Alaska Legislator Resigns from State Senate, Takes Job in Obama Administration

By Anne Sutton | The Associated Press

JUNEAU, Alaska – Alaska Sen. Kim Elton, a key figure in the abuse of power investigation of Gov. Sarah Palin, announced Monday that he was leaving his legislative seat for a job in the Obama administration.

The Juneau Democrat will serve as the Director of Alaska Affairs for the Department of Interior in Washington, D.C., starting March 16.

Ending weeks of speculation about the pending appointment, Elton announced his resignation on the Senate floor, then left the room to his colleagues’ applause …

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Fed Launches New $200B Consumer Credit Program

By JEANNINE AVERSA | AP Economics Writer

WASHINGTON – The Federal Reserve on Tuesday rolled out a much-awaited program aimed at boosting the availability of credit to consumers and small businesses.

The Fed will lend up to $200 billion to spur consumer lending — for autos, education, credit cards and other consumer debt. The money will be used to provide financing to investors to buy up the debt.

The bold program, dubbed the Term Asset-Backed Securities Loan Facility, was first announced late last year and originally scheduled to start in February.

Participants — companies and investors that pledge eligible collateral to back the loan — must request the new government loans by March 17. The Fed will provide the three-year loans on March 25.

The Fed said the program has the potential to generate up to $1 trillion of lending for businesses and households …

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SPIN METER: Oh Really? That Wasn’t Bailout Cash?

By MATT APUZZO | Associated Press

WASHINGTON – Ask a bailed-out bank about its Las Vegas retreat, its corporate jet or its evening in Beverly Hills and you’ll probably get a response like this: Oh that? That wasn’t taxpayer money.

But ask the same bank to account for its billions in bailout money and things get murkier. Money is fungible, they say, so once the bailout check cleared, it got mixed up with the bank’s own money. Now it’s impossible to separate the two piles and explain where the money went.

To some in Congress, that sounds like the banks are trying to have it both ways.

“Don’t insult our intelligence,” Rep. Brad Sherman, D-Calif., told banking executives at a hearing last month.

When news broke that Wells Fargo, recipient of $25 billion in bailout money, was planning a lavish Las Vegas retreat for its top employees, lawmakers howled. The bank canceled the trip but took out full-page newspaper advertisements defending such trips.

“The funds to pay for recognition events such as these do not come from the government,” the ad read. “They come from our profits.”

Does that mean the bank tracks government money and profits separately? No …

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Obama To Sign Bill Despite Earmarks

By Ginger Thompson | International Herald Tribune

WASHINGTON: White House officials said that President Barack Obama would sign a $410 billion spending bill that includes thousands of pet projects, known as earmarks, despite campaign promises to put an end to the practice.

In appearances on television talk shows Sunday, Obama’s budget director and chief of staff both played down the issue.

“This is last year’s business,” Peter Orszag, the director of the Office of Management and Budget, said in an appearance on the ABC program “This Week.” “We want to just move on. Let’s get this bill done, get it into law and move forward.”

Republican leaders, meanwhile, accused the president of breaking his promises to change Washington’s ways …

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49% Say Obama Should Delay Health Care Reform Until Economy Is Better

Rasmussen Reports

President Obama told the nation last week that health care reform is one of the top three priorities of his administration, but 49% of U.S. voters say the president should wait until the economy improves before moving forward on the health care front.

Forty-two percent (42%) believe Obama should go ahead with health care reform now, according to a new Rasmussen Reports national telephone survey. Ten percent (10%) are not sure what Obama should do.

Sixty-six percent (66%) of Democrats believe the president should move ahead now, but 72% of Republicans and 57% of voters not affiliated with either party say Obama should wait until the economy improves.

Seventy-eight percent (78%) of voters acknowledge, however, that reining in health spending is at least somewhat important to improving the nation’s economy. That includes 46% who say it is Very Important.

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Related News: President Obama Announces the Release of $155 Million of ARRA Funds for Health Centers Across America