What a difference a day makes!
posted at 11:38 am on April 21, 2009 by Ed Morrissey
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Not too many people caught this, but the same day Barack Obama announced that he would bravely reduce federal spending 0.0029% by demanding $100 million in cuts, he had already spent the savings. Obama announced an additional $100 million pledge to the IMF yesterday. Oops, I’m sorry … that’s $100 billion:
President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF’s war chest and urged a bigger stake in the IMF for emerging powers like China and India.
In a letter sent to Democrat and Republican leaders in the U.S. Congress, Obama said the U.S. funding “does not represent a budgetary expenditure or any increase in the deficit since it effectively represents an exchange of assets.”
The letter comes days before world finance leaders gather in Washington on April 24 and 25 for meetings of the IMF and World Bank to discuss among other things IMF lending and governance reforms at the global institutions.
The $100 billion is part of pledges made by Group of 20 member countries during a summit in London on April 2 to combat the worst economic crisis since the Great Depression.
Now we have another comparison for the massive budget cuts announced by Obama yesterday. On net, his outgo on Monday outstripped his reduction by $99,900,000,000. And that was just one day, and one project.
Meanwhile, American taxpayers will send $100 billion overseas, or approximately $333 for every American, while Obama saves us $100 million at home, or approximately 30 cents for every American. And again, that’s just one day.
If this is fiscal responsibility, it’s the only kind I know that will push us into bankruptcy.
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wireless wiretapping —> warrantless wiretapping
Chuck Schick on April 21, 2009 at 12:49 PM
Just more of that ‘vast executive experience’.
GarandFan on April 21, 2009 at 12:51 PM
I think we found the “one program” Gibbs challenged us to locate that can be cut to save a massive amount of money.
Stegall Tx on April 21, 2009 at 12:58 PM
I think we found the “one program” Gibbs challenged us to locate that can be cut to save a massive amount of money.
Stegall Tx on April 21, 2009 at 12:58 PM
When can we start to barbeque the Unicorn?
TexasJew on April 21, 2009 at 12:58 PM
I have a question that might be a little OT. With Obama and the rest of his flunkies and corrupt sycophants in the executive branch injecting themselves into the news cycle like 36 times a day … does anyone know what the heck Congress is doing? I think they’re back from Easter break, aren’t they?
Dusty on April 21, 2009 at 12:58 PM
There’s no reason to even discuss any of the details. If this were a REAL loan, then the IMF could sell bonds.
If no trader in his right mind would put up the money at any interest rate, then it’s not a loan, it’s a black hole. Period.
logis on April 21, 2009 at 12:58 PM
Obama already ate him. Maybe Barry can sell the rainbow to raise
some money.
izoneguy on April 21, 2009 at 1:01 PM
As soon as I get my pixey dusted rainbow arrows back from the archery shop. I had extra wings put on them to hover better.
upinak on April 21, 2009 at 1:04 PM
Maybe he ate two? That would explain the little horns he is sprouting but are presently hidden behind his ears.
Yoop on April 21, 2009 at 1:18 PM
Um…. question…
Where does Barry get the money for this promise?
Congress coins money according to the Constitution… and only Congress can create Federal Debt… again according to enumerated powers in the Constitution…
Um, where does the Executive Branch get 100 Billion Dollars?
Romeo13 on April 21, 2009 at 1:19 PM
uhhhmmmmm…. Kobe Unicorn?
/drools…
Romeo13 on April 21, 2009 at 1:21 PM
The government spends more in the time it took me to type this comment than the Nitwit in Chief wants to cut.
darwin-t on April 21, 2009 at 1:22 PM
Assuming you’re sincere in this assessment, I have to ask: are you ok with this?
BlueCollarAstronaut on April 21, 2009 at 1:22 PM
Obama noticed his moobs are sagging. He needs that $100 million for his total make over, for the cover of Vogue. We can’t let Michelle get that kind of attention, if he’s not getting it as well, if not more.
capejasmine on April 21, 2009 at 1:29 PM
You know, everywhere else $100 billion would not be considered a lot of money……..
drjohn on April 21, 2009 at 1:33 PM
The fox is guarding the henhouse. Good grief…we are so screwed.
ladyingray on April 21, 2009 at 1:34 PM
Oh, they know, let me tell you. “B” comes before “M” in the alphabet, so a billion is less than a million.
darwin-t on April 21, 2009 at 1:54 PM
If you watch his little news conference about cutting 100 million and going line by line through the budget, he says to free up that money so it can be spent on “critical” programs. Not reducing spending overall, just spend it on their pet projects.
yakwill83 on April 21, 2009 at 2:00 PM
Even Krugman (via Insty) doesn’t believe in the $100 million saved!
rbj on April 21, 2009 at 2:39 PM
Dear God…I think I’m inside your head. What a scary place to be.
TheQuestion on April 21, 2009 at 2:53 PM
There you are GETAWAY, you didn’t answer questions on the other thread concerning Janet N. and I see you are not specific here. Are you like a bumble bee going all over the place going on with your simplistic platitudes? You never did give the answer on whether you would give up your city or suburb in order to get rid of water boarding. You can’t be specific?
garydt on April 21, 2009 at 2:54 PM
I’ve come to the conclusion that getalife is a trollbot. Basically a program to repeat certain phrases in comment threads. It’s not a human being (there’s certainly no intelligence behind it), hence get a “life.”
rbj on April 21, 2009 at 3:00 PM
RBJ ,, boy did you nail that one in the head and I see he skirted here as well.
garydt on April 21, 2009 at 3:13 PM
Just thinking about this spending cut makes me feel lighter already.
pjean on April 21, 2009 at 3:32 PM
This is al over the MSM.
jukin on April 21, 2009 at 4:27 PM
It’s gonna end soon.
One way or another.
notagool on April 21, 2009 at 5:15 PM
What was the exchange of assets? We gave 100B, what did we get in return? Toxic assets? Contributions to Obama’s reelection campaign?
eaglewingz08 on April 21, 2009 at 5:22 PM
Here are two points I found interesting after last week’s Tea Parties:
- the new regime used a photo op to announce ‘budget cuts’, miserable budget cuts; and
- the fed announced that it would not see any more money for bank bailouts but use the money it has on hand.
Now, call this a stretch, but I personally believe that to some degree the pols are now wearing adult diapers because they’ve seen the might of grassroots activism.
That is, the Tea Parties.
madmonkphotog on April 21, 2009 at 5:41 PM
They spend money like it is water.
Terrye on April 21, 2009 at 6:10 PM
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