LIVING POLITICS

Howard Fineman

Bursting Obama’s Balloons

Just a few reasons why the president-elect needs to lower expectations.

Jan 2, 2009 | Updated: 5:35 p.m. ET Jan 2, 2009

Email To A Friend

Please fill in the following information and we'll email this link.

SPONSORED BY

I understand why Barack Obama was lingering over the shave ice in Hawaii. Once he hits the ground here in Washington, his famous aloha spirit is going to be tested even before he is inaugurated.

No one has come to Washington draped in loftier expectations—or facing a more challenging and ever-growing to-do list. Obama and his aides are determined to send a jolt of electricity through the city, but the realities get more immobilizing by the minute.

In Washington, Republicans don't want to be viewed as obstructionists, but don't want to be patsies, either. And globally, the drift of events is not necessarily in the president-elect's direction.

If Obama needed to lower expectations—and he does—here are some reasons:

* Economic Stimulus. Originally, Team Obama had hoped to have a $750 billion "jobs" bill on his desk by the close of business on Jan. 20. Forget it. Congress being Congress, and Republicans being Republicans, he's unlikely to see it before February at the earliest. How do I know? Well, for one, I've known Kentucky Sen. Mitch McConnell, the GOP leader in the Senate, for 30 years. He just won reelection. He does not mind taking unpopular stands. He will have questions, some of them reasonable.

* Bailout Money. On paper, the new Obama administration will have $350 billion available to lend to banks, financial institutions and whomever it deems fit. But to get access to this second "tranche" of bailout money, approved last year, he needs another vote from Congress. Getting it will not be easy. In this case, opposition is more likely to come from Democrats, especially liberal Democrats, who are livid at the way the first $350 billion was used by giant banks to buy other banks, rather than lending it to consumers and homeowners.

Member Comments

- Reply
- Report Abuse
Posted By: NoMoreKoolAid @ 01/14/2009 10:34:15 PM

So how about we start by NOTspending (the record amount of) $150 Million on an Inaugeral Ball while 300 Million American's are losing their homes and 2 1/2 Million Americans are losing their jobs? Why not just drop it down a notch and at least act like we care the world is at war and the economy is in the tank? Yathink? Maybe then I'll believe he believes in change for the betterment of America rather than change for the betterment of himself.....
- Reply
- Report Abuse
Posted By: Frace1984 @ 01/13/2009 8:49:22 PM

I do not believe that one needs to be a political or economist expert to understand that things obviously are not going to be easy at all for the President-elect, but does that reality entails that he won't be able to stabilize and mark a positive change in the country's economic stand? I would say no and every American should think realistically about it instead of expressing that sense of pessimism enemies of change share. President Obama his team are well aware of the need to lower expectations and I am pretty sure they will handle things more efficiently to put America back on tracks.
- Reply
- Report Abuse
Posted By: Jose52 @ 01/06/2009 1:19:43 PM

Pia, you are showing your ignorance. Fineman is a liberal defender of the MSM and OBAMA, who is trying to rationally lower expectations of all the hundreds of promises and polictical realities of the goverment and world. Your Bush hate has blinded you to the facts. The most glaring example is the most inexperienced corrupt PresElect has turned his back on a Honorable elected official like Mr. Burris. The Dems created this mess and are wallowing in the muck. Good ole Chicago politics! Keep on rationalizing on all the screwed up choices Obambi will make.