Obama administration continued
Card Set Information
Obama administration continued
The housing bubble:
rising home prices sustained by easy credit
thought that housing prices would continue to rise
housing prices fall
Bush administration launches largest federal intervention in the economy since the great depression on 10/3/08
700 billion dollar bailout program to buy toxic mortgages (TARP)
Issues of the 2008 election
slumping economy and financial meltdown
Did the financial crisis hurt McCain?
McCain offered the same solutions
: tax cuts and less regulations
When Obama wins who gains in congress?
Did Barack Obama beat Mccain by a landslide?
Did Bush take the budget surpluses to deficits?
what is the American Recovery and Reinvestment Act of 2009
Obama's 787 billion stimulus package
only 3 rep senators vote yes!
Does US auto industry come under federal control in return for loans during the Obama admin?
Obama's direction foreign policy:
Planned closure of Guantanamo Prison to end harsh interrogation techniques
end mission in Iraq
increase troops and resources in Afghanistan to defeat the Taliban
overtures to Iran, Russia, cuba
The Obama administration's approach will apparently bring?
a significant expansion of the federal government
When did the health care reform bill pass?
Patient Protection and Affordable Care act
No Republicans in House or Senate voted for the bill
First two years of Obama's presidency?
The Patient Protection and Affordable Care Act
The Dodd-Frank wall street reform and consumer protection act
Unemployment rate goes up dramatically after Obama is elected?
October 2009 10.2% highest since april 1983
November 2009 10%
Under Obama: Growing Deficit
2009 deficit 1.4 trillion highest since 1945 WW2
2010 deficit $1.29 trillion
2011 $1.3 trillion
Obama's new direction in foreign policy:
emphasis on stabilizing Afghanistan 30,000 more troops
April of 2011 Brink of federal government shutdown
Reps wants lower taxes and cuts in medicare
Dems want the Bush Era tax cuts
If the US failed to raise the limit by August 2, 2011:
How is it solved?
the US would have to default for the first time in history
reps say no deal without steep budget cuts
last minute deal is reached
congressional super committee will identify 1.2 trillion in cuts over 10 years
if super committe cant agree on cuts, big cuts will happen automatically on January 1, 2013
August 5 2011 Standards and Poors credit rating agency:
downgrades long-term credit rating of US governments for first time in history from AAA to AA+
What happens on november 2011 to the Congressional Super Committee
Fails to agree on cuts
Groups Romney won:
older voters 45+
stronger among religious voters
stronger among rural voters
What happened in the legislative branch when Obama was relected?
Republicans retained control in the House of Reps and the Senate
Fiscal Cliff on january 1, 2013
automatic tax increases for everyone
automatic budget cuts
raise debt ceiling or default in early 2012
January 2, deal is reached to avoid fiscal cliff
tax increase for incomes over 450,000
automatic cuts-sequestration are delayed until March 1, 2013
Does Obama pass gun control or immigration laws?
Two Crises in Oct 13
Shut down of government
Default on US debt- debt ceiling extending until Feb 7 2014
where does the economy stand right now?
the unemployment rate is showing economic growth
stock market showing incredible growth
income gap continues to be an issue
continuing stalemate with congress