Obama Pledges Assistance......

I chose to read an article on the New York Times website called Obama Pledges Assistance on Mortgages. This article was about what Obama is planning to do and trying to do to fix our financial problems in America.
The article starts out by telling all of the Presidents promises he made on Saturday. He plans on spending billions from the financial installment plan by lowering mortgage costs, offering job creating loans for small businesses, get credit flowing and rein in free-spending executives. They are trying to decide how the 700 billion dollars will be spent to help everyone out. Though he also feels that, "no one bill, no matter how comprehensive, can cure what ails our economy." According to the article the economy is worse than its ever been and can get worse.
Treasury Secretary Timothy Geithner is trying to make a plan to finish the bailout program that began in the Bush Presidency. They were going to buy up all of the bad assets in financial institutions, however it is found that this will cost too much money so some say this plan is lost.
So his plan is to lower mortgage costs and extend loans to small businesses as well and he plans to make sure that CEO's are not spending money meant for helping out the business.
Obama feels that if the separate American Recovery and Reinvestment Plan isn't passed then things will get worse.
The Republicans in the Senate don't seem to be sharing the same ideas Obama has, but Obama still, "won the passage of a separate $825 billion economic stimulus plan in the House without a single Republican vote." However the Republicans say they will work with Obama, they just don't want to spend so much. Obama feels that it is essential for members of Congress to come together to figure out what to do so he is willing to compromise.
Republicans however keep putting forth their own plans to get out of this mess.
My family and my friends families have all been affected by what's going on in the economy. My step-dad is a truck driver and he hasn't lost his job yet but he just can't seem to find a very good paying one. My friends husband and father were both laid off from their jobs with no knowledge of when they'll get them back. Then there is the career path I've chosen for myself as a Social Worker. This is a Government job, so things could get so bad that the Government has to get rid of us. It's very scary to think about. I'm just hoping that our new President will keep his promises he's made and get us out of this mess!