The 60 Second Update with

Congresswoman Cynthia Lummis

2. I have a 401(k) that has been decimated by the financial crisis, is there hope that the Obama budget will help fix our country’s financial problems?

That depends on whether you think more Washington bailouts are the answer. The Obama budget spends more money on bailouts, including a $250 billion contingency reserve fund. This is not a specific request or plan, but rather funding for an unspecified, potential future need. Additionally, the President’s budget proposes to fund Treasury Secretary Timothy Geithner’s Financial Stability Plan, which has been under development over the past months and under fire from several leading economists. I stood opposed to all of these bailouts in the first place, and I stand opposed to these new ones now. This money would do more good in the hands of the American people, through tax relief. Incentives to invest lead to economic growth, not additional bailouts for Wall Street.

 Question 3. What about the federal budget deficit?