Economy, Economic Crisis | featured news

The financial crisis is forcing probation and parole agencies to reduce or drop prison time for thousands of offenders who violate ...

U.S. President Barack Obama signed a $787 billion economic stimulus bill into law on Tuesday as global markets plunged on fears that the recession would deepen despite government action in many countries.

Postmaster General John E. Potter recently warned that economic times are so dire that the U.S. Postal Service may end mail delivery one day a week and freeze executive salaries. He failed to mention that his own total compensation and retirement benefits to more than $800,000 in 2008. That is more than double the salary for President Obama.

As President Obama prepares to sign the $787 billion stimulus bill, administration officials sought to temper expectations.

Leading industrial countries say stabilising financial markets and the world economy is their top priority.

President Barack Obama, savoring his first major victory in Congress, said Saturday that newly passed $787 billion economic stimulus legislation marks a "major milestone on our road to recovery."

Less than one month after President Obama took office, Congress last night passed his flagship proposal, an unprecedented collection of tax cuts and new spending that Democrats say offers the country its best hope to stave off an impending depression.

The Group of Seven will release its latest statement on Valentine's Day. Will anyone be listening?

Almost 5 million Americans continued to draw jobless benefits late last month, and new requests again exceeded 600,00 as companies lay off scores of workers.

Congressional leaders hope to send the nearly $790 billion economic stimulus package to Obama to sign into law by his Presidents' Day deadline.