Reader's Questions

According to the White House, the President’s new Job’s plan would include:

• Provide tax credits to small businesses to encourage hiring
• Cut capital gains taxes on small businesses to zero
• Efforts to increase lending to small businesses

Many Republicans state these three points could have just as easily come from a Republican President.  However, there is one key difference. Under President Obama’s plan, the U.S. government would use ‘excess’ funds from TARP to pay for this. According to sources, out of the $550 Billion of TARP originally allocated, $150 Billion of it has not been spent.

Republicans argue spending this money is unnecessary and essentially borrowing more from China as it otherwise could have been used to pay back current debt. With the Congress preparing to vote to raise the U.S. debt limit to $14 Trillion, this money should not be used.

Source: White House Fact Sheet, ABC News, Fox News

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