It’s a Better News
Tuesday, 2 December 2008, President-elect Barack Obama, quick work on an economic recovery plot to include tax cuts and increased federal spending, and told the nation’s governors he wants their advice in designing it.
“We intend to place tax cuts into the pockets of hard-pressed middle class families, and we intend to make a down payments on the investments we need to build a strong economy for years to come,” Obama said as he sat down with governors, nearly all of whom are struggling with budget deficits at home as a result of the recession.
Obama has said he will make an economic stimulus his top priority, and his aides and congressional leaders have been discussing the outlines of a measure that could exceed $500 billion over two years. The president-elect has said his goal is to secure 2.5 million jobs.
In his brief remarks, Obama pledged a partnership with the governors, Republicans and Democrats alike. “I will not simply question our nation’s governors to help implement our economic recovery plot,” he said. “I will question you to help design the plot.”
In Auto, Ford Motor became the first of the three U.S. automakers to unveil its turnaround plans to Congress, but the plot contained small in the way of new cost cuts or other changes beyond what the company had previously announced.
Ford CEO Alan Mulally would be cut to $1 a year if Ford really borrowed money from the government. General Motors confirmed to CNN that CEO Rick Wagoner also will accept a $1 salary. Chrysler LLC CEO Robert Nardelli agreed during Congressional testimony last month he would also agree to a $1 salary in return for federal help.
In New York, Wall Street rebounded, regaining some of the ground lost in the previous session’s huge drop, as the potential for a bailout of the beleaguered auto industry helped cool investors. The Dow Jones industrials rose about 250 points, regaining more than a third of Monday’s nearly 680-point plunge.
In Mortgage, The percentage of people who are two months behind on their mortgages shot up in the third quarter from the same period last year, according to credit reporting agency TransUnion LLC.
For the quarter finished Sept. 30, 3.96% of people holding a mortgage were at least 60 days behind in payments, compared with 2.56% in the 2007 third quarter.
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