Second, Obama has no constitutional authority for anything like this. In the budget, Obama contends that the Troubled Assets Relief Program provided for measures taking money back from the banks -- but his proposal itself does not even stipulate that those being taxed have to have been recipients of TARP money to begin with.
Finally, the Financial Crisis Responsibility Fee is predicated on the notion that the banks owe everybody a lot of money. They do. But not according to Obama, whose administration has been claiming for years that the TARP money was paid back, and actually turned a profit for the taxpayer (So where's my check?). If they have, why does Obama now claim that he needs the banks to pony up to the table I order at to make taxpayers whole?
Obama packed his budget with such idiosyncratic idiocies. He cut a weather satellite system for the Pentagon but funded one for the Department of Commerce. He says he's going to cut subsidies for the oil and gas companies, but he's raising them for more non-existent green energy production, which will presumably fuel our unicorns. He wants to provide $800 million to our terrorist friends in Egypt, Libya and Tunisia but wants to cut our defense budget.
What makes him think he can do all this? Well, it's his money, stupid. You're just working for him. So work harder. His palms are itchy.
The American people are not nearly as stupid as Obama seems to believe. Just because he says that $3.8 trillion worth of mostly useless spending is vital doesn't mean it is. Just because he says it's fiscally responsible to continue revving up spending doesn't mean it is. And just because he says he respects our money doesn't mean he does.
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