Fighting Back
Day 16
Feb. 4, 2009
"Now, in the past few days I've heard criticisms of this plan that echo the very same failed theories that helped lead us into this crisis — the notion that tax cuts alone will solve all our problems. I reject that theory, and so did the American people when they went to the polls in November and voted resoundingly for change."
—President Obama, rejecting GOP arguments that more tax cuts are needed to fix the economy while urging Congress to support his stimulus proposal
"We're going to be demanding some restraint in exchange for federal aid so that when firms seek new federal dollars, we won't find them up to the same old tricks."
—President Obama, announcing a $500,000 pay cap on top business leaders whose firms receive federal bailout funds
After spending a couple of weeks trying to make nice with Republican members of Congress to gain their support for the stimulus, the President lashes out at them for their criticism, saying that Americans voted for change and they're going to get it. It's the toughest the President has been yet with his GOP adversaries, and he rejects the notion that tax cuts alone — and not health care, energy and education spending — are needed to spur economic growth.
The President also takes a similarly tough line with Wall Street, announcing a $500,000 pay cap for executives whose firms receive bailout funds. The move comes after he expressed outrage a week earlier at the news that top Wall Street employees gave themselves nearly $18 billion in bonuses after receiving federal funds.