Almost overlooked in this morning's extraordinary headlines about government intervention to protect the nation's financial system from collapse was the failure of the House of Representatives on Thursday to act on a $50 billion stimulus package for the rest of us. more »
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hosted.ap.org — With the economy the No. 1 issue just eight weeks from Election Day, majority-party Democrats are trying to push a second stimulus package through Congress to follow the tax rebate checks sent out earlier this year. So far, Republicans aren't joining the march, echoing the reservations expressed by presidential nominee John McCain and the White House. Democratic leaders plan to forge ahead with a $50 billion stimulus package in the short time Congress will be in session between now and the election.
news.bbc.co.uk — The latest figures show a rate of 6.1% - the highest since December 2003. A White House spokeswoman said that while the figures were disappointing, the existing economic stimulus plan was having the impact intended. A call for more action had been made by the Democratic Party presidential candidate, Barack Obama. A higher-than-expected 84,000 jobs were lost last month, which together with the unemployment rate has added to concern about the US economy and its ability to stave off a recession. In a further blow, the Labor Department revised upwards job loss figures for each of the past two months. The Federal Reserve said earlier that economic activity remained "weak".
Twenty-nine states and the District of Columbia face a combined budget shortfall of about $48 billion in their 2009 budgets, which in most states take effect in July. Already, state and local governments modestly trimmed jobs in the past year, but to close the looming shortfalls states will have to make more dramatic job cuts, and program and project cuts will have ripple effects in the private sector as well. This will worsen economic conditions in states that are already struggling economically, including Arizona, California, Illinois, New Jersey, New York and Rhode Island. Congress should pass an aid package to states that will help them balance their budgets without deepening the recession.
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Once again, an obstinate Republican minority in the Senate vetoes the majority will, this time on a stimulus package that had bipartisan legislative and broad public support. Over the past year, we've documented the routine use of the filibuster by the Republican minority to block measures supported by the Democratic majority and a majority of the American public. more »
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post-gazette.com — Before Fed Chairman Ben Bernanke decides on the next interest rate cut to stimulate the economy and head off a recession, he really needs to listen to ... Ben Bernanke. Mr. Bernanke made clear in testimony that American stimulus no longer encourages much more American production.
Whenever Washington starts patting itself on the back—whenever politicians of both parties start praising each other on an economic issue—hold onto your wallet, because you are about to get fleeced. That's precisely what happened during the debate over the economic "stimulus" package. more »
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Once again, an obstinate Republican minority in the Senate vetoes the majority will, this time on a stimulus package that had bipartisan legislative and broad public support. Over the past year, 
Making Sense 2008!
