Tagged: obama

The NCAA Men’s basketball tournament begins in earnest tomorrow.   But one very well-known basketball fan expects no team with ties to Michigan will reach the Sweet 16.  

The White House released President Obama’s brackets today.  

The end of Borders

Borders Book Group Inc. can't pay its bills.

Several reports say the company is expected to file for bankruptcy sometime this week. From Reuters:

Bookseller Borders Group Inc is reviewing bids from liquidators to close hundreds of stores as it works out the final details of its impending bankruptcy filing, according to people close to the talks. The review is part of its plan to close about 200 of its 650 stores, which are a mix of Borders superstores and smaller Waldenbooks shops, these people said. The store closings will remove weak stores that have bled the retail chain's cash in recent years and provide immediate funds from the sale of inventory.

A Border's spokesman is quoted in the report saying, "Borders will not comment or speculate upon Borders' future course. If and when the company has something to disclose, it will do so."

President's Obama's Budget proposal and Michigan

President Obama released his budget proposal to Congress yesterday saying "Even as we cut out things that we can afford to do without, we have a responsibility to invest in those areas that will have the biggest impact in our future."

The Detroit Free Press says the President's budget is a "mixed bag" for Michigan. On the up side, the budget continues to invest in advanced vehicle technology research, it asks that a $7,500 rebate be put in place to encourage electric vehicle purchases (instead of a tax credit), and it would help the state avoid a big payment it owes the federal government for borrowing money to cover unemployment benefits.

And the down side? From the Freep: 

...it cuts in half a program to help poor people pay energy bills, cuts community block grants and Great Lakes restoration funding and ends plans to build an amphibious Marine Corps vehicle that could have created hundreds of Michigan jobs. 

A big day for Flint

The city of Flint will likely find out today whether it can go to the bond market to cover it's $17 million budget deficit.

The State Administrative Board is meeting today at 11 a.m. to decide the city's fate.

If the plan is not approved, the State of Michigan may eventually have to take over the city's finances.

City Administrator Greg Eason told WJRT: 

"This stabilization bond is critical to the survival of the city over the next three to five years."

Michigan college students might have a more difficult time affording summer school classes.  There’s a debate in Congress that might put restrictions on one certain type of federal tuition assistance. 

Pell Grants help many financially needy students afford college classes.   For example, 15 hundred Wayne State University students used their Pell grants to pay for classes last summer.  

Here's a copy of the President's "Win the Future" speech at Northern Michigan University today:

Hello, Marquette!  It is good to be in the U.P.  It is good to be at Northern Michigan University! 

So, I have to say, I think some folks on my staff have it out for me.  Not because it’s 10 degrees here – I can handle that.  It’s because for the second time in two weeks, not long after my Bears went down, they’ve sent me to a town with a bunch of Green Bay Packer fans, even if we are in Michigan.  But I congratulate all the fans here, and we’ll see the Packers at the White House.

Of course, I haven’t come to Marquette to talk about winning the Super Bowl.  I’ve come here because it’s towns like this where the jobs and businesses of tomorrow will take root.  It’s towns like this where our economic future will be won.

JOIN THE LIVE CHATVISIT WHITEHOUSE.GOV

Michigan Attorney General Bill Schuette is praising Monday’s ruling by a federal judge calling the health care reform law unconstitutional.

Michigan is among 26 states which sued to stop the law from taking effect.

Schuette says the law’s mandate that all Americans buy health insurance is an overreach by the federal government. 

"This is a big decision to protect the Constitution and to defend the rights of Michigan taxpayers."

 Schuette expects the U.S. Supreme Court will eventually have to step in to decide whether the federal Health Care Reform law is constitutional.

A federal judge in Florida has ruled sections of the health care reform law are unconstitutional.

  The judge specifically cited the 'Commerce Clause' in the U.S. Constitution. 

Michigan is among 26 states that took part in the lawsuit trying to dismantle the health care law. 

Michigan Congressman Pete Hoekstra is condemning the latest Wikileaks disclosure of thousands of classified documents.

Republican Hoekstra, who represents Michigan’s 2nd District, says the leaks undermine U.S. credibility in the world.

The Associated Press reported:

Hoekstra said the disclosure of previously secret diplomatic cables, documents and e-mails secrets puts America's diplomats in "a very awkward position." He said some of the material in the roughly 250,000 released documents is "gossip," but added that there's also material on supersensitive negotiations between the United States and Pakistan on a deal aimed at controlling nuclear proliferation.

Hoekstra, who appeared this morning on CBS's "The Early Show" and ABC's "Good Morning America," is urging the Obama administration to classify Wikileaks as a terrorist organization.

Update: 5:10pm

The New York Stock Exchanged closed.  AFP News reports "GM stocks closed at 34.19 dollars, up 3.6 percent from GM's initial sale price announced on Wednesday, but below session highs of 35.60 dollars a share."

Update: 3:00pm

The Detroit News reports the GM executives who attended the opening day for GM stock on the New York Stock Exchange bought hundreds of shares in the company themselves.

GM North American chief Mark Reuss called it an emotional day, saying he was proud to work for GM and thanking taxpayers for giving GM "a second chance."

The News reports the GM execs will head back to Detroit "after today's events in order to attend a private employee celebration at the company's Renaissance Center headquarters."

Update: 11:04pm

GM  executives rang the bell and played a recording of a Chevy Camaro revving its engine to open trading at the New York Stock Exchange this morning. As of this writing, the stock, bought during the IPO at $33 per share, has jumped to $35 per share in trading. Here's how it's tracking next to Ford's stock (F):