President Obama spoke in front of a joint session of Congress on health care, but most people aren’t talking about anything that was in his speech. Instead, all talk surrounds the congressman who apparently forgot that he wasn’t at a WWE match.

Who was that angry Republican? Representative Joe Wilson, a Republican from South Carolina.

Upon hearing President Obama say:

“There are also those who claim that our reform efforts would insure illegal immigrants.  This, too, is false.  The reforms — the reforms I’m proposing would not apply to those who are here illegally.”

Representative Wilson shouted, “You lie!”

Congressman Wilson has since been chastised via Twitter, his fellow Republican representatives have issued disapproving statements on his “disrespectful” outburst, and his House web site has crashed due to “exceptionally high traffic.”

Have you read America’s Affordable Health Choices Act?

Senate Bill H.R. 3200

House Legislation

Congressional Budget Office preliminary analysis of the health care plan

We thought permission forms went out with sex education films. Do they still do those? At the rate kids are sexting, I don’t think they really need the films anymore.

Read the speech for yourself.  Try to find something so disturbing that it requires a permission form.

Watch the video:

The Plan:

“For the first time in history, we have set in motion a national policy aimed at both increasing gas mileage and decreasing greenhouse gas pollution for all new trucks and cars sold in the United States of America.”

“The goal is to set one national standard that will rapidly increase fuel efficiency — without compromising safety — by an average of 5 percent each year between 2012 and 2016, building on the 2011 standard my administration set shortly after taking office.”

Translation:

“…we’re seeking to raise fuel-economy standards to an industry average of 35.5 miles per gallon in 2016, an increase of more than eight miles per gallon per vehicle.”

“The program covers model year 2012 to model year 2016 and ultimately requires an average fuel economy standard of 35.5 mpg in 2016….” – White House Blog

Projected benefits from the new legislation:

“…we will save 1.8 billion barrels of oil over the lifetime of the vehicles sold in the next five years. Just to give you a sense of magnitude, that’s more oil than we imported last year from Saudi Arabia, Venezuela, Libya, and Nigeria combined. Here’s another way of looking at it: This is the projected equivalent of taking 58 million cars off the road for an entire year.”

 Read the transcript of President Obama’s full remarks

 Current CAFE standards

President Obama, in his first online “Open for Questions” town hall meeting on Thursday, March 26, 2009,  provided an online venue for the citizens to ask the burning questions about the economy that are keeping everyone awake at night.

Missed it? Nearly a hundred thousand people participated, and more than 3.5 millions voted.  President Obama answered the most popular questions.

Have no fear, you can still watch the entire video (check out our featured video) or watch @ the WhiteHouse.gov site.

Read the full transcript.

Here is a little sampling that we find interesting:

DR. BERNSTEIN: Next we have a video question from Harriet in Georgia about bringing jobs back to America: “Hello, President Obama. Here is my question for your online town meeting. When can we expect that jobs that have been outsourced to other countries to come back and be made available to the unemployed workers here in the United States? Thank you so much for all your hard work. God bless you. Bye-bye.”

THE PRESIDENT: Well, I appreciate that. Let me talk more, first of all, broadly about what’s happening in the job market. We have had just a massive loss of jobs over the last several months, the kind of job loss we haven’t seen at least since the early ’80s and maybe since the 1930s, in terms of how quickly we’ve seen the economy shed jobs.

A lot of that is prompted by the financial crisis and the locking up of the credit markets. And that’s why when we are — when we talk about dealing with this credit crisis and the banks, I just want everybody to understand it’s not because we’re overly concerned about Wall Street or a bunch of CEOs; it’s because if we don’t fix credit, if we don’t get liquidity back to small businesses and large businesses alike who can have that — use that line of credit to buy inventory and to make products and sell services, then those businesses shrivel up and they start laying people off.

Ultimately, our measure of whether we’re doing a good job or not is, are we going to be able to create and save jobs? And part of that involves fixing the financial system.

There is a long-term issue, though, that we have to deal with — and this was true even before the current crisis — and that is that so much of our economic activity was in the financial services sector. It was related to an overheated housing market. It was dependent on huge amounts of consumer saving. And we were seeing those steady declines in manufacturing. We were seeing steady declines in a lot of other productive sectors of the economy. And one of the things that my budget is designed to do is, by fixing our education system, by reducing costs of health care, by going after the clean-energy jobs of the future, trying to put our economy on a more solid footing.

Now, a lot of the outsourcing that was referred to in the question really has to do with the fact that our economy — if it’s dependent on low-wage, low-skill labor, it’s very hard to hang on to those jobs because there’s always a country out there that pays lower wages than the U.S. And so we’ve got to go after the high-skill, high-wage jobs of the future. That’s why it’s so important to train our folks more effectively and that’s why it’s so important for us to find new industries — building solar panels or wind turbines or the new biofuel — that involve these higher-value, higher-skill, higher-paying jobs.

So I guess the answer to the question is, not all of these jobs are going to come back. And it probably wouldn’t be good for our economy for a bunch of these jobs to come back because, frankly, there’s no way that people could be getting paid a living wage on some of these jobs — at least in order to be competitive in an international setting.

So what we’ve got to do is create new jobs that can’t be outsourced. And that’s why energy is so promising. We’ve been talking about what’s called a smart grid, and some of you may have heard of this. The basic idea is, is that we’re still using an electricity grid that dates back 100, 150 years ago. Well, think about all the gizmos you guys are carrying — (laughter) –all the phones and the BlackBerrys and the this and the that. You’re plugging in all kinds of stuff in your house. We’ve got an entirely new set of technologies, huge demands in terms of energy, but we’ve got a grid that’s completely outdated.

Now, one of the things that we wanted to do in the stimulus package was to go ahead and start laying a new grid. And to do that, it’s like building the Transcontinental Railroad. You’ve got a — it’s a huge project involving all 50 states.

The benefits of the grid are that we could reduce our energy costs by billions of dollars. We could set up systems so that everybody in each house have their own smart meters that will tell you when to turn off the lights, when the peak hours are, can help you sell back energy that you’ve generated in your home through a solar panel or through other mechanisms. If we get plug-in hybrid cars, you can plug it in at night and sell back electricity to the utility, and then charge up your car again in the morning before you leave.

All this can be done, but it also creates jobs right now. Our biggest problem, we don’t have enough electricians to lay all these lines out there. And these are jobs — these are union jobs that potentially pay $80,000-$90,000 a year, with benefits. But it’s a matter of making the investment in infrastructure and also then training the workers to be able to get those jobs. And that’s where we’re going to be focused on. That’s where the job growth is going to occur.

One last point I want to make — and I know I’m not supposed to talk this long, but we’re going to have to be patient and persistent about job creation because I don’t think that we’ve lost all the jobs we’re going to lose in this recession. We’re still going to be in a difficult time for much of this year. Employment is typically what’s called a lagging indicator. Now, this is — Dr. Bernstein, he’s a Ph.D. economist, so he’ll correct me if I’m wrong here, but –

DR. BERNSTEIN: I’m sure I can make this really confusing. (Laughter.)

THE PRESIDENT: But historically, if you look at every recession, what happens is that when the economy starts getting in trouble, it takes a while before businesses decide, you know what, this economy is in trouble, it’s not bouncing back — we better start laying off workers. So what we’re seeing now is a lot of businesses have decided that our sales are way down, we’ve got to start shedding workers. And that’s going to continue for a while.

Now, the reverse is true, as well. When the economy starts recovering, when these businesses start being a little more confident that, you know what, we think we’ve bottomed out; the recovery package President Obama passed gives us some optimism about making investments in certain areas — it takes a while before they start hiring even if they’ve started to make these investments.

So the reason I point that out is, I don’t want people to think that in one or two months suddenly we’re going to see net job increases. It’s going to take some time for the steps that we’ve taken to filter in. The fact that the housing market is starting to stabilize a little bit — there’s still a lot of inventory out there before people then actually start building new homes. At some point people are going to start buying new cars again, but it’s going to take a little bit of time for the automakers to get back on their feet.

So employment is something that we’re going to have a difficult time for the next several months, maybe through the end of this year, but I’m confident that we’re taking the steps that are required to create these new jobs of the future.

DR. BERNSTEIN: After the last recession ended in 2001, the unemployment rate went up for another 19 months before it started coming back down.

Photo and Source Credit

Madame Speaker, Mr. Vice President, Members of Congress, and the First Lady of the United States:

I’ve come here tonight not only to address the distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here.

I know that for many Americans watching right now, the state of our economy is a concern that rises above all others. And rightly so. If you haven’t been personally affected by this recession, you probably know someone who has – a friend; a neighbor; a member of your family. You don’t need to hear another list of statistics to know that our economy is in crisis, because you live it every day. It’s the worry you wake up with and the source of sleepless nights. It’s the job you thought you’d retire from but now have lost; the business you built your dreams upon that’s now hanging by a thread; the college acceptance letter your child had to put back in the envelope. The impact of this recession is real, and it is everywhere.

But while our economy may be weakened and our confidence shaken; though we are living through difficult and uncertain times, tonight I want every American to know this:

We will rebuild, we will recover, and the United States of America will emerge stronger than before.

The weight of this crisis will not determine the destiny of this nation. The answers to our problems don’t lie beyond our reach. They exist in our laboratories and universities; in our fields and our factories; in the imaginations of our entrepreneurs and the pride of the hardest-working people on Earth. Those qualities that have made America the greatest force of progress and prosperity in human history we still possess in ample measure. What is required now is for this country to pull together, confront boldly the challenges we face, and take responsibility for our future once more.

Now, if we’re honest with ourselves, we’ll admit that for too long, we have not always met these responsibilities – as a government or as a people. I say this not to lay blame or look backwards, but because it is only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament.

The fact is, our economy did not fall into decline overnight. Nor did all of our problems begin when the housing market collapsed or the stock market sank. We have known for decades that our survival depends on finding new sources of energy. Yet we import more oil today than ever before. The cost of health care eats up more and more of our savings each year, yet we keep delaying reform. Our children will compete for jobs in a global economy that too many of our schools do not prepare them for. And though all these challenges went unsolved, we still managed to spend more money and pile up more debt, both as individuals and through our government, than ever before.

In other words, we have lived through an era where too often, short-term gains were prized over long-term prosperity; where we failed to look beyond the next payment, the next quarter, or the next election. A surplus became an excuse to transfer wealth to the wealthy instead of an opportunity to invest in our future. Regulations were gutted for the sake of a quick profit at the expense of a healthy market. People bought homes they knew they couldn’t afford from banks and lenders who pushed those bad loans anyway. And all the while, critical debates and difficult decisions were put off for some other time on some other day.

Well that day of reckoning has arrived, and the time to take charge of our future is here.

Now is the time to act boldly and wisely – to not only revive this economy, but to build a new foundation for lasting prosperity. Now is the time to jumpstart job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do, and that’s what I’d like to talk to you about tonight.

It’s an agenda that begins with jobs.

As soon as I took office, I asked this Congress to send me a recovery plan by President’s Day that would put people back to work and put money in their pockets. Not because I believe in bigger government – I don’t. Not because I’m not mindful of the massive debt we’ve inherited – I am. I called for action because the failure to do so would have cost more jobs and caused more hardships. In fact, a failure to act would have worsened our long-term deficit by assuring weak economic growth for years. That’s why I pushed for quick action. And tonight, I am grateful that this Congress delivered, and pleased to say that the American Recovery and Reinvestment Act is now law.

Over the next two years, this plan will save or create 3.5 million jobs. More than 90% of these jobs will be in the private sector – jobs rebuilding our roads and bridges; constructing wind turbines and solar panels; laying broadband and expanding mass transit.

Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick. There are 57 police officers who are still on the streets of Minneapolis tonight because this plan prevented the layoffs their department was about to make.

Because of this plan, 95% of the working households in America will receive a tax cut – a tax cut that you will see in your paychecks beginning on April 1st.

Because of this plan, families who are struggling to pay tuition costs will receive a $2,500 tax credit for all four years of college. And Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm.

I know there are some in this chamber and watching at home who are skeptical of whether this plan will work. I understand that skepticism. Here in Washington, we’ve all seen how quickly good intentions can turn into broken promises and wasteful spending. And with a plan of this scale comes enormous responsibility to get it right.

That is why I have asked Vice President Biden to lead a tough, unprecedented oversight effort – because nobody messes with Joe. I have told each member of my Cabinet as well as mayors and governors across the country that they will be held accountable by me and the American people for every dollar they spend. I have appointed a proven and aggressive Inspector General to ferret out any and all cases of waste and fraud. And we have created a new website called recovery.gov so that every American can find out how and where their money is being spent.

So the recovery plan we passed is the first step in getting our economy back on track. But it is just the first step. Because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system.

I want to speak plainly and candidly about this issue tonight, because every American should know that it directly affects you and your family’s well-being. You should also know that the money you’ve deposited in banks across the country is safe; your insurance is secure; and you can rely on the continued operation of our financial system. That is not the source of concern.

The concern is that if we do not re-start lending in this country, our recovery will be choked off before it even begins.

You see, the flow of credit is the lifeblood of our economy. The ability to get a loan is how you finance the purchase of everything from a home to a car to a college education; how stores stock their shelves, farms buy equipment, and businesses make payroll.

But credit has stopped flowing the way it should. Too many bad loans from the housing crisis have made their way onto the books of too many banks. With so much debt and so little confidence, these banks are now fearful of lending out any more money to households, to businesses, or to each other. When there is no lending, families can’t afford to buy homes or cars. So businesses are forced to make layoffs. Our economy suffers even more, and credit dries up even further.

That is why this administration is moving swiftly and aggressively to break this destructive cycle, restore confidence, and re-start lending.

We will do so in several ways. First, we are creating a new lending fund that represents the largest effort ever to help provide auto loans, college loans, and small business loans to the consumers and entrepreneurs who keep this economy running.

Second, we have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages. It’s a plan that won’t help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of Americans who are struggling with declining home values – Americans who will now be able to take advantage of the lower interest rates that this plan has already helped bring about. In fact, the average family who re-finances today can save nearly $2000 per year on their mortgage.

Third, we will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times. And when we learn that a major bank has serious problems, we will hold accountable those responsible, force the necessary adjustments, provide the support to clean up their balance sheets, and assure the continuity of a strong, viable institution that can serve our people and our economy.

I understand that on any given day, Wall Street may be more comforted by an approach that gives banks bailouts with no strings attached, and that holds nobody accountable for their reckless decisions. But such an approach won’t solve the problem. And our goal is to quicken the day when we re-start lending to the American people and American business and end this crisis once and for all.

I intend to hold these banks fully accountable for the assistance they receive, and this time, they will have to clearly demonstrate how taxpayer dollars result in more lending for the American taxpayer. This time, CEOs won’t be able to use taxpayer money to pad their paychecks or buy fancy drapes or disappear on a private jet. Those days are over.

Still, this plan will require significant resources from the federal government – and yes, probably more than we’ve already set aside. But while the cost of action will be great, I can assure you that the cost of inaction will be far greater, for it could result in an economy that sputters along for not months or years, but perhaps a decade. That would be worse for our deficit, worse for business, worse for you, and worse for the next generation. And I refuse to let that happen.

I understand that when the last administration asked this Congress to provide assistance for struggling banks, Democrats and Republicans alike were infuriated by the mismanagement and results that followed. So were the American taxpayers. So was I.

So I know how unpopular it is to be seen as helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you – I get it.

But I also know that in a time of crisis, we cannot afford to govern out of anger, or yield to the politics of the moment. My job – our job – is to solve the problem. Our job is to govern with a sense of responsibility. I will not spend a single penny for the purpose of rewarding a single Wall Street executive, but I will do whatever it takes to help the small business that can’t pay its workers or the family that has saved and still can’t get a mortgage.

That’s what this is about. It’s not about helping banks – it’s about helping people. Because when credit is available again, that young family can finally buy a new home. And then some company will hire workers to build it. And then those workers will have money to spend, and if they can get a loan too, maybe they’ll finally buy that car, or open their own business. Investors will return to the market, and American families will see their retirement secured once more. Slowly, but surely, confidence will return, and our economy will recover.

So I ask this Congress to join me in doing whatever proves necessary. Because we cannot consign our nation to an open-ended recession. And to ensure that a crisis of this magnitude never happens again, I ask Congress to move quickly on legislation that will finally reform our outdated regulatory system. It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation, and punishes short-cuts and abuse.

The recovery plan and the financial stability plan are the immediate steps we’re taking to revive our economy in the short-term. But the only way to fully restore America’s economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world. The only way this century will be another American century is if we confront at last the price of our dependence on oil and the high cost of health care; the schools that aren’t preparing our children and the mountain of debt they stand to inherit. That is our responsibility.

In the next few days, I will submit a budget to Congress. So often, we have come to view these documents as simply numbers on a page or laundry lists of programs. I see this document differently. I see it as a vision for America – as a blueprint for our future.

My budget does not attempt to solve every problem or address every issue. It reflects the stark reality of what we’ve inherited – a trillion dollar deficit, a financial crisis, and a costly recession.

Given these realities, everyone in this chamber – Democrats and Republicans – will have to sacrifice some worthy priorities for which there are no dollars. And that includes me.

But that does not mean we can afford to ignore our long-term challenges. I reject the view that says our problems will simply take care of themselves; that says government has no role in laying the foundation for our common prosperity.

For history tells a different story. History reminds us that at every moment of economic upheaval and transformation, this nation has responded with bold action and big ideas. In the midst of civil war, we laid railroad tracks from one coast to another that spurred commerce and industry. From the turmoil of the Industrial Revolution came a system of public high schools that prepared our citizens for a new age. In the wake of war and depression, the GI Bill sent a generation to college and created the largest middle-class in history. And a twilight struggle for freedom led to a nation of highways, an American on the moon, and an explosion of technology that still shapes our world.

In each case, government didn’t supplant private enterprise; it catalyzed private enterprise. It created the conditions for thousands of entrepreneurs and new businesses to adapt and to thrive.

We are a nation that has seen promise amid peril, and claimed opportunity from ordeal. Now we must be that nation again. That is why, even as it cuts back on the programs we don’t need, the budget I submit will invest in the three areas that are absolutely critical to our economic future: energy, health care, and education.

It begins with energy.

We know the country that harnesses the power of clean, renewable energy will lead the 21st century. And yet, it is China that has launched the largest effort in history to make their economy energy efficient. We invented solar technology, but we’ve fallen behind countries like Germany and Japan in producing it. New plug-in hybrids roll off our assembly lines, but they will run on batteries made in Korea.

Well I do not accept a future where the jobs and industries of tomorrow take root beyond our borders – and I know you don’t either. It is time for America to lead again.

Thanks to our recovery plan, we will double this nation’s supply of renewable energy in the next three years. We have also made the largest investment in basic research funding in American history – an investment that will spur not only new discoveries in energy, but breakthroughs in medicine, science, and technology.

We will soon lay down thousands of miles of power lines that can carry new energy to cities and towns across this country. And we will put Americans to work making our homes and buildings more efficient so that we can save billions of dollars on our energy bills.

But to truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy. So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America. And to support that innovation, we will invest fifteen billion dollars a year to develop technologies like wind power and solar power; advanced biofuels, clean coal, and more fuel-efficient cars and trucks built right here in America.

As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices. But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it. Scores of communities depend on it. And I believe the nation that invented the automobile cannot walk away from it.

None of this will come without cost, nor will it be easy. But this is America. We don’t do what’s easy. We do what is necessary to move this country forward.

For that same reason, we must also address the crushing cost of health care.

This is a cost that now causes a bankruptcy in America every thirty seconds. By the end of the year, it could cause 1.5 million Americans to lose their homes. In the last eight years, premiums have grown four times faster than wages. And in each of these years, one million more Americans have lost their health insurance. It is one of the major reasons why small businesses close their doors and corporations ship jobs overseas. And it’s one of the largest and fastest-growing parts of our budget.

Given these facts, we can no longer afford to put health care reform on hold.

Already, we have done more to advance the cause of health care reform in the last thirty days than we have in the last decade. When it was days old, this Congress passed a law to provide and protect health insurance for eleven million American children whose parents work full-time. Our recovery plan will invest in electronic health records and new technology that will reduce errors, bring down costs, ensure privacy, and save lives. It will launch a new effort to conquer a disease that has touched the life of nearly every American by seeking a cure for cancer in our time. And it makes the largest investment ever in preventive care, because that is one of the best ways to keep our people healthy and our costs under control.

This budget builds on these reforms. It includes an historic commitment to comprehensive health care reform – a down-payment on the principle that we must have quality, affordable health care for every American. It’s a commitment that’s paid for in part by efficiencies in our system that are long overdue. And it’s a step we must take if we hope to bring down our deficit in the years to come.

Now, there will be many different opinions and ideas about how to achieve reform, and that is why I’m bringing together businesses and workers, doctors and health care providers, Democrats and Republicans to begin work on this issue next week.

I suffer no illusions that this will be an easy process. It will be hard. But I also know that nearly a century after Teddy Roosevelt first called for reform, the cost of our health care has weighed down our economy and the conscience of our nation long enough. So let there be no doubt: health care reform cannot wait, it must not wait, and it will not wait another year.

The third challenge we must address is the urgent need to expand the promise of education in America.

In a global economy where the most valuable skill you can sell is your knowledge, a good education is no longer just a pathway to opportunity – it is a pre-requisite.

Right now, three-quarters of the fastest-growing occupations require more than a high school diploma. And yet, just over half of our citizens have that level of education. We have one of the highest high school dropout rates of any industrialized nation. And half of the students who begin college never finish.

This is a prescription for economic decline, because we know the countries that out-teach us today will out-compete us tomorrow. That is why it will be the goal of this administration to ensure that every child has access to a complete and competitive education – from the day they are born to the day they begin a career.

Already, we have made an historic investment in education through the economic recovery plan. We have dramatically expanded early childhood education and will continue to improve its quality, because we know that the most formative learning comes in those first years of life. We have made college affordable for nearly seven million more students. And we have provided the resources necessary to prevent painful cuts and teacher layoffs that would set back our children’s progress.

But we know that our schools don’t just need more resources. They need more reform. That is why this budget creates new incentives for teacher performance; pathways for advancement, and rewards for success. We’ll invest in innovative programs that are already helping schools meet high standards and close achievement gaps. And we will expand our commitment to charter schools.

It is our responsibility as lawmakers and educators to make this system work. But it is the responsibility of every citizen to participate in it. And so tonight, I ask every American to commit to at least one year or more of higher education or career training. This can be community college or a four-year school; vocational training or an apprenticeship. But whatever the training may be, every American will need to get more than a high school diploma. And dropping out of high school is no longer an option. It’s not just quitting on yourself, it’s quitting on your country – and this country needs and values the talents of every American. That is why we will provide the support necessary for you to complete college and meet a new goal: by 2020, America will once again have the highest proportion of college graduates in the world.

I know that the price of tuition is higher than ever, which is why if you are willing to volunteer in your neighborhood or give back to your community or serve your country, we will make sure that you can afford a higher education. And to encourage a renewed spirit of national service for this and future generations, I ask this Congress to send me the bipartisan legislation that bears the name of Senator Orrin Hatch as well as an American who has never stopped asking what he can do for his country – Senator Edward Kennedy.

These education policies will open the doors of opportunity for our children. But it is up to us to ensure they walk through them. In the end, there is no program or policy that can substitute for a mother or father who will attend those parent/teacher conferences, or help with homework after dinner, or turn off the TV, put away the video games, and read to their child. I speak to you not just as a President, but as a father when I say that responsibility for our children’s education must begin at home.

There is, of course, another responsibility we have to our children. And that is the responsibility to ensure that we do not pass on to them a debt they cannot pay. With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down.

I’m proud that we passed the recovery plan free of earmarks, and I want to pass a budget next year that ensures that each dollar we spend reflects only our most important national priorities.

Yesterday, I held a fiscal summit where I pledged to cut the deficit in half by the end of my first term in office. My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. As you can imagine, this is a process that will take some time. But we’re starting with the biggest lines. We have already identified two trillion dollars in savings over the next decade.

In this budget, we will end education programs that don’t work and end direct payments to large agribusinesses that don’t need them. We’ll eliminate the no-bid contracts that have wasted billions in Iraq, and reform our defense budget so that we’re not paying for Cold War-era weapons systems we don’t use. We will root out the waste, fraud, and abuse in our Medicare program that doesn’t make our seniors any healthier, and we will restore a sense of fairness and balance to our tax code by finally ending the tax breaks for corporations that ship our jobs overseas.

In order to save our children from a future of debt, we will also end the tax breaks for the wealthiest 2% of Americans. But let me perfectly clear, because I know you’ll hear the same old claims that rolling back these tax breaks means a massive tax increase on the American people: if your family earns less than $250,000 a year, you will not see your taxes increased a single dime. I repeat: not one single dime. In fact, the recovery plan provides a tax cut – that’s right, a tax cut – for 95% of working families. And these checks are on the way.

To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security. Comprehensive health care reform is the best way to strengthen Medicare for years to come. And we must also begin a conversation on how to do the same for Social Security, while creating tax-free universal savings accounts for all Americans.

Finally, because we’re also suffering from a deficit of trust, I am committed to restoring a sense of honesty and accountability to our budget. That is why this budget looks ahead ten years and accounts for spending that was left out under the old rules – and for the first time, that includes the full cost of fighting in Iraq and Afghanistan. For seven years, we have been a nation at war. No longer will we hide its price.

We are now carefully reviewing our policies in both wars, and I will soon announce a way forward in Iraq that leaves Iraq to its people and responsibly ends this war.

And with our friends and allies, we will forge a new and comprehensive strategy for Afghanistan and Pakistan to defeat al Qaeda and combat extremism. Because I will not allow terrorists to plot against the American people from safe havens half a world away.

As we meet here tonight, our men and women in uniform stand watch abroad and more are readying to deploy. To each and every one of them, and to the families who bear the quiet burden of their absence, Americans are united in sending one message: we honor your service, we are inspired by your sacrifice, and you have our unyielding support. To relieve the strain on our forces, my budget increases the number of our soldiers and Marines. And to keep our sacred trust with those who serve, we will raise their pay, and give our veterans the expanded health care and benefits that they have earned.

To overcome extremism, we must also be vigilant in upholding the values our troops defend – because there is no force in the world more powerful than the example of America. That is why I have ordered the closing of the detention center at Guantanamo Bay, and will seek swift and certain justice for captured terrorists – because living our values doesn’t make us weaker, it makes us safer and it makes us stronger. And that is why I can stand here tonight and say without exception or equivocation that the United States of America does not torture.

In words and deeds, we are showing the world that a new era of engagement has begun. For we know that America cannot meet the threats of this century alone, but the world cannot meet them without America. We cannot shun the negotiating table, nor ignore the foes or forces that could do us harm. We are instead called to move forward with the sense of confidence and candor that serious times demand.

To seek progress toward a secure and lasting peace between Israel and her neighbors, we have appointed an envoy to sustain our effort. To meet the challenges of the 21st century – from terrorism to nuclear proliferation; from pandemic disease to cyber threats to crushing poverty – we will strengthen old alliances, forge new ones, and use all elements of our national power.

And to respond to an economic crisis that is global in scope, we are working with the nations of the G-20 to restore confidence in our financial system, avoid the possibility of escalating protectionism, and spur demand for American goods in markets across the globe. For the world depends on us to have a strong economy, just as our economy depends on the strength of the world’s.

As we stand at this crossroads of history, the eyes of all people in all nations are once again upon us – watching to see what we do with this moment; waiting for us to lead.

Those of us gathered here tonight have been called to govern in extraordinary times. It is a tremendous burden, but also a great privilege – one that has been entrusted to few generations of Americans. For in our hands lies the ability to shape our world for good or for ill.

I know that it is easy to lose sight of this truth – to become cynical and doubtful; consumed with the petty and the trivial.

But in my life, I have also learned that hope is found in unlikely places; that inspiration often comes not from those with the most power or celebrity, but from the dreams and aspirations of Americans who are anything but ordinary.

I think about Leonard Abess, the bank president from Miami who reportedly cashed out of his company, took a $60 million bonus, and gave it out to all 399 people who worked for him, plus another 72 who used to work for him. He didn’t tell anyone, but when the local newspaper found out, he simply said, ”I knew some of these people since I was 7 years old. I didn’t feel right getting the money myself.”

I think about Greensburg, Kansas, a town that was completely destroyed by a tornado, but is being rebuilt by its residents as a global example of how clean energy can power an entire community – how it can bring jobs and businesses to a place where piles of bricks and rubble once lay. “The tragedy was terrible,” said one of the men who helped them rebuild. “But the folks here know that it also provided an incredible opportunity.”

And I think about Ty’Sheoma Bethea, the young girl from that school I visited in Dillon, South Carolina – a place where the ceilings leak, the paint peels off the walls, and they have to stop teaching six times a day because the train barrels by their classroom. She has been told that her school is hopeless, but the other day after class she went to the public library and typed up a letter to the people sitting in this room. She even asked her principal for the money to buy a stamp. The letter asks us for help, and says, “We are just students trying to become lawyers, doctors, congressmen like yourself and one day president, so we can make a change to not just the state of South Carolina but also the world. We are not quitters.”

We are not quitters.

These words and these stories tell us something about the spirit of the people who sent us here. They tell us that even in the most trying times, amid the most difficult circumstances, there is a generosity, a resilience, a decency, and a determination that perseveres; a willingness to take responsibility for our future and for posterity.

Their resolve must be our inspiration. Their concerns must be our cause. And we must show them and all our people that we are equal to the task before us.

I know that we haven’t agreed on every issue thus far, and there are surely times in the future when we will part ways. But I also know that every American who is sitting here tonight loves this country and wants it to succeed. That must be the starting point for every debate we have in the coming months, and where we return after those debates are done. That is the foundation on which the American people expect us to build common ground.

And if we do – if we come together and lift this nation from the depths of this crisis; if we put our people back to work and restart the engine of our prosperity; if we confront without fear the challenges of our time and summon that enduring spirit of an America that does not quit, then someday years from now our children can tell their children that this was the time when we performed, in the words that are carved into this very chamber, “something worthy to be remembered.” Thank you, God Bless you, and may God Bless the United States of America.

White House Source

A little “light” reading (407 pages) to get you through till spring arrives.

Read the full text of the American Recovery and Reinvestment
Act of 2009

Signed into law, February 17, 2009

What does the new Recovery Act mean to our bottom line (the federal budget deficits)?

Start tracking where the money goes at the new governmental site dedicated to transparency and accountablity for the Recovery Act at Recovery.gov

Photo credit: US Govt. Recovery.gov

Related posts:

Emergency Economic Stabilization Act of 2008 (aka Bailout Plan)

Bailout Falters Over Hurt Feelings

Read the full text of their submissions at the following Treasury links:

GM 2009 – 2014 Restructuring Plan

Chrysler Restructuring Plan for Long-Term Viability

February 20, 2009 Office of the Press Secretary Press Release:

Treasury Secretary Tim Geithner and National Economic Council (NEC) Director Larry Summers convened official designees to the Presidential Task Force on the Auto Industry to discuss recently submitted restructuring plans from Chrysler LLC and General Motors Corporation.

The Task Force will be a cabinet-level group that includes the secretaries of Transportation, Commerce, Labor, and Energy. It will also include the Chair of the President’s Council of Economic Advisers, the Director of the Office of Management and Budget, the EPA Administrator, and the Director of the White House Office of Energy and Climate Change. The Task Force will be led by Treasury Secretary Geithner and NEC Director Larry Summers.

The Presidential Task Force on the Auto Industry has been tasked “to conduct additional analysis and form initial recommendations in their areas of expertise to be presented at the next cabinet-level meeting of the Task Force.”

Presidential Task Force on the Auto Industry

Members

• Treasury Secretary Tim Geithner
• National Economic Council Director Larry Summers
• Secretary of Transportation
• Secretary of Commerce
• Secretary of Labor
• Secretary of Energy
• Chair of the President’s Council of Economic Advisers
• Director of the Office of Management and Budget
• Environmental Protection Agency Administrator
• Director of the White House Office of Energy and Climate Change

Senior Advisor on Auto Issues at the Treasury Department

• Ron Bloom, Senior Advisor on the Auto Industry, Department of Treasury

Official Designees of the Members of the Presidential Task Force:

• Diana Farrell, Deputy Director, National Economic Council
• Gene Sperling, Counselor to the Secretary of Treasury
• Jared Bernstein, Chief Economist to Vice President Biden
• Edward Montgomery, Senior Advisor, Department of Labor
• Lisa Heinzerling, Senior Climate Policy Counsel to the EPA Administrator
• Austan Goolsbee, Staff Director and Chief Economist of the Economic Recovery Advisory Board
• Dan Utech, Senior Advisor to the Secretary of Energy
• Heather Zichal, Deputy Director, White House Office of Energy and Climate Change
• Joan DeBoer, Chief of Staff, Department of Transportation
• Rick Wade, Senior Advisor, Department of Commerce

Related Posts:

Automaker Bailout Requests Submitted to the Senate Banking Committee

ILLINOIS GOV. ROD R. BLAGOJEVICH AND HIS CHIEF OF STAFF JOHN HARRIS ARRESTED ON FEDERAL CORRUPTION CHARGES

Blagojevich and aide allegedly conspired to sell U.S. Senate appointment, engaged in “pay-to-play” schemes and threatened to withhold state assistance to Tribune Company for Wrigley Field to induce purge of newspaper editorial writers

 

 

 

 

CHICAGO – Illinois Gov. Rod R. Blagojevich and his Chief of Staff, John Harris, were arrested today by FBI agents on federal corruption charges alleging that they and others are engaging in ongoing criminal activity: conspiring to obtain personal financial benefits for Blagojevich by leveraging his sole authority to appoint a United States Senator; threatening to withhold substantial state assistance to the Tribune Company in connection with the sale of Wrigley Field to induce the firing of Chicago Tribune editorial board members sharply critical of Blagojevich; and to obtain campaign contributions in exchange for official actions – both historically and now in a push before a new state ethics law takes effect January 1, 2009.

Blagojevich, 51, and Harris, 46, both of Chicago, were each charged with conspiracy to commit mail and wire fraud and solicitation of bribery. They were charged in a two-count criminal complaint that was sworn out on Sunday and unsealed today following their arrests, which occurred without incident, announced Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, and Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation. Both men were expected to appear later today before U.S. Magistrate Judge Nan Nolan in U.S. District Court in Chicago.

A 76-page FBI affidavit alleges that Blagojevich was intercepted on court-authorized wiretaps during the last month conspiring to sell or trade Illinois’ U.S. Senate seat vacated by President-elect Barack Obama for financial and other personal benefits for himself and his wife. At various times, in exchange for the Senate appointment, Blagojevich discussed obtaining:

• A substantial salary for himself at a either a non-profit foundation or an organization affiliated with labor unions;
• Placing his wife on paid corporate boards where he speculated she might garner as much as $150,000 a year;
• Promises of campaign funds – including cash up front; and
• A cabinet post or ambassadorship for himself.

Just last week, on December 4, Blagojevich allegedly told an advisor that he might “get some (money) up front, maybe” from Senate Candidate 5, if he named Senate Candidate 5 to the Senate seat, to insure that Senate Candidate 5 kept a promise about raising money for Blagojevich if he ran for re-election. In a recorded conversation on October 31, Blagojevich described an earlier approach by an associate of Senate Candidate 5 as follows: “We were approached ‘pay to play.’ That, you know, he’d raise 500 grand. An emissary came. Then the other guy would raise a million, if I made him (Senate Candidate 5) a Senator.”

On November 7, Blagojevich said he needed to consider his family and that he is “financially” hurting while talking on the phone about the Senate seat with Harris and an advisor, the affidavit states. Harris allegedly said that they were considering what would help the “financial security” of the Blagojevich family and what will keep Blagojevich “politically viable.” Blagojevich stated, “I want to make money,” adding later that he is interested in making $250,000 to $300,000 a year, the complaint alleges.

On November 10, in a lengthy telephone call with numerous advisors that included discussion about Blagojevich obtaining a lucrative job with a union-affiliated organization in exchange for appointing a particular Senate Candidate whom he believed was favored by the President-elect and which is described in more detail below, Blagojevich and others discussed various ways Blagojevich could “monetize” the relationships he has made as governor to make money after leaving that office.

“The breadth of corruption laid out in these charges is staggering,” Mr. Fitzgerald said. “They allege that Blagojevich put a ‘for sale’ sign on the naming of a United States Senator; involved himself personally in pay-to-play schemes with the urgency of a salesman meeting his annual sales target; and corruptly used his office in an effort to trample editorial voices of criticism. The citizens of Illinois deserve public officials who act solely in the public’s interest, without putting a price tag on government appointments, contracts and decisions,” he added.

Mr. Grant said: “Many, including myself, thought that the recent conviction of former governor would usher in a new era of honesty and reform in Illinois politics. Clearly, the charges announced today reveal that the office of the Governor has become nothing more than a vehicle for self-enrichment, unrestricted by party affiliation and taking Illinois politics to a new low.”

Mr. Fitzgerald and Mr. Grant thanked the Chicago offices of the Internal Revenue Service Criminal Investigation Division, the U.S. Postal Inspection Service and the U.S. Department of Labor Office of Inspector General for assisting in the ongoing investigation. The probe is part of Operation Board Games, a five-year-old public corruption investigation of pay-to-play schemes, including insider-dealing, influence-peddling and kickbacks involving private interests and public duties.

Federal agents today also executed search warrants at the offices of Friends of Blagojevich located at 4147 North Ravenswood, Suite 300, and at the Thompson Center office of Deputy Governor A.

Pay-to-Play Schemes

The charges include historical allegations that Blagojevich and Harris schemed with others – including previously convicted defendants Antoin Rezko, Stuart Levine, Ali Ata and others – since becoming governor in 2002 to obtain and attempt to obtain financial benefits for himself, his family and third parties, including his campaign committee, Friends of Blagojevich, in exchange for appointments to state boards and commissions, state employment, state contracts and access to state funds. A portion of the affidavit recounts the testimony of various witnesses at Rezko’s trial earlier this year.

The charges focus, however, on events since October when the Government obtained information that Blagojevich and Fundraiser A, who is chairman of Friends of Blagojevich, were accelerating Blagojevich’s allegedly corrupt fund-raising activities to accumulate as much money as possible this year before a new state ethics law would severely curtail Blagojevich’s ability to raise money from individuals and entities that have existing contracts worth more than $50,000 with the State of Illinois. Agents learned that Blagojevich was seeking approximately $2.5 million in campaign contributions by the end of the year, principally from or through individuals or entities – many of which have received state contacts or appointments – identified on a list maintained by Friends of Blagojevich, which the FBI has obtained.

The affidavit details multiple incidents involving efforts by Blagojevich to obtain campaign contributions in connection with official actions as governor, including these three in early October:

• After an October 6 meeting with Harris and Individuals A and B, during which Individual B sought state help with a business venture, Blagojevich told Individual A to approach Individual B about raising $100,000 for Friends of Blagojevich this year. Individual A said he later learned that Blagojevich reached out directly to Individual B to ask about holding a fund-raiser;
• Also on October 6, Blagojevich told Individual A that he expected Highway Contractor 1 to raise $500,000 in contributions and that he was willing to commit additional state money to a Tollway project – beyond $1.8 billion that Blagojevich announced on October15 – but was waiting to see how much money the contractor raised for Friends of Blagojevich; and
• On October 8, Blagojevich told Individual A that he wanted to obtain a $50,000 contribution from Hospital Executive 1, the chief executive officer of Children’s Memorial Hospital in Chicago, which had recently received a commitment of $8 million in state funds. When the contribution was not forthcoming, Blagojevich discussed with Deputy Governor A the feasibility of rescinding the funding.

On October 21, the Government obtained a court order authorizing the interception of conversations in both a personal office and a conference room used by Blagojevich at the offices of Friends of Blagojevich. The FBI began intercepting conversations in those rooms on the morning of October 22. A second court order was obtained last month allowing those interceptions to continue. On October 29, a court order was signed authorizing the interception of conversations on a hardline telephone used by Blagojevich at his home. That wiretap was extended for 30 days on November 26, according to the affidavit.

Another alleged example of a pay-to-play scheme was captured in separate telephone conversations that Blagojevich had with Fundraiser A on November 13 and Lobbyist 1 on December 3. Lobbyist 1 was reporting to Blagojevich about his efforts to collect a contribution from Contributor 1 and related that he “got in his face” to make it clear to Contributor 1 that a commitment to make a campaign contribution had to be done now, before there could be some skittishness over the timing of the contribution and Blagojevich signing a bill that would benefit Contributor 1. Blagojevich commented to Lobbyist 1 “good” and “good job.” The bill in question, which is awaiting Blagojevich ’s signature, is believed to be legislation that directs a percentage of casino revenue to the horse racing industry.

Sale of U.S. Senate Appointment

Regarding the Senate seat, the charges allege that Blagojevich, Harris and others have engaged and are engaging in efforts to obtain personal gain, including financial gain, to benefit Blagojevich and his family through corruptly using Blagojevich’s sole authority to appoint a successor to the unexpired term of the President-elect’s former Senate seat, which he resigned effective November 16. The affidavit details numerous conversations about the Senate seat between November 3 and December 5. In these conversations, Blagojevich repeatedly discussed the attributes of potential candidates, including their abilities to benefit the people of Illinois, and the financial and political benefits he and his wife could receive if he appointed various of the possible candidates.

Throughout the intercepted conversations, Blagojevich also allegedly spent significant time weighing the option of appointing himself to the open Senate seat and expressed a variety of reasons for doing so, including: frustration at being “stuck” as governor; a belief that he will be able to obtain greater resources if he is indicted as a sitting Senator as opposed to a sitting governor; a desire to remake his image in consideration of a possible run for President in 2016; avoiding impeachment by the Illinois legislature; making corporate contacts that would be of value to him after leaving public office; facilitating his wife’s employment as a lobbyist; and generating speaking fees should he decide to leave public office.

In the earliest intercepted conversation about the Senate seat described in the affidavit, Blagojevich told Deputy Governor A on November 3 that if he is not going to get anything of value for the open seat, then he will take it for himself: “if . . . they’re not going to offer anything of any value, then I might just take it.” Later that day, speaking to Advisor A, Blagojevich said: “I’m going to keep this Senate option for me a real possibility, you know, and therefore I can drive a hard bargain.” He added later that the seat “is a [expletive] valuable thing, you just don’t give it away for nothing.”

Over the next couple of days – Election Day and the day after – Blagojevich was captured discussing with Deputy Governor A whether he could obtain a cabinet position, such as Secretary of Health and Human Services or the Department of Energy or various ambassadorships. In a conversation with Harris on November 4, Blagojevich analogized his situation to that of a sports agent shopping a potential free agent to the highest bidder. The day after the election, Harris allegedly suggested to Blagojevich that the President-elect could make him the head of a private foundation.

Later on November 5, Blagojevich said to Advisor A, “I’ve got this thing and it’s [expletive] golden, and, uh, uh, I’m just not giving it up for [expletive] nothing. I’m not gonna do it. And, and I can always use it. I can parachute me there,” the affidavit states.

Two days later, in a three-way call with Harris and Advisor B, a consultant in Washington, Blagojevich and the others allegedly discussed the prospect of a three-way deal for the Senate appointment involving an organization called “Change to Win,” which is affiliated with various unions including the Service Employees International Union (SEIU).

On November 10, Blagojevich, his wife, Harris, Governor General Counsel, Advisor B and other Washington-based advisors participated at different times in a two-hour phone call in which they allegedly discussed, among other things, a deal involving the SEIU. Harris said they could work out a deal with the union and the President-elect where SEIU could help the President-elect with Blagojevich’s appointment of Senate Candidate 1, while Blagojevich would obtain a position as the National Director of the Change to Win campaign and SEIU would get something favorable from the President-elect in the future. Also during that call, Blagojevich agreed it was unlikely that the President-elect would name him Secretary of Health and Human Services or give him an ambassadorship because of all of the negative publicity surrounding him.

In a conversation with Harris on November 11, the charges state, Blagojevich said he knew that the President-elect wanted Senate Candidate 1 for the open seat but “they’re not willing to give me anything except appreciation. [Expletive] them.” Earlier in that conversation, Blagojevich suggested starting a 501(c)(4) non-profit organization, which he could head and engage in political activity and lobbying. In that conversation with Harris and other discussions with him and others over the next couple of days, Blagojevich suggested by name several well-known, wealthy individuals who could be prevailed upon to seed such an organization with $10-$15 million, and suggesting that he could take the organization’s reins when he is no longer governor, according to the affidavit.

On November 12, Blagojevich spoke with SEIU Official who was in Washington. This conversation occurred about a week after Blagojevich had met with SEIU Official to discuss the Senate seat, with the understanding that the union official was an emissary to discuss Senate Candidate 1’s interest in the Senate seat. During the November 12 conversation, Blagojevich allegedly explained the non-profit organization idea to SEIU Official and said that it could help Senate Candidate 1. The union official agreed to “put that flag up and see where it goes,” although the official also had said he wasn’t certain if Senate Candidate 1 wanted the official to keep pushing her candidacy. Senate Candidate 1 eventually removed herself from consideration for the open seat.

Also on November 12, in a conversation with Harris, the complaint affidavit states, Blagojevich said his decision about the open Senate seat will be based on three criteria in the following order of importance: “our legal situation, our personal situation, my political situation. This decision, like every other one, needs to be based upon that. Legal. Personal. Political.” Harris said: “legal is the hardest one to satisfy.” Blagojevich said that his legal problems could be solved by naming himself to the Senate seat.

As recently as December 4, in separate conversations with Advisor B and Fundraiser A, Blagojevich said that he was “elevating” Senate Candidate 5 on the list of candidates because, among other reasons, if Blagojevich ran for re-election, Senate Candidate 5 would “raise [] money” for him. Blagojevich said that he might be able to cut a deal with Senate Candidate 5 that provided Blagojevich with something “tangible up front.” Noting that he was going to meet with Senate Candidate 5 in the next few days, Blagojevich told Fundraiser A to reach out to an intermediary (Individual D), from whom Blagojevich is attempting to obtain campaign contributions and who Blagojevich believes is close to Senate Candidate 5. Blagojevich told Fundraiser A to tell Individual D that Senate Candidate 5 was a very realistic candidate but Blagojevich was getting a lot of pressure not to appoint Senate Candidate 5, according to the affidavit.

Blagojevich allegedly told Fundraiser A to tell Individual D that if Senate Candidate 5 is going to be chosen, “some of this stuff’s gotta start happening now . . . right now . . . and we gotta see it.” Blagojevich continued, “You gotta be careful how you express that and assume everybody’s listening, the whole world is listening. You hear me?” Blagojevich further directed Fundraiser A to talk to Individual D in person, not by phone, and to communicate the “urgency” of the situation.

Blagojevich spoke to Fundraiser A again the next day, December 5, and discussed that day’s Chicago Tribune front page article stating that Blagojevich had recently been surreptitiously recorded as part of the ongoing criminal investigation. Blagojevich instructed Fundraiser A to “undo your [Individual D] thing,” and Fundraiser A confirmed it would be undone, the complaint alleges.

Also on December 5, Blagojevich and three others allegedly discussed whether to move money out of the Friends of Blagojevich campaign fund to avoid having the money frozen by federal authorities and also considered the possibility of prepaying the money to Blagojevich’s criminal defense attorney with an understanding that the attorney would donate the money back at a later time if it was not needed. They also discussed opening a new fund raising account named Citizens for Blagojevich with new contributions.

Misuse of State Funding To Induce Firing of Chicago Tribune Editorial Writers

According to the affidavit, intercepted phone calls revealed that the Tribune Company, which owns the Chicago Tribune and the Chicago Cubs, has explored the possibility of obtaining assistance from the Illinois Finance Authority (IFA) relating to the Tribune Company’s efforts to sell the Cubs and the financing or sale of Wrigley Field. In a November 6 phone call, Harris explained to Blagojevich that the deal the Tribune Company was trying to get through the IFA was basically a tax mitigation scheme in which the IFA would own title to Wrigley Field and the Tribune would not have to pay capital gains tax, which Harris estimated would save the company approximately $100 million.

Intercepted calls allegedly show that Blagojevich directed Harris to inform Tribune Owner and an associate, identified as Tribune Financial Advisor, that state financial assistance would be withheld unless members of the Chicago Tribune’s editorial board were fired, primarily because Blagojevich viewed them as driving discussion of his possible impeachment. In a November 4 phone call, Blagojevich allegedly told Harris that he should say to Tribune Financial Advisor, Cubs Chairman and Tribune Owner, “our recommendation is fire all those [expletive] people, get ‘em the [expletive] out of there and get us some editorial support.”

On November 6, the day of a Tribune editorial critical of Blagojevich, Harris told Blagojevich that he told Tribune Financial Advisor the previous day that things “look like they could move ahead fine but, you know, there is a risk that all of this is going to get derailed by your own editorial page.” Harris also told Blagojevich that he was meeting with Tribune Financial Advisor on November 10.

In a November 11 intercepted call, Harris allegedly told Blagojevich that Tribune Financial Advisor talked to Tribune Owner and Tribune Owner “got the message and is very sensitive to the issue.” Harris told Blagojevich that according to Tribune Financial Advisor, there would be “certain corporate reorganizations and budget cuts coming and, reading between the lines, he’s going after that section.” Blagojevich allegedly responded. “Oh. That’s fantastic.” After further discussion, Blagojevich said, “Wow. Okay, keep our fingers crossed. You’re the man. Good job, John.

In a further conversation on November 21, Harris told Blagojevich that he had singled out to Tribune Financial Advisor the Tribune’s deputy editorial page editor, John McCormick, “as somebody who was the most biased and unfair.” After hearing that Tribune Financial Advisor had assured Harris that the Tribune would be making changes affecting the editorial board, Blagojevich allegedly had a series of conversations with Chicago Cubs representatives regarding efforts to provide state financing for Wrigley Field. On November 30, Blagojevich spoke with the president of a Chicago-area sports consulting firm, who indicated that he was working with the Cubs on matters involving Wrigley Field. Blagojevich and Sports Consultant discussed the importance of getting the IFA transaction approved at the agency’s December or January meeting because Blagojevich was contemplating leaving office in early January and his IFA appointees would still be in place to approve the deal, the charges allege.

The Government is being represented by Assistant U.S. Attorneys Reid Schar, Carrie Hamilton, and Christopher Niewoehner.

If convicted, conspiracy to commit mail and wire fraud carries a maximum penalty of 20 years in prison, while solicitation of bribery carries a maximum of 10 years in prison, and each count carries a maximum fine of $250,000. The Court, however, would determine the appropriate sentence to be imposed under the advisory United States Sentencing Guidelines.

The public is reminded that a complaint contains only charges and is not evidence of guilt. The defendants are presumed innocent and are entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Read The Full Text of the 78-page FBI Affidavit

Related Video:

FBI Press Conference on Gov. Rod Blagojevich (D-IL) Corruption Charges (12/9/08) CSPAN

Senator Dick Durbin (D-IL) on Gov. Rod Blagojevich (D-IL) Corruption Charges (12/9/08) CSPAN

Photo credit: Illinois.gov

Ford Restructing Plan as submitted to Congress

General Motors (GM) Plan

Chrysler Plan

Photo credit: Cholin

Related Video:

Senate Banking Panel 1 (12/4/08) CSPAN

Senate Banking Panel 2 (12/4/08) CSPAN

House Financial Services Meeting (12/5/08) CSPAN

It is projected that Senator Barack Obama, with 338 electoral votes (to Senator John McCain’s 124 electoral votes), will win the 2008 Presidential Election, and become the 44th President of the United States of America with Senator Joe Biden serving as Vice President. Watch Obama speak at Grant Park in Chicago, Illinois.

Keep up with the action as more results come in.

Senator Barack Obama

Barack Obama and Joe Biden Headquarters

Senator Joe Biden