Obama Spending Bills News

Senator McCain kept mentioning Obama's $900 Billion spending proposals.

Here are some details.

The two socialist bailout bills sponsored by Senator Barack Obama are the Jubilee Act and the Global Poverty Act. Total potential cost: $920 billion.

Obama’s Global Poverty Act (S. 2433) passed the House and Joe Biden’s Foreign Relations Committee and now awaits full Senate action. It will cost the U.S. an estimated $845 billion "over and above what the U.S. already spends." Obama said. "It must be a priority of American foreign policy to commit to eliminating poverty and ensuring food and shelter for impoverished countries all over the world.

The Jubilee Bill represents an unfunded international mandate to fully cancel roughly $75 billion worth of Third World debt on top of the $110 billion in debt reduction already being granted to various countries.
Forty-three countries are already potentially eligible for debt cancellation through the International Monetary Fund.

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