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Obama to Decide Soon Whether to Add to Bailout

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Belial Donating Member (503 posts) Send PM | Profile | Ignore Sat Jan-24-09 06:38 AM
Original message
Obama to Decide Soon Whether to Add to Bailout
Source: Washington Post

Lawmakers on Capitol Hill are bracing for a fresh request from President Obama for another massive round of spending to shore up the nation's faltering financial system, which could send the total price for the bailout soaring toward $1 trillion.

So far, Congress has approved $700 billion for the financial system rescue. The first half of that money has been committed, and lawmakers last week agreed to give Obama access to the second half.

But with the economy deteriorating rapidly, financial companies are incurring trillions of dollars in losses on failing mortgage loans and other assets, forcing the federal government to consider substantially expanding its response to the crisis, officials said. Leading economists and lawmakers calculate that hundreds of billions more could be required


Read more: http://www.washingtonpost.com/wp-dyn/content/article/20...



Not seeing the light at the end of the tunnel anytime soon..
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BootinUp Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:18 AM
Response to Original message
1. Its getting scary now
The mid size company I work for just slashed number of associates to the fucking bone.
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Belial Donating Member (503 posts) Send PM | Profile | Ignore Sat Jan-24-09 07:34 AM
Response to Reply #1
2. Hang in there.. I know its tough to see friends go like that
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BootinUp Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 07:54 AM
Response to Reply #2
3. I hope we can bring them back
we think business will pick back up in a month or two. Its scary because its more real to me now. The whole economy is really collapsing.
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