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Economic Policy

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U.S. in recession, Europe backs spending hikes

WASHINGTON, Dec. 1, 2008 (Reuters) — The U.S. economy has been in a recession for a year, the nation's business cycle arbiter declared on Monday, while European leaders vowed to step up public spending to try to cushion a deepening downturn. ...  > full story

House to push $500 billion stimulus bill

WASHINGTON, Dec. 1, 2008 (Reuters) — U.S. House of Representatives Speaker Nancy Pelosi met leading governors on Monday to discuss the size and shape of an economic stimulus package that one Democratic aide said was likely to cost around $500 billion. ...  > full story

House to seek about $500 billion economic stimulus

WASHINGTON, Dec. 1, 2008 (Reuters) — Democrats in the House of Representatives likely will seek passage next month of an economic stimulus bill costing about $500 billion, a House Democratic aide said on Monday. ...  > full story

Car sales slide shows auto crisis worsening

MILAN, Dec. 1, 2008 (Reuters) — Car makers reported tumbling sales across Asia and Europe on Monday as the recession drove buyers from showrooms and drew a warning of more gloom next year. ...  > full story

Obama picks Volcker as economy adviser

CHICAGO, Nov. 27, 2008 (Reuters) — U.S. President-elect Barack Obama on Wednesday named former Federal Reserve Chairman Paul Volcker to chair a new panel to advise him how to stabilize financial markets and navigate a potentially painful recession. ...  > full story

Consumers cut spending

NEW YORK, Nov. 26, 2008 (Reuters) — Housing, consumer spending and business investment all weakened sharply last month as the dizzying downward spiral of the world's largest economy gathered speed, data showed on Wednesday. ...  > full story

Gates to stay as U.S. defense secretary: report

WASHINGTON, Nov. 25, 2008 (Reuters) — President-elect Barack Obama moved closer to assembling his national security team on Tuesday, with sources saying Robert Gates would likely keep his job as defense secretary and retired Marine Gen. James Jones be named national security adviser. ...  > full story

Paulson to unveil facility to boost consumer loans: report

Nov. 25, 2008 (Reuters) — U.S. Treasury Secretary Henry Paulson plans to announce on Tuesday the formation of a program to increase the availability of auto loans, student loans and credit cards, the Wall Street Journal reported, citing people familiar with the matter. ...  > full story

Obama taps Berkeley professor as senior economist

WASHINGTON, Nov. 24, 2008 (Reuters) — President-elect Barack Obama has chosen Christina Romer, a professor at the University of California, Berkeley, as the head of the White House Council of Economic Advisers, a Democratic source told Reuters on Monday. ...  > full story

Obama adviser: Stimulus price tag rising

WASHINGTON, Nov. 24, 2008 (Reuters) — A top economic adviser to President-elect Barack Obama said on Monday a U.S. economic stimulus program to revive economic activity would need to be bigger than first thought as the financial storm intensifies. ...  > full story
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