February 16, 2009 9:57 AM
More bogus BS about CRA. Just won't stop till we can blame this on the evil minorities. While mainstream media has debunked this, the jackass followers of the "bloated One" keeps the insanity alive. In the bill itself it states that the banks are not to let this change their good and sound business practices of lending. But hey.....don't let that stop the deranged...keep howling at the moon.
Posted by: bill r. | February 16, 2009 12:17 PM
"And in 2003, Terry, Fannie and Freddie were just fine..." WRONG
.
As you see Fannie and Freddie have had problem prior to the Bush administartion. It was President Bush that realized that Fannie & Freddie needed more oversight.
.
http://www.msnbc.msn.com/id/21027918/
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The push into low doc homes was not of the doing of President Bush
.
http://www.liveleak.com/view?i=919_1232745686&c;=1
.
What would be the incentive for a bank to make a no-doc loan on its own. Why take the risk? Even if they could peddle the loan of to another company, who would then package the risky loans to others? What private enetrprise company would buy it? But a GSE would take the risk becasue they have the gov't (the American taxpayer as a safety net).
.
Billy R,
.
"...the jackass followers of the "bloated One..." What do you and Michael Moore have to do with this?
Posted by: Terry | February 16, 2009 10:43 PM