economic stimulus package

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Food Stamp Cuts Hit, Bring Per-Meal Average to $1.40

One in 7 are on the supplemental nutrition assistance program

(Newser) - The moment food banks across the country have been bracing for is here: Today, the Supplemental Nutrition Assistance Program loses $5 billion in funding. The cuts will hit across the board, affecting all 47 million people—about 1 in 7 Americans and counting —who receive assistance, dropping the maximum... More »

Obama to GOP: Let's Cut Corporate Taxes

... but only if you agree to job creation measures

(Newser) - President Obama has a new "grand bargain" for Republicans, though it's a little less grand this time around. In a speech today, Obama will offer to overhaul the corporate tax code, reducing the rate and reaping a onetime windfall in the process, the Wall Street Journal reports. In... More »

Battery Maker That Grabbed $132M Stimulus Goes Broke

Is A123 Systems the new Solyndra?

(Newser) - A123, a battery maker that received $132 million in stimulus grants intended to promote electric vehicles, filed for bankruptcy yesterday, the New York Times reports, in a case that some pundits are already comparing to the Solyndra scandal. The bankruptcy is surprising, because the company had announced a deal to... More »

Ryan Lobbied Hard to Save Wisconsin Auto Plants

Despite free-market credo, pushed for local car plants

(Newser) - Not only did deficit-hawk Paul Ryan vote for Detroit's $14 billion emergency bailout, he also spearheaded two lavish incentive plans that gave hundreds of millions of dollars in tax breaks and benefits to keep a large GM plant in his hometown, reports the Los Angeles Times . That plant closed... More »

Ryan: I Asked for Stimulus Money by Accident

VP candidate has repeatedly denied asking for funds for Wisconsin businesses

(Newser) - Paul Ryan has repeatedly denied that he requested funds for Wisconsin businesses from Barack Obama's signature stimulus bill, despite documented evidence to the contrary. Yesterday he finally admitted he had—but said he hadn't realized he was doing it. Ryan's stimulating ways first came to light in... More »

Fed: No New Stimulus —for Now

Ben Bernanke and crew see the economy slowing but will stand pat

(Newser) - Wall Street has been waiting anxiously for a few days now to see what the Fed was going to do about the economy, and the answer arrived this afternoon: Nothing. For now. The Fed sees evidence that the economy has actually decelerated in recent months, reports MarketWatch , but it's... More »

Fed Waffles Over Need for More Stimulus

Some members push more action, others think it's Congress' job

(Newser) - With the US economy stalled, eurozone in crisis, and Chinese economy slowing down, the Federal Reserve is increasingly talking about action to boost the American economy, reports the LA Times . But for now the central bank is divided about the need for action, according to the just-released minutes for its... More »

Left to Obama: You Outsourced Jobs, Too

Advocates say he hasn't lived up to his campaign promises

(Newser) - President Obama's attack ads have been skewering Mitt Romney for sending jobs overseas with Bain Capital, but some labor activists aren't all that thrilled with Obama's own outsourcing record, the Washington Post reports. Obama promised tax reforms that would eliminate incentives for moving companies overseas, but they... More »

Job Creation in Green Energy Overstated

Wall Street Journal thinks 100K figure is way off

(Newser) - The Obama administration says a $10 billion portion of its 2009 stimulus directly prompted the creation of 100,000 jobs in alternative energy, but the claim is difficult to measure. Trouble is, such assessments are based on mathematical formulas and reports, not straightforward counts. Indeed, the Congressional Research Service urged... More »

Obama Critics: Really So 'Dumb'?

Conservatives react to Andrew Sullivan's article

(Newser) - Andrew Sullivan's unflinching defense of President Obama in Newsweek is irking conservative bloggers today. No wonder, considering the headline: "Why Are Obama's Critics So Dumb?" Taking on the right, Sullivan calls Obamacare a "moderate," fiscally responsible program, and says "a depression was averted" with... More »

House Panel Subpoenas White House Solyndra Docs

Last-ditch efforts to avoid the move prove fruitless

(Newser) - Despite last-minute efforts by the White House, the House Energy and Commerce Committee panel today authorized subpoenas for internal White House documents related to the Solyndra mess. The Washington Post calls the move “apparently unprecedented.” President Obama’s top lawyer had sought a deal and White House officials... More »

Another US-Backed Energy Company Goes Bankrupt

Beacon Power adds to Obama administration's post-Solyndra woes

(Newser) - More potential trouble for the Obama administration: On the heels of Solyndra, another federally-backed power company has gone bankrupt. A year ago, Beacon Power received a $43 million loan guarantee from the Department of Energy, Reuters reports. The company drew down $39 million of that loan for a $69 million... More »

Perry's Job Program Claims Wildly Inflated

Wall Street Journal looks at the numbers and isn't impressed

(Newser) - Rick Perry often boasts of his $440 million Texas Enterprise Fund, which he says has created more than 59,000 jobs. But the program’s estimates often appear wildly exaggerated, the Wall Street Journal reports. A $50 million grant to Texas A&M for a new Genomic Institute, for example,... More »

George Soros: Double-Dip Recession Is Here

Rejection of stimulus a big mistake: investor

(Newser) - Worry no longer about an impending double-dip recession—it’s already here, says George Soros. “I think we are in it already,” the billionaire investor told CNBC , citing Republicans’ rejection of fiscal stimulus as a key problem. “We have a slowdown and basically a conflict about whether... More »

Green Jobs Program Coming Up Short on Jobs

Loans producing a lot fewer jobs than advertised

(Newser) - President Obama’s “green jobs” loan program—which recently grabbed the spotlight thanks to Solyndra's collapse —isn’t producing anything close to the 65,000 jobs promised, at least not directly. The program has already lent out half of the $38.6 billion allotted to it, but... More »

Obama Scrambles for Jobs Plan

But problem may be too big to fix

(Newser) - As he announced the appointment of Alan Krueger yesterday, President Obama promised a speech outlining his new jobs agenda next week—but behind the scenes, Obama and company haven’t actually agreed on that agenda yet, the Washington Post reports. The president is considering a number of options, including a... More »

Second Stimulus, Additional Debt Release Coming

President to trade short-term spending for long-term cuts

(Newser) - President Obama's promises to boost jobs and cut the deficit are taking shape, with a new stimulus and tax cuts for companies that hire new workers to be announced in a major address right after Labor Day, reports the Washington Post . The stimulus is said to focus on road... More »

Bernanke: We're Prepared to Dole Out More Stimulus

Says he expects more job creation once 'temporary shocks' pass

(Newser) - The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “... More »

Feds Have Given Up on Economy

'Short term is when government can be most effective': Paul Krugman

(Newser) - Not only has the US economy been "stuck in a rut," but now a "destructive passivity has overtaken our discourse," writes Paul Krugman in the New York Times . The common wisdom today is that there is nothing the government can do in the short run to... More »

Sorry, Our Economic ‘Recovery’ Is Tanking

Weak GDP growth is only the latest sign: Henry Blodget

(Newser) - The general consensus these days is that the economy is enjoying a steady if unspectacular recovery, writes Henry Blodget at Business Insider . After all, stocks and corporate profits are up and the unemployment rate is down. In a column headlined "Don't Mean To Be Rude, But The Economy... More »

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