tagged w/ U.S. Bailout
-
President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.
The tax cuts are part of a $787 billion (549 billion pound) economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for... more
-
-
Kepano
-
added this
-
3 years ago
- |
-
Wells Fargo, J.P. Morgan Chase, Bank of America and Citigroup Inc. have agreed to halt home foreclosures while the federal government works out a plan to stabilize the nation’s banking industry.
“We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by J.P. Morgan Chase,” said J.P. Morgan Chase CEO Jamie Dimon in a Feb. 12 letter to Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee.
That moratorium would remain in effect through March 6.Wells Fargo, J.P. Morgan Chase, Bank of America and Citigroup Inc. have agreed to halt... more
-
-
Kepano
-
added this
-
3 years ago
- |
-
Finally something that we can all get behind: Don't pay your bills. It's not my idea, although it has appeal. It's the Fed's and it's the cornerstone of the new Homeownership Preservation Policy. To qualify for aid, the homeowner must be at least 60 days past due on his or her mortgage payments. (This program is for mortgages acquired from Bear Stearns and AIG rescues. Another program begun in December 2008 required that the homeowner be 90 days late.) At the same time, the mortgagee must be able to make a reduced monthly payment, therefore, must have some income, presumably a job. The having a job part might be tough; the missing two payments part, easy.Finally something that we can all get behind: Don't pay your bills. It's not... more
-
-
WASHINGTON (AP) -- In a bold bid to revive President Bush's multibillion-dollar financial rescue plan, Senate leaders scheduled a vote for Wednesday night on a version of the bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House.
The goal is to net at least 12 more House votes than the rescue proposal received Monday, when lawmakers rocked the political and financial worlds by rejecting it.
The gambit is certain to anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts. But Senate strategists assume it will gain more House votes than it will lose.
If so, Congress would be poised to pass landmark legislation giving the government billions of dollars to buy deeply discounted mortgage-backed securities that are choking off credit and roiling the markets.
The strategy is risky because some House members might see it as a high-handed move by senators. Senate passage of a bailout measure has seemed assured all along. The showdown is in the House, but now the Senate is trying to force the House's hand.
Sen. Charles Schumer, D-N.Y., called it "a brilliant move" that will "help pick up votes on both sides of the aisle."
House Speaker Nancy Pelosi's reaction was much cooler. "The Senate has made a decision about how to proceed and what can pass that body," the California Democrat said. "The Senate will vote tomorrow night, and the Congress will work its will."WASHINGTON (AP) -- In a bold bid to revive President Bush's multibillion-dollar... more
-
-
ivxx
-
added this
-
3 years ago
- |
-
WASHINGTON (Reuters) - President George W. Bush on Tuesday signed into law a mammoth spending bill to keep the government running until early March 2009 that includes a $25 billion loan package for troubled automakers.
The action came after the Senate over the weekend gave final congressional approval to the more than $630 billion spending bill that was needed to finance defense, education, farm, health, foreign aid and other government programs after the current fiscal year expired on September 30.
The spending legislation allows a ban on offshore drilling to expire on September 30. Democrats had hoped to extend the ban, but did not have the votes to overcome strong opposition from Republicans.
Bush, in a statement announcing that he had signed the legislation, said the measures to lift the ban on offshore drilling "will allow us to reduce our dependence on foreign oil."
The bill sets aside $7.5 billion in taxpayer funds needed to guarantee $25 billion in low-interest loans to help General Motors Corp, Ford Motor Co and Chrysler LLC produce more fuel-efficient cars and trucks.
U.S. automakers have said the taxpayer-backed loan package
would give them access to capital at a time when credit markets are shut and they are being driven to invest in new technologies to meet tough new federal fuel economy standards.
WASHINGTON (Reuters) - President George W. Bush on Tuesday signed into law a mammoth... more
-
-
ivxx
-
added this
-
3 years ago
- |
-
TOKYO -- Asian stock markets fell Monday amid investors skepticism that the deal reached in Washington over a $700 billion bank bailout would quickly resolve the bad debt crisis.
Adding to concerns of further global financial contagion was news Sunday that Belgium, the Netherlands and Luxembourg pledged more than euro11 billion ($16 billion) to Dutch-Belgian bank and insurance giant Fortis NV to keep it from insolvency.
"There's an increasing realization that the cleanup and the mending of all that's gone wrong is going to take an extended period to work through, and we're going to see an extended recovery period," said Jamie Spiteri, senior dealer at Shaw Stockbroking in Sydney.
TOKYO -- Asian stock markets fell Monday amid investors skepticism that the deal... more
-
