Tuesday
Feb232010
House Republicans Want Freddie And Fannie To Be On The Books
Tuesday, February 23, 2010 at 1:25PM
By Laurel Brishel Prichard - University of New Mexico/Talk Radio News Service
A group of Republicans serving on the House Financial Services Committee have unveiled a bill that would force the Obama administration to add the total debt of Fannie Mae and Freddie Mac, a total of $1.6 trillion, to the current national debt figure.
“All roads have led to Freddie and Fannie in the current financial meltdown situation that we have been continuing to deal with. We have to level with the American people as to what’s going on,” said Rep. Michele Bachmann (R-Minn.) during a press conference on Tuesday.
To date, the administration has taken into account the $110.6 trillion in taxpayer dollars that has already been paid to the corporations, as well as $225 billion in mortgage bonds bought by the Treasury Department, but Republicans aren't satisfied.
“The Obama administration has been obscuring the cost of the government-sponsored enterprises by not including them in the budget...this is certainly what got Enron in trouble, it got WorldCom in trouble, and it got AIG in trouble,” said Rep. Spencer Bachus (R-Ala.).
Freddie Mac and Fannie Mae hold well over forty percent of past due mortgages in circulation currently. According to Bachus, the Treasury Department's Christmas Eve decision to give the GSE's a “blank check” will allow them to rely on taxpayer support until 2012.
The proposed bill would begin to take effect ninety days after being signed into law.
A group of Republicans serving on the House Financial Services Committee have unveiled a bill that would force the Obama administration to add the total debt of Fannie Mae and Freddie Mac, a total of $1.6 trillion, to the current national debt figure.
“All roads have led to Freddie and Fannie in the current financial meltdown situation that we have been continuing to deal with. We have to level with the American people as to what’s going on,” said Rep. Michele Bachmann (R-Minn.) during a press conference on Tuesday.
To date, the administration has taken into account the $110.6 trillion in taxpayer dollars that has already been paid to the corporations, as well as $225 billion in mortgage bonds bought by the Treasury Department, but Republicans aren't satisfied.
“The Obama administration has been obscuring the cost of the government-sponsored enterprises by not including them in the budget...this is certainly what got Enron in trouble, it got WorldCom in trouble, and it got AIG in trouble,” said Rep. Spencer Bachus (R-Ala.).
Freddie Mac and Fannie Mae hold well over forty percent of past due mortgages in circulation currently. According to Bachus, the Treasury Department's Christmas Eve decision to give the GSE's a “blank check” will allow them to rely on taxpayer support until 2012.
The proposed bill would begin to take effect ninety days after being signed into law.
House Republicans Bring Health Care Town Hall To D.C.
The 2009 Values Voter Summit put on by FRC Action held a town hall meeting in Washington, D.C. Friday Morning featuring a number of high profile Republicans, including Rep. Michelle Bachmann (R-Minn.), Rep. Chris Smith (R-N.J.) and Rep. Tom Price (R-Ga.).
Rep. Smith rallied against Obama-Care's supposed inclusion of federally funded abortions.
“Right now we are in a serious crisis, the culture of death being promoted by Barack Obama... is outrageous and it’s unconstitutional,” said Smith.
“Obama-Care represents the greatest threat since Roe vs. Wade itself,” Smith added.
Rep. Bachmann lamented that taxes will be raised now to cover services that will not be provided for another three to four years. She proposed that the American public should have access to what Bachmann described as, “whatever level of coverage you want, from whoever you want, anywhere you want."
Bachmann applauded a recent decision from the House to deny federal funding to ACORN, the scandal ridden community organizing association and called upon the President to make the final decision.
“The President has within his power to direct the Department of Housing and Urban development to stop federal grants for ACORN now, but has yet to act,” said Bachmann.