White House predicts record deficit and jobless recovery
The White House projects a 1.47 trillion dollar deficit this year with borrowing at 41 cents per dollar. Unemployment is seen averaging 9 percent next year and 8.1 percent if Obama seeks re election in 2012. The report cites tight credit, housing inventory, state budget restraint, and the European debt crisis as headwinds.
MENTIONED IN THIS ARTICLE
Washington, D.C
White House
Office of Management and Budget
Barack Obama
U.S
OMB
Feinberg says he did not seek $1.6B in bank pay back
The Obama pay czar Kenneth Feinberg explains that he avoided pursuing 1.6 billion dollars in executives’ pay from 17 banks receiving bailout funds. He said public shaming sufficed and feared lawsuits from shareholders if he pressed the case. He emphasized preserving economic recovery while criticizing bad behavior.
MENTIONED IN THIS ARTICLE
Washington, D.C
Obama
Kenneth Feinberg
Feinberg
Associated Press
Obama urges Senate to pass small business tax credits
President Obama hailed a week of progress on fixing the economy and cracking down on Wall Street. He highlighted three laws signed this week including financial regulation reform and unemployment benefits extensions, citing big bank bonuses as a reason for tighter oversight before urging Congress to approve tax credits for small businesses.
MENTIONED IN THIS ARTICLE
Washington, D.C
Barack Obama
Wall Street
Senate
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