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No business can operate without a strong budget plan, and the US Government is no exception. Peter Orszag, President Obamas Office of Management and Budget Director, has officially committed to submitting the new 2010 US operating budget that will map out federal spending for the next few years. It is also the responsibility of the new team to finalize the 2009 operating plan as well.

Like any budget, the US plan will provide a fiscal outline including all operating costs and income. Obamas campaign promises laid the groundwork for the changes that Americans can expect. Both Obama and Vice President Joe Biden will enforce rules that require new spending commitments or tax changes to be offset by cuts to other programs or generated income.

Tax law revisions and other new policies are to be expected. Bush-approved tax cuts for the wealthy will be eliminated. Additionally, the Treasury will be empowered to close the $350 billion tax gap between taxes owed and taxes paid through tax shelters and offshore accounts. Many special interest tax loopholes will also be closed.

Both Obama and Biden believe in transparency and greater regulation for all spending proposals, thus a reduction in special interest spending is looming on the horizon. The presidential team also promises to slash unnecessary government spending and require multiple bids on any government project in excess of $25,000.

The new president plans on eliminating any costs that are not vital to the stability and growth of both the government and the private sector. While the government begins tightening the belt, Americans are starting to do the same. What tips do you have for saving on your budget that the new administration can apply in a broader context?

The US used to be king of the worldwide auto sales market, but declining auto sales and mounting losses will surely affect the entire country. GM being dethroned by Toyota is just the tip of the iceberg when it comes to the unprecedented challenges facing American auto manufacturers. President Obama is now in the position of making sure that $13.4 billion in government loans that GM and Chrysler received under the Troubled Asset Relief Program is not wasted. Their new corporate plan for viability is due Feb. 17, and will be under great scrutiny not only by Obamas team but also the bailout-wary American public.

Obamas team is now responsible for the fate of Americas auto manufacturing industry, and GM and Chrysler need to make sure their plans include long-term strategies for improving the quality and energy efficiency of their vehicles. The Treasury Department is providing a $1.5 billion loan to Chrysler Financial and has already made a $6 billion investment in GMs lending arm, GMAC, to get these companies back into the business of selling and financing vehicles while holding on to as many jobs as possible.


These days, consumers can name their own price on the overstocked inventory flooding dealer lots and are usually able to secure competitive auto loans and financing. Car shoppers across the nation have been hesitant to take advantage of the bargains the American automakers have been promoting, mostly due to fear that their new warranties will become worthless if the auto makers go under.

Since the companies are trying desperately to stay in business, Obama's cabinet will most likely do as much as possible to halt the loss of jobs and other financial losses that are threatening this vital American industry. Have you recently bought a new American car? Please share your negotiation process and shopping experiences with us.

With just a week on the job, President Obama is dealing with an economic crisis unlike any other since perhaps President Franklin D. Roosevelt took office in 1933. To tackle this dilemma, Obama is seeking to get an $825 billion economic recovery plan through Congress by mid-February. Americans...

After hours of reading different financial blogs, you know you need to get involved in a 401k, but you dont know how to qualify for one. Typically a privately held corporation is entitled to set up 401k plans as a means to offer benefits to their employees. So if you are a full time employee at...

Due to the Subprime Mortgage Crisis that reared its angry head in 2007, thousands have already lost their homes to foreclosures. With the economic crisis worsening, more will surely follow. Concerned homeowners should know that President Obama is taking swift action to prevent more foreclosures.

While mortgage interest rates have lowered significantly in the past few months, homeowners are cautioned toward refinancing without careful consideration . According to a recent survey conducted by Freddie Mac, rates on the 30-year loan fell to 4.96% in mid January the lowest rate on record. So...

Its no doubt that 2008 will be remembered as an all around terrible year for consumers, Wall Street, and most of all, the US housing market . In fact, much of the turmoil in the economy could be attributed to the collapse in home price values at the end of 2007. From there, a lack of credit and...

Changes to the Fair Isaac Credit Report scoring system are going to occur shortly. Individuals need to know the ins and outs of the new system to better prepare for when the changes take effect. There will be some new benefits for consumers, but until the system is in place, no one can gauge the...

A FICO score has been the critical element in determining one's financial health. Consumers have heard numbers bantered around for years, but until this point they may have been completely unaware of what impact their spending behaviors have on their credit rating.

The Fair Isaac Corporation of...

An underwater mortgage can be a nightmare for responsible homeowners.


There's nothing pretty about the prospect of owing your lender more than what your house is worth. According to a recent CNN report, nearly 8 million households are currently contending with an underwater mortgage ...