Recession

02/07/2008 -- California Governor Arnold Schwarzenegger today issued the following statement after the U.S. Senate approved the federal economic stimulus package:

"The Senate's vote is an important and positive step for California's economy because raising the limits for federal home loan programs will help many Californians achieve the dream of homeownership and many others avoid foreclosure.

No single action will have a more positive effect on California's economy than expanding the availability of affordable housing credit to more California homeowners.    » read more »

A Possible Economic Slowdown and Its Impact on Oil Demand

Economic analysts became concerned about the durability of the U.S. economic expansion earlier in 2007 due primarily to the apparent weakness in the housing market and the possibility that this weakness would spread to other sectors of the economy. By August 2007, U.S. economic policy makers, households, and firms became even more concerned about the economy as financial market conditions deteriorated.    » read more »

WASHINGTON, DC-U.S. Senator Bob Casey (D-PA) spoke on the Senate floor today to urge passage of the improved, Senate Finance Committee economic stimulus bill. He also called on the Republican Senate leadership not to further delay a vote on the bipartisan stimulus bill.    » read more »

February 6, 2008 -- WASHINGTON, DC— Today, Senator Edward M. Kennedy released the following statement in response to the Republican filibuster of the Senate stimulus package.

“Today, Republicans blocked a needed stimulus package that would have brought help to millions of Americans struggling to survive this economic crisis. Blocking this package means denying needed help for millions of Americans struggling to find a job or heat their homes.    » read more »

AARP poll finds overwhelming support for rebate checks for people dependent on Social Security

February 5, 2008 -- WASHINGTON – A new poll by AARP finds an overwhelming majority of Americans (90%) think the government must ensure that people dependent on Social Security are included in any stimulus rebate package, even if they are divided on whether a rebate plan would effectively stimulate the economy (52% agree it would - 42% do not agree).    » read more »

02/05/2008 -- WASHINGTON DC — Senator John Kerry (D-Mass.) urged his colleagues today to adopt the Senate’s Economic Stimulus Package, which will strengthen America’s economy and help more families avoid foreclosure. The Senate package will keep more Americans in their homes with an expansion of the mortgage revenue bond program that will help struggling home owners refinance. It will also immediately inject needed help into the economy by delivering relief to 20 million seniors and 250,000 disabled veterans.    » read more »

06 February 2008 -- Investors in Asia dumped stocks Wednesday following Wall Street's steep drop overnight. The culprit: new data that point to a faltering U.S. economy.

News that the U.S. services sector shrank for the first time in five years triggered another day of heavy stock selling in Asia.

The services sector accounts for about two thirds of the U.S. economy, and the data adds to worrying signs of a looming recession. A slowdown in the U.S. economy could hurt Asian exporters.    » read more »

February 4, 2008 -- Washington, DC — Nevada Senator Harry Reid made the following statement today on the floor of the U.S. Senate:

“Each day now, newspapers around the country tell new stories of America’s economic troubles. Housing foreclosures are up dramatically in cities and towns throughout the country – including an astonishing rise of:

* More than 600 percent in Reno, Nevada;
* 200 percent in Las Vegas;
* 275 percent in Florida; and
* 300 percent in California.    » read more »

Calls For Immediate Tax Rebates, Release Of Construction Funding

Feb. 4, 2008 -- HARRISBURG – Pennsylvania Governor Edward G. Rendell said today that the budget he will unveil tomorrow will provide more than $2.3 billion to invest in Pennsylvania’s infrastructure, communities and citizens to continue creating jobs and growing the economy.    » read more »

February 01, 2008 -- "In another jolt of bad news for working people, today’s jobs report shows the slowing economy stalled in January. The economy shed jobs for the first time in four years and unemployment claims spiked last week to the highest level since the aftermath of Hurricane Katrina, adding to growing concerns that working families are in for a serious recession.    » read more »

February 01, 2008 -- Chicago, IL - Senator Barack Obama today released the following statement on this morning's jobs report.

"This morning's jobs report brings very troubling news for the economy and for working families who are struggling under the last seven years of George Bush's failed economic policies, as we lost 17,000 jobs and saw negative job growth for the first time in since August of 2003. This news comes after a day where we learned that we had the slowest economic growth since 2002.    » read more »

Department of Labor reported loss of 17,000 jobs in January; Shows Need For Unemployment Insurance In Stimulus Package, Says Sen. Menendez

February 1, 2008 -- WASHINGTON – Today, the Department of Labor reported that the economy lost 17,000 jobs in the month of January, the first monthly loss of jobs in more than four years. This news comes amidst fears of a looming recession.    » read more »

February 1, 2008 -- WASHINGTON, DC— Today's jobs numbers show a loss of 17,000 jobs and an increase in the number of long-term unemployed Americans to 1.4 million. In addition, the time that unemployed Americans spent looking for a job rose sharply. Senator Edward M. Kennedy, Chairman of the Health, Education, Labor and Pensions Committee, released the following statement:    » read more »

February 1, 2008 -- Washington, DC — Nevada Senator Harry Reid made the following statement today in response to a Department of Labor report that U.S. employers cut 17,000 non-farm jobs in January – the first time in nearly four-and-a-half years that payrolls shrank – with continuing losses in the construction and manufacturing sectors:    » read more »

02 February 2008 -- U.S. senators vote in the coming week on an economic stimulus plan that is more than $10 billion bigger than a deal backed by President Bush and the House of Representatives.

Politicians in Washington all agree that the U.S. economy needs help. Higher fuel costs and a declining housing market have hurt consumers and business. Growth in the fourth quarter of last year was just 0.6 percent.    » read more »