Can't know the facts without a fact sheet
The White House's official fact sheet on the new bank tax is here (pdf). It's a reminder that this isn't some mega-populist innovation on Obama's part: "The EESA statute that created the TARP requires that by 2013 the President put forward a plan 'that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt.'"
Obama is offering his plan a bit early, but he's legally required to offer a plan like this by 2013. The fact sheet, however, makes a valiant effort at spinning this as a radical decision. "The President has no intention of waiting that long," it thunders.
January 14, 2010; 11:49 AM ET
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Posted by: umesh409 | January 14, 2010 12:44 PM | Report abuse
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