With President Obama visiting troops in Afghanistan, Vice President Biden delivered this weekâ€™s address, in which he said Congress must extend both the middle class tax cuts and unemployment insurance this year. The combined economic blow of raising taxes on the middle class and cutting two million Americans off of unemployment insurance would wind up costing the country hundreds of thousands of jobs. And, to say that during these challenging times, we cannot afford to provide a lifeline to millions of Americans, but we can afford to give tax cuts to the wealthiest two percent is not just bad economic policy, it is also wrong.
When the GOP asked the American people, through a website, for ideas, one that drew great deal of interest is ending tax breaks for companies that ship jobs overseas. But when the administration closed one of the most egregious loopholes for companies creating jobs overseas, Republicans were almost unanimously opposed. Rather than offering a path to a better future, their plan is an echo of a disastrous decade the country cannot afford to relive.
After the Supreme Court overturned decades of law and precedent in the Citizens United decision, the administration tried to fix the new loopholes in the campaign finance system with a common sense law. But, the GOP leadership has blocked a vote on the law in the Senate in hopes that the special interests will reward them by funding attack ads against their opponents.
In his weekly address, President Barack Obama underscored his commitment to helping the people of the Gulf Coast recover and rebuild from the BP oil spill that has threatened their livelihoods. On Friday, the President heard from local residents and small business owners about the hardships that they are facing as a result of this catastrophe.
As the auto industry and financial markets begin to stabilize, the President says the governmentâ€™s emergency interventions are now winding down. He pledges that real reform, particularly on Wall Street, must now begin. General Motors announced that it has repaid its loan to taxpayers with interest five years ahead of schedule, and Chrysler Financial has already fully repaid with interest its loan as well.
Reiterating once again his commitment to small business as the engine of our economy, the President urges Congress to move forward immediately on steps to help them expand and create jobs. These proposals include using $30 billion in TARP funds to create a new Small Business Lending Fund to provide capital to community banks to increase lending to small businesses…
In this weekâ€™s address, President Barack Obama and First Lady Michelle Obama offered their best Christmas wishes to families across the country, and expressed their gratitude to the men and women of the American military and their families for their service to the country. The First Couple encouraged Americans to visit www.whitehouse.gov to learn how they can show their support to our soldiers and their loved ones.