BUSH'S $700 BILLION PLAN VS. OBAMA'S $850 BILLION PLAN (TO SEND MONEY OVERSEAS)

From Gateway Pundit (Those guys are the best bloggers out there):

The Bush Administration today proposed a $700 billion plan to bail out troubled mortgage-related securities and stabilize the American economy.
Reuters reported:

The Bush administration proposed a $700-billion taxpayer-funded plan on Saturday to buy up toxic mortgage-related securities in an urgent effort to calm financial markets and attack the nation's housing crisis. Under the program, the U.S. Treasury Department would buy, or commit to buy, "mortgage-related assets from any financial institution having its headquarters in the United States," said a copy of the Treasury Department's draft legislation obtained by Reuters.

Then there's 1960's socialist Barack Obama's $850 billion plan to lift his brother George from a slum hut in Nigeria... with your money.

George Hussein Onyango Obama, Senator Barack Obama's long lost brother was tracked down living in a hut on the outskirts of Nairobi. Barack Obama has a plan to help his brother with your money.



Obama wants to introduce a global poverty tax ("Global Poverty Act" -S.2433) of $850 billion on America to reduce global poverty. This is part of his shared prosperity plan for America not only here at home but with the rest of the global community. The plan would include a tax of 0.7% of gross national product (GNP).
James Pethokoukis at US News and World Report explained:

Obama has proposed a couple of hundred billion buckaroos in new government spending along with new tax increases. But Obama may have just been getting started. Back in December, Obama sponsored the "Global Poverty Act," a bill that proposed the following (Efharisto to the American Thinker for spotting this one):

To require the President to develop and implement a comprehensive strategy to further the United States foreign policy objective of promoting the reduction of global poverty, the elimination of extreme global poverty, and the achievement of the [U.N.] Millennium Development Goal of reducing by one-half the proportion of people worldwide, between 1990 and 2015, who live on less than $1 per day.

What this bill would do, in short, is commit the United States to the U.N. declared goal that industrialized countries should spend 0.7 percent a year of their gross domestic product on foreign aid. Over the next decade or so, that would work out to around $850 billion.

McCain should be all over this. The debate should be fun.