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Posted by on Jan 16, 2010 in Economy, Politics | 7 comments

Obama Vows to “Collect Every Dime” of Taxpayer Money

From the transcript of his weekly address:

We want the taxpayers’ money back, and we’re going to collect every dime. That is why, this week, I proposed a new fee on major financial firms to compensate the American people for the extraordinary assistance they provided to the financial industry. And the fee would be in place until the American taxpayer is made whole. Only the largest financial firms with more than $50 billion in assets will be affected, not community banks. And the bigger the firm – and the more debt it holds – the larger the fee. Because we are not only going to recover our money and help close our deficits; we are going to attack some of the banking practices that led to the crisis.

Some on the left think the fee is too modest. But about a nano-second after the White House outlined its proposal for a “Financial Crisis Responsibility Fee” Republicans balked.