First draft: Now back to the economy
After a day of foreign policy, attention returns to the economy on Friday.
President Barack Obama and Vice President Joe Biden will meet with Democratic and Republican congressional leaders to talk about the economy. They will also hold a budget meeting and Obama will meet with Treasury Secretary-designate Timothy Giethner who won backing from the Senate Finance Committee on Thursday.
One of Obama’s concerns has been to make sure CEO pay stays in check. A big item in the news today is that former chief executive of Merrill Lynch John Thain — once a darling of Wall Street for selling Merrill to Bank of America — was ousted from the bank, which has been promised a $20 billion captial injection from the government. Many of the morning television shows focused on Thain’s rampant spending decorating his office. News organizations are calling “corporate pig out” for spending more than one million dollars on redecorating. One example: an $87,000 rug. He also speeded up the payment of bonuses to Merrill executives just before the merger closed with Bank of America.
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- Photo credit: Reuters/Punit Paranjpe (Thain at news conference in Mumbai in May)
First Draft: Obama focuses on foreign affairs
President Barack Obama is expected to focus on foreign policy and issue an order to close Guantanamo prison within a year.
But the state of the economy remains a top concern with Wall Street poised to open lower after the government reported the number of workers filing for new jobless claims rose more than expected last week. House starts and permits fell to a record low.
Congress is busy pulling together a huge economic stimulus plans and House Democratic Leader Steny Hoyer said the House was expected to vote next week on the $825 billion plan. Hoyer also said the White House would host a bipartisan meeting on the plan on Friday. Republicans had sought more input into the package.
The Senate Finance Committee is expected to vote on Timothy Geithner as Treasury secretary. Experts believe he will win approval despite his failure to pay some self-employment taxes. It unclear when the full Senate will take up the nomination but many experts saying Obama needs his Treasury Secretary approved quickly to help him deal with the worsening economy.
Morning talk shows focus on Obama retaking the oath of office after a small flub during the official swearing in ceremony. Also talks and major newspapers focus on Caroline Kennedy ending her bid to fill Hillary Clinton’s vacant New York Senate seat. She is citing personal reasons.
Obama’s press secretary, Robert Gibbs, will hold his first official White House press briefing today at 12:45.
Looks to me like Barack is off to a great start, on track to keep his word and restore some international credibility for the US
The First Draft: The first day
The inauguration celebrations are over and the clean up begins as Barack Obama prepares for his first full day of work.
It’s a big job. The recession shows no signs of easing and Wall Street ushered in the new presidency with a record Inauguration Day slide. Obama’s choice for treasury secretary, Timothy Geithner, will likely be asked at his Senate nomination hearing about the state of the economy and the new administration’s plans to shore up banks sagging under the burden of bad investment decisions.
Obama’s first day in the Oval Office is expected to be busy. He begins with the National Prayer Service at the National Cathedral and plans an open house for the public at the White House in the afternoon. He will also meet with economic advisers to discuss his proposed economic stimulus plan and proposals for dealing with bad bank assets.
Obama will also meet with Defense Secretary Robert Gates and other military advisers.
Major newspapers and morning talk shows full of stories about the inauguration and the record crowd that braved the cold to witness history. A lot of discussion about Michelle Obama’s wardrobe as well.
Photo credit: Reuters\Jason Reed (First Lady Michelle Obama pulls up the train of her dress dancing with her husband on inauguration night)
fanny and freddy are coming a calling again,the estimate this time is 53b. this is going to be an albatross for the dems.there are more skeletons in the cuboard than all depps movies.the pirates of the carribean,i sorry i mean congress,are trembling at the prospect,and the parrot on barneys shoulder that can only squawke bush is not going to be able help them this time.