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NEWS ABOUT: economic stimulus package

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Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

(Newser) - Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,... More »

Bush, Obama Camps at Odds on Rescue Plans

White House seeks input; Dem focused on stimulus over bailout

(Newser) - Growing tension between the Bush administration and its replacement is making the waters of the economic turmoil more uncertain, the Wall Street Journal reports. With the first half of the  $700 billion bailout fund nearly gone, the White House wants more input for Barack Obama on securing the next $350... More »

Obama Outlines Ike-Style Public Works Push

May quickly provide infrastructure funding; states want $136B

(Newser) - President-elect Obama pledged today to approve billions in government expenditures on public works projects when he assumes office, the New York Times reports. Invoking Eisenhower’s Interstate program, Obama said “we will create millions of jobs,” possibly by funding some or all of $136 billion in infrastructure projects... More »

Guvs to Obama: Public Works Projects Will Take Time

Programs may take a while to start

(Newser) - Barack Obama’s plan to throw hundreds of billions of dollars into state infrastructure projects may not be as effective as he imagines in stimulating the economy, some state officials say. Yesterday, governors told the president-elect that they had $136 billion in projects ready to go, but the National Governors... More »

Obama Must Forget Agenda, Fix Economy

Now isn't the time for divisive legislative battles: Samuelson

(Newser) - When Barack Obama takes office, he’ll have to decide whether he wants to revive the economy, or pursue his policy agenda. “The two approaches are at odds,” writes Robert Samuelson in the Washington Post. Yes, Obama could say energy and health reform will improve the economy, but... More »

Mayors Make Pitch for Piece of Stimulus Pie

City chiefs plug $90B worth in infrastructure projects to Obama

(Newser) - For American mayors, economic crisis means a chance to hit up the feds for a buck, Politico reports. The US Conference of Mayors has compiled a list of 4,600 projects that would create 261,000 jobs in 154 cities; the plan currently totals $90 billion, but an official said... More »

Next Stimulus Plan Will Hinge on Spending

Sum may push $1T; economists say tax breaks not as effective

(Newser) - With President-elect Obama promising 2.5 million new jobs, analysts see a stimulus package that will rival, if not eclipse, the nearly $1.4 trillion spent to calm Wall Street, Louis Uchitelle writes in the New York Times. And with the economy contracting, federal spending should have a greater effect... More »

Obama's 'Macho' Stimulus Plan Forgets Women

Job creation would largely go to men

(Newser) - Barack Obama’s stimulus package calls for new jobs to fix roads and bridges, build solar panels and wind-power turbines, and create green cars. Sounds great, except for one thing: These are all fields that employ mostly men. "This might as well be called the macho stimulus package,"... More »

Rove: Obama Has Picked a First-Rate Economic Team

Solid picks win rare praise from former Bush deputy

(Newser) - Karl Rove was pleasantly surprised by Barack Obama's choice of an economic team, the Republican analyst writes in the Wall Street Journal, singling out Tim Geithner and Larry Summers as solid picks. Geithner has played a key role in the current administration's handling of the financial crisis and will provide... More »

EU Unveils $260B Stimulus Package

Struggling industries, member governments targeted in 2-year plan

(Newser) - The European Union Commission passed a $260 billion stimulus package today intended to boost its members’ economies during the next 2 years, Der Spiegel reports. The plan calls for more funds than most economists expected, but as the commission president Jose Barroso put it: “Exceptional times call for exceptional... More »

Food Stamp Use Nears Record High

Rising unemployment set to push benefit numbers past 30M

(Newser) - Rising unemployment is expected to push the number of Americans on food stamps to an all-time high of more than 30 million this month, the Washington Post reports. Food pantries say they are also experiencing a surge in demand and a hunger hotline in Washington DC says its calls have... More »

Gleeful Brown Is Acting Like a Drunk Dowager

Brits' PM 'swanks' and 'preens,' but the economy is his fault

(Newser) - Gordon Brown, "known as a gloomy old nail-biting misery-guts," has turned into the life of the party ever since the economic downturn hit Britain, writes Boris Johnson in the Telegraph. Deeming that the swooning market and plummeting home prices demand action, he's gleefully launched measures that will incur... More »

Dow Up 397 on Positive News

Financials lead as government moves to help banking giant

(Newser) - Stocks rallied today in a vote of confidence for the $326 billion Citibank rescue plan and Barack Obama’s team of economic advisers, MarketWatch reports. Combined with Friday's surge, the rally was the largest 2-day jump in over 20 years. The Dow rose 396.97 points to close at 8,... More »

Obama on Economy: My Job Starts Now

Few surprises as president-elect introduces team

(Newser) - When it comes to the economy, Barack Obama says his work begins “right now.” Obama introduced his economic team today; as expected, he designated Timothy Geithner as treasury secretary and Lawrence Summers as director of the National Economic Council. The president-elect said they would begin work immediately on... More »

Obama Stimulus Plan Balloons to $500B

Paulson, too, mulls more aggressive action, tapping bailout funds

(Newser) - Barack Obama’s financial team is constructing a $500 billion stimulus plan that it hopes to rush through Congress early in 2009, the Wall Street Journal reports. Obama would sign the bill, which is far more ambitious than anything discussed during the campaign, almost immediately after his inauguration. “This... More »

'Public Sick of Partisanship': Lieberman

Joe says Obama never called back; politicos talk bailouts on TV

(Newser) - Joe Lieberman told Meet the Press today that he regrets "some things I said in the heat of the campaign that I wish I'd said more clearly," and hopes Barack Obama will put, er, "country first" by leading in a bipartisan fashion. Lieberman said he called... More »

Obama: We Need 2.5M Jobs in 2 Years

(Newser) - Barack Obama says he will move quickly once in office to enact an ambitious, two-year plan to save or create 2.5 million jobs, Bloomberg reports. Obama announced his plan in his weekly radio address, where he also warned that “we risk falling into a deflationary spiral that could... More »

Paulson: We're Doing the Right Thing

Bush administration 'creatively working' on financial crisis

(Newser) - On the eve of his testimony before Congress, beleaguered Treasury Secretary Henry Paulson used last night's speech to defend the administration's response to the nation's "unprecedented" financial crisis. Paulson said without the $700 billion Wall Street bailout, things would be even worse, ABC News reports. "It's hard to... More »

Krugman: Throw Away Prudence to Fix Economy

Depression economics have taken hold

(Newser) - The financial world has been turned upside down, and while we may not be headed for another Great Depression, we are embroiled in “depression economics,” writes Paul Krugman of the New York Times, a time when normal economic tools like the Fed's rate-cutting powers have “lost all... More »

Auto Bailout Unlikely Until Obama Takes Office

Detroit automakers warn that next year may be too late for rescue

(Newser) - It’s looking unlikely that a new economic stimulus package and a Detroit bailout will happen this year, the Wall Street Journal reports. The proposals are facing stiff resistance from Republicans and may have to wait until the new, more heavily Democratic Congress convenes in January and Barack Obama takes... More »

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