Barack Obama will take unused tarp funds to help small companies

The president Barack Obama, will try to struggle with unemployment (that is at 10% in USA), with the unused tarp funds.

In a speech hold on the Brookings institution, Barack Obama said that wants to ”boost the job generation” with part of the unused $200bn that will be saved from the financial rescue.

”The aid to the banks, was forecast to cost billions of dollars, but not it is in the way to generate billions of dollars in profits to the public treasure”, said Barack Obama.

The program was launched by the administration of his ancestor, George W.Bush, to prevent the the financial system to collapse after the bankruptcy of the investment bank Lehman Brothers. However, Many Banks returned the funds with interests as market stabilized during the last months, and the cost of the program has been reduced.

”This will give us the opportunity to reduce deficit faster than what we expected before, and use funds that would have gone to help the banks of Wall Street, to contribute in job generation”, said Barack Obama.

The White House didn’t release the total amount of money that will be used to stimulate the economy, However, a high civil servant said that the cost of th program will depend on the negotiations with the Congress.

The Government said in advance that is thinking in use an additional amount of $50bn on infrastructure projects, mainly transport and sanitation systems, that could have an immediate impact.

Among the most immediate measures announced by Obama, there are also tax reductions for small companies, and a new fiscal stimulus to promote hires, with the objective to reduce the unemployment index. Also will offer tax redemptions to investments on household ecology.

Barack Obama also spoke about Afghanistan

Dispatch of troops.

• Barack Obama said that will send 30000 additional soldiers to Afghanistan and relies on the allied countries to increase its amount of troops too.

Retreat:

Barack Obama relies on boost the transmission of the safety to the Afghan forces on July 2011.

What’s about You? Will you be affected by any of the thinks mentioned above? do you have a small company? Do you fight in Afghanistan? Are You Barack Obama?

Related posts:

1. Barack Obama suggested reforms to the financial system
2. Barack Obama phoned Jose Luis Rodriguez Zapatero (Mr Bean) to know what would he cut
3. Obama is cutting expenses, the budget of 2011 will be up to $3870Bn
4. Obama spoke about the surprisingly good unemployment data this month
5. According CreditSights the debt of European Companies is Dangerously High