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CBS filed both a preview and a follow-up on Barack Obama's domestic policy initiatives. Wyatt Andrews' Reality Check follow-up was on the President's healthcare speech Monday. How will he raise the taxes to pay for his plan? "By limiting the tax deductions of high income wage earners. The fact is most of Congress opposes this idea." White House correspondent Chip Reid previewed the President's proposed reorganization of financial industry regulators. He had considered trying to consolidate the alphabet soup of existing agencies "but decided against it, in part, because there is just too much opposition in Congress."
CNBC's Trish Regan covered the Federal Reserve Board's monitoring of the bank credit card industry for NBC. By March, it found that $61bn out of the $1tr in credit card debt was in default--at least 30 days past due. The upshot is that some customers are successfully clearing their accounts by paying pennies on the dollar. Regan offered the example of a $1,700 Visa bill that was settled for $900 plus a hit on the customer's consumer credit rating. "In the end all Americans will wind up paying the price through bailouts, increased bank fees, higher credit card rates and lower credit limits," financial analysts warned her.
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