Economy in Trouble: Bush

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• Pork or Stimulus? Wrangling Sharpens Over 2nd Bailout

  Oct 16, 08 12:25 PM CDT
  Congress’ partisan battle over the Wall Street bailout could look amateur compared to what lies ahead, the Los Angeles Times reports, as lawmakers consider a second stimulus package to keep the nation out of a steep recession. Republicans want tax cuts, while Democrats are pushing infrastructure projects and other federal spending—and relief might have to wait until after the election. More »

• Dems Pitch $300B Plan to Jump-Start Economy

  Oct 14, 08 3:31 AM CDT
  House Democrats are mulling a huge infusion of public cash to kick start economic growth, the New York Times reports. The proposal, announced after a meeting with top economists, would use up to $300 billion to create jobs in new public works projects, and boost food stamp and unemployment insurance programs.
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• We Need 2nd Stimulus Bill: Pelosi

  Oct 8, 08 2:45 PM CDT
  House Speaker Nancy Pelosi says a second economic stimulus plan is needed now because of the faltering economy, and she puts the price at $150 billion. President Bush, however, has promised a veto. The House passed a $61 billion economic aid proposal last month before lawmakers left Capitol Hill ahead of the election, but a similar plan failed to pass the Senate. More »

• Wrangle Over $700B Bailout Heats Up

  Sep 23, 08 6:58 AM CDT
  Congress and the Bush administration are edging closer to an agreement on a bailout for financial firms—but several major sticking points remain, the New York Times reports. Progress has been made on oversight for the $700-billion fund, but lawmakers are pushing for taxpayers to get an equity stake in firms they bail out, and the White House wants flexibility. Some are demanding a cap on the pay of top executives whose firms are rescued.
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• Economy in 'Sharp Decline,' Paulson Admits

  Mar 19, 08 5:46 AM CDT
  Hank Paulson came closer than ever to conceding that the economy is in recession in a series of interviews yesterday, Reuters reports. Weary after a weekend in which he helped to broker Bear Stearns' fire sale to JPMorgan, the treasury secretary avoided the R-word but admitted: "There's no doubt that the American people know that the economy has turned down sharply. So to me much less important is the label that's placed on it today." More »