Obama bailout recoup plan to pass - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Obama bailout recoup plan to pass

Washington(AP)

President Barack Obama is confident lawmakers will approve a proposed tax on banks to recover bailout money despite opposition from the financial industry and Republicans.

The president using his weekly radio and Internet addresses to promote the plan, says "If the banks can afford to pay out all those bonuses, then they can repay taxpayers too."

The proposed 0.15 percent tax would last at least 10 years and generate bout $90 billion over the decade, it would apply to about 50 of the biggest banks, those will more than $50 billion in assets and include many institutions that accepted no money from the financial industry bailout.

 

More on this story tonight on the FOX19 Ten O'Clock News with Regina Russo

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