How Congress Spend Your Money?

The National Debt is $10.7 Trillion! Updated 6 January 2009.

Your money is spent through Appropriations Bills passed by Congress and signed by the President. This chart is based on the Appropriations Bills. The Government does not have any money, it takes your money from you and, and borrows more, then spends that!



there is more, check this article about the debt, Where Does the Money Go and this one about how the debt is growing.

Bush Bails Out Automakers

The Bush administration came to the rescue of the troubled U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from car makers and their workers

Stocks Tumble on Auto Bailout Worries

Wall Street's anxiety about Detroit automakers welled up Thursday, sending stocks sharply lower in an afternoon sell-off as investors grew fearful that a bill to rescue the companies wouldn't make it through the Senate.

Citigroup gets massive government bailout

Joint Statement by Treasury, Federal Reserve and the FDIC on Citigroup

The government rescued Citigroup Inc, agreeing to shoulder most of the potential losses from $306 billion in its risky assets and inject $20 billion in new capital, its biggest effort yet to prevent a big bank from failing.

The U.S. government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this commitment, the U.S. government on Sunday entered into an agreement with Citigroup to provide a package of guarantees, liquidity access and capital.

As part of the agreement, Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $306 billion of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet. As a fee for this arrangement, Citigroup will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan.

In addition, Treasury will invest $20 billion in Citigroup from the Troubled Asset Relief Program in exchange for preferred stock with an 8% dividend to the Treasury. Citigroup will comply with enhanced executive compensation restrictions and implement the FDIC's mortgage modification program.

With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy.

We will continue to use all of our resources to preserve the strength of our banking institutions and promote the process of repair and recovery and to manage risks. The following principles guide our efforts:

* We will work to support a healthy resumption of credit flows to households and businesses.
* We will exercise prudent stewardship of taxpayer resources.
* We will carefully circumscribe the involvement of government in the financial sector.
* We will bolster the efforts of financial institutions to attract private capital.

Will America's 3 biggest automakers die?

Detroit's Big Three auto majors are in trouble having been buffeted by a recessionary hurricane that has played havoc with their sales and squeezed car loans. With the US sick of bailing out companies (that indulged in excesses) using taxpayer cash, these auto giants face death.



General Motors, Ford and Chrysler. The Big Three of the American automotive industry were, for the better part of a century, symbols of assembly line-driven efficiency, US industrial might and American technological innovation.

In short, they were the envy of carmakers the world over. Sure, there were blips and hiccups along the way, including a bailout for the floundering Chrysler in 1979. But as recently as 1990, after decades of domestic dominance, the Big Three still accounted for over 75 per cent of the immense US automobile market