Saturday, September 20, 2008

$11.315 Trillion in the Red

Those in high places are working on a bill to help relieve the struggling financial sector. Barak Obama said that he ``fully supports'' Paulson and Bernanke's efforts to stabilize the financial system. The plan, however, should benefit both main street and Wall Street. McCain also gave his approval and ``looks forward'' to reviewing the proposal while focusing at least in part on ``minimizing the burden on the taxpayer." While Bush gave his full approval to the Treasury's plan, his message differed slightly from Obama and McCain's: Bush today said he's unconcerned that the price tag on the package may seem high. Perhaps, one of the few Americans unconcerned. The proposal, when passed, would likely raise the nation's debt ceiling to $11.315 trillion from $10.615 trillion, obviously increasing the burden on the nation's already large deficit. The House will pass legislation to implement the plan by the end of next week, and the Senate will act soon after.

Good luck. Good trading.

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