July 15, 2010 |
Federal Reserve policymakers, acknowledging a slowing in the economic recovery at their meeting in late June, began to consider the possibility of providing additional stimulus if growth fell sharply — a possibility that has become all the more real as signs of weakness have piled up. Minutes of the Fed's June 22-23 meeting, released Wednesday, indicate that while board members discussed the need for a contingency plan, they did not...
June 20, 2010 |
The gig: As California's inspector general for American Recovery and Reinvestment Act funds, Laura Chick is the watchdog making sure that the state's $85 billion in stimulus dollars are spent wisely. Appointed last year by Gov. Arnold Schwarzenegger, Chick defines her mission as the 3 Ds: deter, detect and disclose any waste or fraud. California was the first state to create such an oversight position for federal stimulus funds. (Chick's position shouldn't be confused with that of California's other inspector general, David Shaw, who oversees the Department of Corrections and Rehabilitation.
October 8, 2013 |
WASHINGTON - President Obama will nominate Janet L. Yellen to be the next head of the Federal Reserve, the White House said Tuesday. If confirmed, the former UC Berkeley economist would become the first woman to lead the world's most powerful central bank in its 100-year history. Yellen, the Fed's vice chair, would replace Ben S. Bernanke, whose second four-year term as chairman expires Jan. 31. She would take over at a crucial time as the central bank prepares to reduce its unprecedented support for the economy while trying to avoid damaging the still-fragile recovery.
May 23, 2013 |
WASHINGTON - The Federal Reserve's unprecedented stimulus efforts are starting to box in the nation's central banker. Its bond purchases have helped fuel economic growth since the financial crisis. But Fed policymakers now must figure out how and when to start dialing back the support - and signal that to nervous investors - without derailing the recovery. Mixed messages from the Fed on Wednesday roiled financial markets, sending the Dow Jones industrial average at one point beyond the 15,500 mark for the first time before swinging about 250 points.
June 28, 2010 |
Leaders of the world's biggest economies acknowledged there is no one-size-fits-all solution to the world's economic troubles, agreeing in Toronto to halve the budget deficits of most industrialized nations by 2013, while giving each country the leeway to cut spending at its own speed. The compromise was the result of divisions between the Obama administration, which emphasizes the need to continue stimulating growth and job creation, and some of its principal allies, which have grown alarmed over soaring debt levels.
CALIFORNIA | LOCAL
April 8, 2010 |
As Sen. Barbara Boxer girds for a tough reelection battle, she is crisscrossing California during the Senate recess to highlight what she sees as concrete accomplishments in the last year -- jobs created by the economic stimulus package, benefits from the healthcare bill for seniors and the ill and tax breaks for businesses that are hiring the unemployed. "We are waging important battles to get our economy back on track," the Democrat told a Wednesday luncheon gathering of the Valley Industry & Commerce Assn.
April 3, 2009
This week, President Obama found out how much harder it is to sell economic stimulus packages in Europe than it is in Washington. Obama went to the Group of 20 summit in London hoping to persuade leaders of the world's biggest economies to boost government spending to counteract the global downturn. Backed by Japan and Britain, the administration argued that restoring growth around the world required a stronger fiscal push from other developed nations.
October 21, 2013 |
If you've been following the food stamp debate in Washington, you know it's about whether to cut food stamp benefits for the disadvantaged by $4 billion a year (the House proposal) or only $400 million a year (the Senate plan). Here's what you may not know: By its pure inaction, Congress is about to impose a cut in food stamp benefits that beats both. Next week, on Nov. 1, benefits will be cut by $5 billion for this fiscal year alone. That number may be hard to grasp, but here's what it means on the ground.
October 8, 2009 |
Under pressure to stop rising joblessness from sinking a fragile recovery, President Obama met Wednesday with top congressional Democratic leaders to fashion new strategies to bolster the U.S. economy. Obama and the Democrats are caught in a double bind. Having underestimated the severity of the recession early this year, they face tough choices on how to ease the financial pain of millions of jobless workers and ensure that the recovery continues. Meanwhile, they are under relentless attack from Republicans who argue that the $787-billion stimulus package approved last winter has sent the deficit soaring while failing to bring down unemployment.
August 27, 2010 |
The Commerce Department on Friday downgraded the nation's economic growth in the second quarter, providing the most important evidence yet that the recovery has stalled. The anemic annualized growth rate of 1.6% was down from last month's estimate of 2.4%. The drop was slightly less than many economists had predicted, but the report still put an exclamation point on a week of bad economic news that has raised fears the nation could plunge into another recession. Responding to those concerns, Federal Reserve Chairman Ben S. Bernanke said Friday that the central bank was prepared to step in if necessary to help provide additional stimulus to the economy and avoid the type of debilitating deflation that struck Japan in the 1990s.