This is the VOA Special English Economics Report.
Obama has accepted responsibility for problems involving his nominees for two
important positions. On Tuesday, the
President's choice to lead the Department of Health and Human Services withdrew
his nomination. Tom Daschle made the
decision after it became widely reported that he had failed to pay over one
hundred forty thousand dollars in taxes.
care spending represents nearly seventeen percent of the economy. President Obama made health care reform a
main issue in his campaign. But so was
change from old ways of doing things in Washington. Mister Daschle was former Senate majority
leader and a close advisor to the President. Experts say it will be hard to
find a nominee with as much experience in both health issues and politics.
Obama had chosen Nancy Killefer as the government's chief performance officer
to supervise the White House budget office.
But she also withdrew Tuesday.
She had failed to pay unemployment taxes for an employee.
Mister Obama accepted blame for the
BARACK OBAMA: "The most important thing from my
perspective is making sure the American people understand we don't have two
sets of rules here. That everybody has
responsibilities. In this situation I
take responsibility for it."
two withdrawals followed problems with the nomination of Treasury Secretary Tim
Geithner who also had failed to pay thousands of dollars in taxes. However, he was confirmed by the Senate last
On Wednesday, President Obama
announced that Secretary Geithner will release a new plan to ease credit
markets next week. The President also
announced measures to increase trust in the financial system.
Obama placed limits on pay for top executives at banks that receive new aid money
from the government. The rule will limit
pay to no more than five hundred thousand dollars a year. It also bars additional forms of pay except
for stock that can only be received after government loans have been
Also this week, the Senate began
debate on President Obama's economic aid plan.
The House passed its eight hundred twenty billion dollar version of the
bill last week.
And in other economic news, a report by the Institute
for Supply Management said its non-manufacturing index shrank by less than
expected. The service sector is made up
of businesses like banks, hotels and restaurants. It represents about eighty percent of
that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.