tagged w/ Fup da GUV
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Biden said Obama's choice for Treasury secretary, Timothy Geithner, will recommend whether more money is needed for the banks. Geithner could be confirmed by the Senate as early as Monday.
Congress is working on an $825 billion economic recovery package that dedicates about two-thirds to new government spending and the rest to tax cuts. Separate proposals making their way through the House and Senate would combine tax cuts for individuals and businesses, help for cash-strapped state governments, aid for the poor and unemployed, and direct spending by the federal government.
The goal is to infuse money directly into the economy in the hope of bringing the nation out of recession, while creating 3 million to 4 million jobs. It would be largest economic recovery package ever enacted; the White House says the scope rivals the construction of the interstate highway system after World War II.
Its success or failure could define the first years of Obama's term. On Sunday, Democrats sought to temper expectations, at least in the short term.
"These problems weren't made in a day or a week or a month or even a year, and they're not going to get solved that fast," said Lawrence Summers, a top economic adviser to Obama. "So even as we move to be as rapid as we can in jolting the economy and giving it the push forward it needs, we also have to be mindful of having the right kind of plan that will carry us forward over time."
Republicans want the recovery package tilted more toward tax cuts and have questioned whether government spending programs will revive the economy in the short-term.Biden said Obama's choice for Treasury secretary, Timothy Geithner, will... more
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NEW ORLEANS (Reuters) – Ford Motor Co has enough liquidity to fund its restructuring plan and despite the deep downturn in auto sales still sees no need to ask for government loans, Chief Executive Alan Mulally said on Saturday.
"We don't want to borrow any more money. We have sufficient liquidity to fund our transformation plan, which means our business is in a relatively good shape," Mulally told reporters on the sidelines of the National Automobile Dealers Association convention.
Ford's U.S. rivals, General Motors Corp and Chrysler LLC, won approval in December for $17.4 billion of government loans to avert collapse. Ford has asked for access to a $9 billion credit line from the U.S. government but has not sought loans. Washington has not yet responded to Ford's request.
Mulally said Ford was in a better situation than its rivals because it borrowed more than $23 billion in 2006, using most of the company's assets as security, including its well-known blue oval logo.
Mulally said U.S. industry-wide sales in January had been similar to those in December, when they fell about 36 percent from a year earlier to 10.3 million units on an annualized basis.NEW ORLEANS (Reuters) – Ford Motor Co has enough liquidity to fund its... more
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