Senate stimulus bill offers $300 senior bonus in recovery plan
The Senate proposal for economic recovery includes a one time $300 bonus for seniors and disabled Social Security recipients plus tax cuts and spending. It also funds health care subsidies, unemployment benefits extensions, college tax credits, and a $7,500 credit for first time home buyers with broader earned income and child tax credits. The plan, paired with about $350 billion in further spending, aims to move through Congress toward President Obama’s desk by mid February.
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Ohio’s jobless rate rises to 7.8 percent in December
Ohio posted a 7.8 percent unemployment rate in December the highest in more than 20 years driven by steep manufacturing losses. The 465000 unemployed people marked an increase from November and a 118000 rise in the past year while Illinois matched Ohio and Michigan reached 9.6 percent in a region hit by auto industry weakness.
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Ford and industry seek government help to push electric cars
At the North American International Auto Show Ford's Mark Fields argues for government and utility support to build charging infrastructure for plug in hybrids and all electric vehicles. Analysts say high battery costs and uncertain demand remain main obstacles to a rapid shift.
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Mark Fields
Ford
Detroit
Tennessee
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Ford Motor Co
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Fields
Deutsche Bank
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BCG
GM expands stake in GMAC financing arm in bailout move
GM reports in an SEC filing that it used an $884 million Treasury loan to raise its equity in GMAC to about 60 percent while Cerberus will cut its stake to no more than 33 percent. GM also plans to reduce its voting interest as part of the bank holding company shift. In Detroit, GM plans to cut a second shift at the Lordstown plant in April with possible indefinite layoffs affecting about 4,250 workers including 300 salaried staff.
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GMAC
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Detroit
Lordstown
Associated Press
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