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Obama Denies Bailout Money Exists in Wall Street Bill – Then Orders The Bailout Money Removed

In what is becoming a routine pattern for the Obama Administration, the Republicans make a claim that there is something hokey about a partisan Democrat bill, the President belittles the Republicans for saying such a thing, and then orders the offending language that didn’t exist stricken from the bill.

And the Mainstream Media denies it ever existed.

In the latest round of the Obama Lie Dance, Senator Minority Leader Mitch McConnell (R-KY):

…took to the Senate floor this week and said the Democrats’ pending financial regulatory reform bill in the Senate “not only allows for taxpayer-funded bailouts of Wall Street banks, it institutionalizes them.” The Hill

To which President Obama replied:

McConnell made a “cynical and deceptive assertion.”

“He knows that it would do just the opposite,” Obama said. “Every day we don’t act, the same system that led to bailouts remains in place — with the exact same loopholes and the exact same liabilities. And if we don’t change what led to the crisis, we’ll doom ourselves to repeat it. That’s the truth.” The Hill

All week, Democrats have insisted that Sen. McConnell’s point that the Dodd financial regulation bill perpetuates bailouts is untrue. Yesterday on Hardball, Senator Chris Dodd (D-CT) called it false and Chris Matthews called it dishonest.

Cue Brittany Spears song “Oops, I did it again.”

From FoxNews:

The Obama administration told Senate Democrats Friday to drop a proposed $50 billion fund designed to finance the liquidation of a big financial institution facing collapse, a victory for Senate Republicans opposed to government-supervised and government-funded corporate bailouts.

“The fund was not in our original proposal we announced almost a year ago and we don’t feel it is an essential part of final legislation,” a senior administration source told Fox. “The President will only sign a bill if it passes the test of putting an end to bailouts.”

And for the FoxNews Haters, AP reports:

The Obama administration is urging Senate Democrats to drop a $50 billion bank liquidation fund from a financial regulation bill. The money has become a target of Republicans, who have branded the fund a Wall Street bailout.

A senior Treasury official said Friday the administration does not support the fund and that it is unnecessary. Under pending Senate legislation, large financial institutions would provide the $50 billion, which the Federal Deposit Insurance Corp. would use to pay for dismantling giant failing firms.

Who is the liar now, Dodd, Matthews and Obama?

Can we expect an apology to Senator McConnell? (We won’t hold our breath.)

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog. Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

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Tom White Says:

Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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