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The Federal Reserve rescues some of the nation’s largest investment firms. President Bush and Congress pass TARP (Troubled Asset Relief Program) to purchase assets and equity from ailing institutions (it adverts bankruptcy).Two companies that benefit from this are General Motors and Chrysler. Budget Deficit -
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The American Recovery and Reinvestment Act, was created to “jumpstart” the economy of the United States for the 21st Century. It made tax cuts, federal funds to save and create millions of jobs across the country. Budget Deficit -
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Congress passed the Health Care Reform Bill. This provides affordable, quality healthcare for all Americans. Budgey Deficit -
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Congress passes the Financial Regulations Bill which is aimed at preventing the risky behavior and regulatory failures that cost millions of Americans their jobs and life savings. Saving Deficit -
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Congress passes the Budget Control Act of 2011 which aimed at deficit reduction and eliminated the need for further increases in the debt limit until 2013. Budget Deficit -
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The government went through a shutdown due to the Congressional budget standoff. In lost productivity alone, the cost of this event was two billion dollars and 800,000 federal workers were given a leave of absence. A six week debt extension was discussed, but not agreed on. Leadership Deficit
