Stories related to: US economy

Needing Win, Romney Attacks McCain in Mich.

Chicago Tribune  |  Jan 12, 08 6:45 PM CST

(Newser) - After huge cash infusions won him second place in Iowa and New Hampshire, Mitt Romney is seizing on hopes for economic—and campaign—rejuvenation in his home state of Michigan, the Chicago Tribune reports. In a GM plant where 200 workers were just laid off, Romney attacked policies today that have let jobs disappear "again and again and again"—part of his strategy in a state where 7.4% are out of work. More »

Congress, Bush Push Stimulus Plan

New York Times  |  Jan 12, 08 8:55 AM CST

(Newser) - With Democrats and Republicans increasingly spooked about a looming recession, the two sides appear ready to work together on an economic stimulus package of about  $100 billion in tax cuts and spending, the New York Times reports. Reps. Nancy Pelosi and Harry Reid yesterday wrote to President Bush, "We want to work with you"; Bush looks poised to accept the overture. More »

Clinton Unveils $70B Fix for Economy

Reuters  |  Jan 11, 08 8:25 PM CST

(Newser) - Hillary Clinton upstaged her rivals today by proposing $70 billion in emergency spending to help avoid a US recession, Reuters reports. Her plan would include $30 billion for homeowners, $25 billion for families with high energy bills, and another $15 billion aimed at unemployment insurance and alternative energy plans—all on borrowed money. "I don't think we can wait," Clinton said during a stop in California. More »

Economists Say Recession Risk Rising

Wall Street Journal  |  Jan 11, 08 8:45 AM CST

(Newser) - The odds of a recession hitting the US are rising as the cumulative effects of soaring energy costs, a flailing job market, and a dogged housing slump put the brakes on the economy, predicts a panel of economists in the Wall Street Journal today. Those economic woes, they say, are likely to lead to a Democrat in the White House. More »

Bernanke Hints at Hefty Interest Rate Cuts

Wall Street Journal  |  Jan 10, 08 1:30 PM CST

(Newser) - The Federal Reserve may make "substantive" cuts to interest rates later this month in the face of rising economic difficulties, Ben Bernanke said today. Citing troubled financial markets and rising unemployment, the Fed chairman implied that it might drop its target short-term interest rate by .5% from 4.25%. “We stand ready to take substantive additional action as needed to support growth,” Bernanke said. More »

Goldman Predicts Recession

NPR  |  Jan 10, 08 12:31 PM CST

(Newser) - Goldman Sachs is predicting that the economy will slide into a recession this year—which has Wall Street worried, because Goldman’s been right about everything else. The investment firm forecasts a mild pullback extending over two quarters, driving up already-growing unemployment. “If we don't get job growth we don't get income growth, we don't get consumer spending, and we do get a recession,” another firm’s economist told NPR. More »

Bush May Again Push Tax Breaks

Wall Street Journal  |  Jan 9, 08 12:13 PM CST

(Newser) - Tax relief for individuals and businesses are on the table as President Bush seeks to address recession fears, the Wall Street Journal reports. A rebate of $500 for individuals is under consideration, sources said, as is a plan to allow businesses to deduct investment in equipment. Bush is expected to present the plan during his State of the Union address Jan. 28. More »

Harder Times Make for Hungry Horses

Wall Street Journal  |  Jan 8, 08 12:42 PM CST

(Newser) - When the sun was shining on the economy, millions of Americans tried to make hay by buying horses and moving into backyard breeding. As things slow down, the animals are getting harder to sell and pricier to feed, making horse neglect and abandonment a big problem, the Wall Street Journal reports. Rescue centers are struggling to deal with starving horses. More »

Bush Cops to Economic Uncertainty

New York Times  |  Jan 8, 08 6:00 AM CST

(Newser) - Rising oil prices, a crashing job market, and a tenacious mortgage crisis have created “economic challenges” for the US, President Bush said in Chicago yesterday, a shift from his insistence that the economy is fundamentally strong. While acknowledging “Americans are anxious about the economy,” Bush stopped short of saying the nation is entering a recession, reports the New York Times . More »

Paulson Calls for More Housing Relief

Wall Street Journal  |  Jan 7, 08 9:17 PM CST

(Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the Wall Street Journal . More »

Starbucks Founder Back in CEO Saddle

Wall Street Journal  |  Jan 7, 08 7:45 PM CST

(Newser) - Starbucks reacted to slow sales and new competition today by bringing back founder Howard Schultz as CEO, replacing folksy chief exec Jim Donald. "We must address the challenges we face and we know what has to be done," Schultz said. Schultz vows to reignite sales by trimming back US stores and management, and expanding abroad, the Wall Street Journal reports. More »

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