The plan was to retire the debt as soon as possible. But this IDIOT wants to spend the "paidback money",(to create Jobs) No one is going to hire any employees as long as OBAMA continues to insure there will be higher inflation that will keep any of us from having enough money to eat, let alone buy produce or service we can get along without. Someone give this man a brain, please! If you owe the government any money, do not, I repeat, do NOT give it to this guy before you absolutly have to. He will throw it a way and ask for more. Truely taxation without brains. DUMB ARE SPELLED OBAMA. He would not know what job was if he had one.
While acknowledging increasing concerns in Congress and among the public over the nation's growing debt, Obama said critics present a "false choice" between paying down deficits and investing in job creation and economic growth.
To pay for the new programs, the administration is citing the Treasury Department's report on Monday that it expects to get back $200 billion in taxpayer-approved bank bailout funds faster than expected.
Obama suggested this windfall would both help the government spend money on job creation while also paying down the nation's debt, which now totals $12 trillion.
Obama called the bank bailout, under the Troubled Asset Relief Program (TARP), "galling."
"There has rarely been a less loved — or more necessary — emergency program," Obama said. The program is expected to go out of business at the end of this year unless extended by Congress.
Since the program is costing taxpayers at least $200 billion less than expected, Obama said, "This gives us a chance to pay down the deficit faster than we thought possible and to shift funds that would have gone to help the banks on Wall Street to help create jobs on Main Street."
But Republicans continued to insist that the leftover and repaid TARP money must be used exclusively for deficit reduction and not for a new jobs program.
"The president's announcement is further proof that TARP has morphed from an emergency injection of liquidity to thaw frozen credit markets into a $700 billion revolving slush fund to promote the Democrats' political, social and economic agenda," said Rep. Jeb Hensarling, R-Texas.
Obama said he is backing the measures he outlined because they "will generate the greatest number of jobs while generating the greatest value for our economy."