WASHINGTON (AP) - Mindful of soaring deficits and an anti-Wall Street mood, President Barack Obama wants a new 10-year tax on the country's largest banks to cover a projected $117 billion shortfall in the government's financial crisis bailout fund.
Shortfall? Could it be that the volumnous spending by this administration caused this shortfall in the first place?
The Obama Administration is moving forward with efforts to tax banks, because they have been tone deaf in calls to help Main Street after receiving billions in aid from taxpayers. The president planned to propose Thursday a levy of 15 basis points, or 0.15 percent, on the liabilities of large financial institutions to make sure every dollar spent from the $700 billion Troubled Asset Relief Program to rescue Wall Street firms, auto companies and mortgage holders is either repaid or paid for. Congress would have to approve the tax.
Tax and Spend by Barack Obama: