Obama is going to SLASH THE BUDGET of 100 Million Dollars! (Congress, Iraq)
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WASHINGTON (Reuters) - President Barack Obama on Monday proposed a $100 billion U.S. loan to the International Monetary Fund to boost the IMF's resources and urged a bigger stake in the IMF for emerging powers.
In a letter to U.S. congressional leaders, 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."
In other words
For every $350 spent, he's going to save .01¢.
So go spend $350 somewhere and have the cashier tell you, "Hey, we got some great news. We just saved you .01¢!!" Then come tell me how enthusiastic you were or how relieved you felt if you think Obama's savings is a great thing.
If Obama wanted to save money he would have turned down most of the 9,000 pork projects in the porkulous. He had the opportunity to help America save money but his politics got in the way.
The thrifty measures Obama ordered for federal agencies are the equivalent of asking a family that spends $60,000 in a year to save $6.
Obama made his push for frugality the subject of his first Cabinet meeting, ensuring it would command the capital's attention. It also set off outbursts of mental math and scribbled calculations as political friend and foe tried to figure out its impact.
The bottom line: Not much.
The president gave his Cabinet 90 days to find $100 million in savings to achieve over time.
For all the trumpeting, the effort raised questions about why Obama set the bar so low, considering that $100 million amounts to:
_Less than one-quarter of the budget increase that Congress awarded to itself.
_4 percent of the military aid the United States sends to Israel.
_Less than half the cost of one F-22 fighter plane.
_7 percent of the federal subsidy for the money-losing Amtrak passenger rail system.
_1/10,000th of the government's operating budgets for Cabinet agencies, excluding the Iraq and Afghan wars and the stimulus bill.
Yes but the question comes into play, where is he getting the money from? He's borrowing money in order to loan it back out.. Obviously Obama not the first president to do so, but I'd really like to see the finances on this one to see how it makes sense to go further into debt.
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