The $8 trillion bailout: Total price tag so far: $7.2 trillion in investment and loans. That puts a lot of taxpayer money at risk. Now comes President-elect Barack Obama's economic stimulus plan, some details of which were made public on Monday. The tally is getting awfully close to $8 trillion.
Obama Warns Trillion Dollar Deficit Could Lead to Extensive Government Budget Cuts: President-elect Barack Obama is warning the U.S. deficit will top one trillion dollars this year, leading to what he says could be extensive cuts to government budgets. Obama made the warning Tuesday as he meanwhile prepares an economic stimulus package that will cost almost the same amount.
State unemployment claim systems overwhelmed: Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next.
California may delay tax refunds amid budget impasse: State officials on Tuesday braced for the possibility of delaying tax refunds to millions of Californians, along with student grants and payments to vendors, as the latest round of budget negotiations between Gov. Arnold Schwarzenegger and Democratic legislators collapsed.
Economy in grip of recession, reports show: Anyone looking for a bright spot in the recession might have pointed to a reading Tuesday of the nation's office workers, retailers and other service industries, which contracted at a slower-than-expected pace in December.
A Military Dictatorship Coming To America? : THE WORSENING ECONOMIC CRISIS has prompted the US Army War College to issue a report urging the use of military troops to contain possible civil unrest throughout America. Entitled, Strategic Shocks in Defense Strategy Development, issued on November 4, 2008, the report argues that the US military must prepare for a “violent domestic dislocation provoked by an economic collapse.”
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