Recession

WASHINGTON, January 31 – Senator Bernie Sanders (I-Vt.) today pressed for passage of a stronger economic stimulus package than the House approved on Tuesday. He urged senators to increase help for senior citizens and veterans, and he said he would fight for substantial relief for people struggling to pay skyrocketing home heating bills.

“We have serious economic problems,” Sanders said. “Let’s pass an economic stimulus package quickly, but let’s make sure we get it right.”    » read more »

01 February 2008 -- Indian officials are shrugging off fears that a potential slowdown in the United States will put the brakes on the country's runaway economic growth. But businessmen and investors are not so sure that India will remain unscathed if there is a downturn in Western economies.

As worries about a possible slowdown in the United States economy spread across the globe, Indian officials tried to calm fears that the country's strong growth will be hurt.    » read more »

High Piggyback Lending Levels throughout State – Central and San Joaquin Valley Highest; Latinos, African Americans Most Likely to Receive Exploding Loans

January 30, 2008 -- Washington, D.C. – California subprime home purchase and refinance lending levels rose in 2006. The majority of 316,769 California borrowers that received subprime loans in 2006 are likely to have their interest rates reset in 2008 and face significant payment shock.    » read more »

1/30/2008 -- "For a long time families and community groups have been saying that the subprime mortgage industry was rife with abuses. A federal investigation of industry practices is long overdue.

Last year, I introduced the Home Ownership Preservation Act to curb industry abuses by registering mortgage brokers, eliminating certain lending practices, and providing $100 million in assistance to states to investigate and prosecute mortgage-related fraud.

But we must not only end the abusive practices, we must end the foreclosure crisis itself.    » read more »

1/30/2008 -- Today’s news that our economy grew at an anemic 0.6% in the fourth quarter of 2007 reinforces my fear that we are sliding into a recession. This data confirms that for far too many families, the state of the union is a state of economic anxiety.

I have been calling since early December for Congress and the President to take immediate action to jumpstart our economy. I am heartened to see that the House moved quickly to pass a stimulus package.    » read more »

30 January 2008 -- For the second time in just over a week, the U.S. Central Bank has cut interest rates to try to spur a slowing economy.

Last week, the Federal Reserve aggressively cut a key short-term interest rate by 0.75 percent in what was seen as an emergency move to reassure global financial markets that plunged amid worries of a possible U.S. recession. Now, the Fed has acted again, slashing the so-called "federal funds rate" - which banks charge each other on overnight loans - by another half percent to three percent.    » read more »

Without assistance, state and local governments will be forced to make budget cuts that will deepen and lengthen the economic downturn.

January 29, 2008 -- WASHINGTON, D.C. — Gerald W. McEntee, President of the 1.4 million member American Federation of State, County and Municipal Employees, AFL-CIO, issued the following statement on the economic stimulus package under consideration in Congress:    » read more »

1/29/2008 -- The respected Case-Shiller Index shows that home prices fell 7.7% in November 2007 from November 2006. The dramatic decline means that families have lost an estimated $1.6 trillion in household wealth.

The loss of household wealth is compromising the financial security of millions of families and it is sending ripples through the economy as consumers cut back their spending. Today’s housing data is further evidence that the state of the union is a state of economic anxiety for too many families.    » read more »

January 29, 2008 -- WASHINGTON, DC— Today the House voted by a vote of 385-35 to pass stimulus legislation to address the looming crisis facing the American economy. Senator Edward M. Kennedy issued the following statement on the House vote:    » read more »

28 January 2008 -- President Bush is urging U.S. congressional leaders to speedily approve a new $150 billion stimulus package aimed at boosting the country's sluggish economy and helping middle to low income Americans. One group of Americans paying keen attention to the economy is the elderly.    » read more »

29 January 2008 -- The U.S. House of Representatives has approved legislation to provide $146 billion to help stimulate the ailing U.S. economy. Slightly different legislation is pending in the Senate.

Approval of the stimulus package in the House, by a vote of 385 to 35, shifts the focus to the Senate, where Democrats have proposed adding $10 billion or more to the measure for the unemployed and elderly Americans.    » read more »

National Governors Association Proposal Calls for $12 Billion for States

January 29, 2008 -- Des Moines – Today, Iowa Governor Chet Culver joined 38 other governors from across the country calling for state components to be included in the federal economic stimulus package currently under consideration by Congress. The proposal was put forward by the National Governors Association (NGA) and is supported by both Democratic and Republican governors.    » read more »

January 2008 -- Washington, DC – Bill Novelli, AARP’s CEO, issued the following statement in response to a federal economic stimulus proposal by Senate Finance Committee Chairman Max Baucus. AARP will host a conference call press briefing today at 1:30 to discuss tonight’s State of the Union address and economic stimulus proposals; see details below.

“Chairman Baucus understands that Americans of all ages are feeling financial pressure and can play a role in stimulating the economy.    » read more »

1/28/2008 -- "Tonight President Bush will claim that the state of our union is strong. But as the latest housing data shows, the true state of the union is one of economic anxiety.

"The latest housing data shows that 2007 marked the first time in recent history where America has experienced a sustained annual drop in median existing home prices. In fact, according to some economists, America hasn't experienced a sustained annual decline in housing prices of this magnitude since the Great Depression.    » read more »

Calls on Senate Leaders to Reconsider Omitting Food Stamp Benefit After Experts Say Increasing Benefit Is Effective Way to Spur Economy

Janaury 28, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold is leading an effort to include an increase in Food Stamp benefits in the economic stimulus package currently being worked on by Congress.    » read more »