Economic Crisis, Congress | featured news

Cut spending, raise taxes and fees, and accept billions of dollars from Congress. That's been the formula for states trying to survive the worst economy since the 1930s.

As the economy shows troubling signs of another slowdown, some economists are beginning to worry about the possibility of a "double-dip" recession.

Federal Reserve chairman Ben Bernanke warns Congress that the US recession may last beyond the end of the year.

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

The plan is budgeted at $789 billion, which is smaller that original bills passed by each chamber. It could be sent to President Obama for his signature by the end of the week.

House and Senate negotiators have struck a deal on a final version of a sweeping economic recovery package.

Geithner acknowledged the government's missteps in dealing with the financial crisis, but he warned that unprecedented intervention is needed.

House, Senate leaders scale plan down to $789.5B, a net reduction of almost $40B from what the Senate approved yesterday, senior adviser says.

After a 61-to-37 vote that was largely along party lines, negotiations with the House over the $838 billion bill will begin.

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.