Obama economic stimulus plan might reach $1 trillion

According to the Wall Street Journal’s Saturday reports, the economic stimulus being planned by President-elect Barack Obama’s economic team, to boost the recession-hit US economy, could be far larger than previous estimates and might reach $1 trillion over two years. Two weeks back, a two-year, half-trillion-dollar plan was under consideration.

House approves $14 bn bailout package for auto industry

After hours of intense debate over the $14-billion dollar bailout package for the troubled US auto industry, the House of Representatives approved the bill 237 to 170. The legislation - to be tabled in the Senate, where it faces stiff Republican opposition - would provide money to cash-strapped General Motors, Ford Motor and Chrysler.

Congressional panel questions Treasury on rescue package

The report by the congressional panel, reviewing the government’s $700 billion rescue package for the financial sector, has spelled out ten pointed queries to the Treasury Department, and questioned whether its shifting remedies constitute a strategic response to the financial crisis.

Obama: economic problems may “get worse before they get better”

Pointing to the fragility of the financial system and to recent numbers showing the US with its highest unemployment rate in 15 years, President-elect Barack Obama voiced his stark assessment Sunday that the country’s economic problems were “going to get worse before they get better.”

500 Jobs Cut at NBC Universal

In a bid to trim $500-million paid out in salaries, NBC Universal, General Electric Co.'s media and theme park subsidiary, is scheduled to lay off about 500 of its employees i. e. 3% of its 15,000 strong work force in its Dallas and Burbank locations.