Economy, Economic Crisis | featured news

The US president defends his economic stimulus plan as "absolutely necessary", and urges Congress to approve it quickly.

The House version of the stimulus bill emphasizes helping states and localities avoid wide-scale cuts, while the Senate plan focuses more on tax cuts.

A coalition of Democrats and some Republicans reached a compromise that trimmed billions in spending from an earlier version of the Senate economic stimulus bill.

It was the market’s second day of advances in the face of news showing the economy falling deeper into recession.

The housing crisis will deepen, the country could fall into a depression and laid-off workers may need to start their own business.

The U.S. Senate went home Thursday night after hours of sometimes acrimonious work without voting on a massive economic recovery plan championed by President Barack Obama.

U.S. employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years as the national unemployment rate shot up to 7.6 percent, according to a Labor Department report on Friday that underlined a deepening recession.

President Barack Obama plans on Friday to name business executives, academics and labor leaders to an advisory panel that will help guide his effort to rescue the economy and rebuild the shattered U.S. financial system.

Moderates work to slash tens of billions of dollars from bill in hopes of attracting bipartisan support.

President Obama said Thursday that the time for talk on an economic recovery package is over and "the time for action is now.".