President Obama’s budget proposal continues to receive a barrage of criticism, especially from Republican lawmakers. Obama specifically targets the nation’s largest banks with a Financial Crisis Responsibility Fee, through which he intends to raise $ 61 billion. The money is intended to “compensate the American people for the extraordinary assistance they provided to Wall Street” and discourage excessive risk-taking, Obama says. Part of the money would be used to fund the mass refinance program outlined in his State of the Union address.
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