Articles Tagged with ''Presidency of Barack Obama''

Negotiators Reach Deal on $789B Stimulus Bill

Wasting no time, key lawmakers announced Wednesday afternoon they had reached an agreement on a $789 billion stimulus bill, which could land on President Barack Obama's desk by the end of the week. The final agreement is budgeted at about $50 billion less than the one attached to the measure passed by the Senate Tuesday.  Senate Majority Leader Harry Reid said the final agreement "creates more jobs than the original Senate bill and costs less than the original House bill."
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Negotiations in High Gear After Senate Passes Stimulus Bill

After the Senate voted 61-37 Tuesday afternoon to approve its $838 billion version of President Obama's economic stimulus bill, House-Senate negotiations were immediately underway -- stretching late into Tuesday night -- and there now appears to be a deal in the works to finalize the legislation. Negotiators are expected to emerge from closed-door meetings later Wednesday and gather in a public session to sign off on a compromise bill, tentatively holding a price tag of $790 billion, that would then be sent to the full House and Senate for final approval.
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Obama Warns of 'Catastrophe' Without Action

President Barack Obama on Friday announced the formation of the Economic Recovery Advisory Board to assist in the "months and years" to come of economic recovery. The announcement came in the midst of Congressional bickering over the financial stimulus package, the passage of which is being held up by criticism that too much government spending and not enough tax cuts will have no significant effect reducing the national deficit and encouraging consumer spending in the short term.
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$15,000 Home Buyer Credit Joins Senate Stimulus Bill

The Senate on Wednesday passed a home buyer tax credit provision in its version of the financial stimulus bill. The provision will allow a tax credit of 10 percent of the value of a new or existing residence -- up to $15,000 -- an increase from the current $7,500 tax break for new home purchases. The provision will cost $18.5 billion and brings the total price tag of the bill to over more than $900 billion.
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Obama, Geithner Crack Down on Executive Pay

As President Barack Obama called for "basic common sense" regarding executive pay Wednesday, the Treasury Department was announcing a campaign of measures to limit the compensation of top executives at institutions that receive government funds through the Troubled Asset Relief Program.
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Sunnier Days Ahead for Remodeling Industry: Report

As the ailing economy tightens homeowners' wallets, for most, now isn't the time to make-over the kitchen, install new wood floors or even replace those chipped baseboards. That fresh paint job just might have to wait, and those out-dated fixtures in the bathroom, well, what's another couple years? As a result of the downturn in home improvements, the remodeling industry has hit a near standstill, similar to what we've seen in home building.
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$819 Billion Stimulus Passes House Vote

The House of Representatives on Wednesday passed its $819 billion version of the economic stimulus package in a 244 to 188 vote. The bill passed with support from all but 11 House Democrats; no Republicans voted in favor of it. Some of the major provisions within the bill include various tax cuts -- for tuition, business expenditure and renewable energy -- as well as a hefty list of spending programs aimed to "preserve and create jobs and promote economic recovery," according to the bill's language.
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Economic Stimulus Bill Makes Headway

The $825 billion stimulus bill -- championed by the Obama administration -- made its way Tuesday through the U.S. Senate Appropriations Committee, where the Committee approved a $365 billion portion of the bill. President Barack Obama has been urging lawmakers for a speedy passage of the bill. Congress must not delay in efforts to restart the economy and put people back to work he told a group of business leaders Tuesday.
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The Free Fall Continues; Unemployment Hits 7.2%

Regional and state unemployment rates were universally higher in December, during which time 524,000 jobs were lost, bringing the national unemployment rate to 7.2 percent, according to unemployment data from the Bureau of Labor Statistics released Tuesday. All 50 states and the District of Columbia recorded both over-the-month and over-the-year unemployment rate increases.
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Geithner Champions TARP Disclosure

The Senate Finance Committee approved Timothy Giethner's nomination for Treasury secretary Thursday in a 18-5 vote, sending it to to the full Senate for final clearance -- but not without pinging him on a number of hot-button issues, including the transparency of the Troubled Asset Relief Program, which Geithner fervently urged would be implemented under the Obama administration.
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