Recession Declared as Stocks Plunge Amid Crisis
The nation formally enters a recession as Wall Street tanks with the Dow dropping 679.95 points to 8149.09. Bernanke and Paulson pledge more rescue measures while Pelosi pushes a $500 billion stimulus package aimed at jobs, Medicaid relief, and renewable energy.
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Governors urge stimulus amid deepening recession aid push
Governors pressed Capitol Hill for at least 40 billion to fund health care for the poor and disabled and up to 136 billion for road and bridge projects as Congress and President elect Obama prepare a 500 billion recovery plan. Rendell and Douglas met Pelosi to outline needs ahead of Obama's January 20 inauguration.
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Fed chief says further rate cuts are feasible now
Bernanke told business leaders in Austin that further rate reductions are certainly feasible though limits remain as the economy stays weak into next year. He warned the decline in credit and finance poses a major hurdle. The Dow fell about 680 points as markets reacted.
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