The Financial Bailout Fiasco

President Barack Obama will do two seemingly contrary things today: deliver remarks about the need to reform the earmarking process in Congress and then sign an omnibus spending bill with several billions dollars of earmarks contained within it.

The first event -- Obama's speech on the need to reform the earmark process -- is designed to mitigate criticism created by his decision to sign the $410 billion spending bill that passed through the Senate last night.

"I am signing an imperfect omnibus bill because it is necessary for the ongoing functions of government," Obama said. "But I also view this as a departure point for more far reaching change.

Last night, after last week's successful GOP-led efforts to temporarily stall its passage, the United States Senate has passed the bloated omnibus spending bill with its massive pricetag of $410 billion.
......................more at: http://voices.washingtonpost.com/thefix/2009/03/wag_the_blog_obama_and_e...
The passage of the omnibus marks the first time in history that discretionary spending surpasses the ONE TRILLION MARK, a full $21 billion over budget. The legislation includes 122 duplicate programs that are also funded by the $787 billion "stimulus" package recently signed into law.

Furthermore, despite last year's campaign rhetoric pledging to eliminate wasteful earmarks, the omnibus contains more than 8,500 pet projects, totaling more than $7.7 billion. Even the liberal editorial board of The Washington Post criticized Obama's lack of leadership on earmarks, saying he has "abdicated the bully pulpit when it comes to this measure."

Republicans agree with candidate Barack Obama that Washington, D.C. needs to end its out-of-control spending habits. All across the country, hurting families are tightening their belts, and Congress should only be spending money wisely and prudently.

Last year, candidate Barack Obama - running on a platform of fiscal responsibility - promised to go even further than his opponent John McCain, claiming that he would take a "scalpel" to the federal budget.

Republicans stand ready and willing to work with President Obama to help fulfill this campaign pledge of eliminating wasteful government spending and bringing transparency and accountability to the process. Unfortunately for the American taxpayer, President Obama's recent actions suggest that he has acquiesced to Nancy Pelosi and Harry Reid's spending agenda.

more at: www.nrsc.org