Federal government

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Barnes: Obama's an 'Economic IIliterate'

(Newser) - President Obama has big plans for the economy, and that’s too bad because he knows nothing about it, Fred Barnes writes in the Weekly Standard. All of his proposals and angry jabs at Wall Street are counter to his professed interest in growth and job creation. “Obamanomics pays...

'Cash for Clunkers' Can't Beat Buying Used
 'Cash for Clunkers' 
 Can't Beat Buying Used 
ANALYSIS
Jul 24, 2009 12:00 PM CDT

'Cash for Clunkers' Can't Beat Buying Used

(Newser) - The government’s Car Allowance Rebate System—the “Cash for Clunkers” plan—goes into effect today, but it might not be such a good deal for you or the environment, Elisabeth Leamy and Nathalie Tadena write for ABC News. New-car buyers who trade up more than 4mpg in mileage...

Feds Reject Plea for Calif. Bailout

Aid ruled out for now as state warns of fiscal meltdown

(Newser) - The federal government has rejected pleas for emergency aid from top California officials, reports the Washington Post. State officials warn that its budget crisis is approaching the point of a "fiscal meltdown" that will cause massive cuts and deepen the state's recession. But the Obama administration fears bailing out...

Obama Orders Review of Government Secrecy

President creates task force to overhaul declassification policy

(Newser) - President Obama has ordered a sweeping review of the government's secrecy policy, the Washington Post reports. Obama sent a memo to government officials reaffirming his administration's commitment "to operating with an unprecedented level of openness," and directed his national security adviser  to review how classified information is handled...

GOP Plays With 'Crazy Fire' on State Sovereignty

(Newser) - Texas Gov. Rick Perry’s stand against the intrusion of federal power on states’ rights is straight from an 1832 playbook, Ed Kilgore writes for the Democratic Strategist. And the argument John C. Calhoun made then is still wrong. Miffed that the GOP is out of power, Kilgore writes, Perry...

Feds Aim to Calm Nerves With 'Brain Music' Therapy

(Newser) - A new federal study may be music to the ears of stressed firefighters and bomb squads, the New Scientist reports. The Department of Homeland Security is trying to record their brain activity when alert or calm, translate it into music, and play it back to soothe their frayed nerves. But...

Chrysler May File for Bankruptcy Next Week

(Newser) - Chrysler is preparing to file for bankruptcy as early as next week, the New York Times reports. The best-case scenario for survival: Chrysler will strike a deal with its lenders, file for bankruptcy protection to shed liabilities, then merge its strongest assets with Fiat. If those deals fall through, the...

Cash-Strapped IRS Slashes Evasion Penalty

(Newser) - In an effort to increase revenue, the Internal Revenue Service is relaxing penalties on offshore tax evaders in hopes they will come forward, the New York Times reports. A penalty that was 50% of offshore holdings will drop as low as 5%. “They need to get money back into...

Chrysler Wants $1.5B More for Auto Loans

(Newser) - Chrysler, which has received $4 billion in federal money for its manufacturing operations and $1.5 billion for lending, wants another $1.5 billion for its loan arm, the Detroit Free Press reports. “We’ve gone to Treasury and said we need to re-up that amount,” Chrysler’s...

Borrowers Now Flocking to the Feds to Default on Loans

Same cause of subprime mess blamed for new threats to taxpayers

(Newser) - History is repeating itself, and taxpayers will be footing the bill for it: Flawed lending practices are enabling borrowers to receive mortgage loans they can’t repay—but this time, Washington’s involved, the Washington Post reports. Many of the loans provided by the Federal Housing Administration default after just...

Congress Passes Stopgap Bill to Avoid Shutdown

(Newser) - With a $410 billion catchall spending bill stalled in the Senate and a midnight deadline looming, Congress rushed through stopgap legislation today to keep the government running for another five days. With most Republicans denouncing the bill as too costly and a few Democrats opposing it as well, Majority Leader...

Ailing AIG Nears $30B Deal With Feds

(Newser) - Facing a roughly $60 billion fourth quarter loss—the biggest in corporate history—American International Group is cutting a deal with the feds to stay alive, Reuters reports. If AIG's board approves the agreement tomorrow, Washington will give the insurer another $30 billion in equity and a lower interest rate...

Dow Falls 119 on Citi Fears
 Dow Falls 119 on Citi Fears 
MARKETS
Feb 27, 2009 3:23 PM CST

Dow Falls 119 on Citi Fears

(Newser) - The government’s move to downgrade its shares in Citigroup pushed the Dow down today, Bloomberg reports. Not helping was news that GDP contracted 6.2% in the last quarter, and the end to a weeklong rally by other big banks. The Dow fell 119.15, to 7,062.93;...

Geronimo's Heirs Sue Yale to Get Skull Back

Descendants of Geronimo allege students robbed his grave

(Newser) - Descendants of the legendary Apache chief Geronimo are suing Yale and its secretive Skull and Bones Society for the return of his skull and other remains, reports the Hartford Courant. The suit alleges that members of Skull and Bones—including Prescott Bush, father and grandfather of a pair of presidents—...

Mayors, Guvs Jockey for Piece of Stimulus Pie

Many have budgets on hold until plan is finalized

(Newser) - As the stimulus bill becomes law this week, state officials across the country are competing for their share of federal largess, the New York Times reports. Complex rules govern how money is doled out, and states are still catching up. “This is all rather daunting,” said the director...

Banks Relish Public Funds, Won't Loan to Public
Banks Relish Public Funds, Won't Loan to Public
ANALYSIS
Jan 18, 2009 7:35 AM CST

Banks Relish Public Funds, Won't Loan to Public

(Newser) - Banks are enjoying a public bailout of billions of dollars, but they're not using the funds the way the way they were intended—to loan money to kickstart the economy, reports the New York Times. Banks are using the bucks to pay off debts and, in some cases, acquire companies....

Poll: Americans' Trust in Gov't Plummeted in '08

62% trust feds less than a year ago; 65% think US is on wrong track

(Newser) - 2008 wasn’t a great year for the federal government’s reputation, with a Politico poll finding that 62% of Americans say their confidence in Washington has decreased in the past year. The main worry is the economy: 45% say that economic stimulus should be the highest priority (no other...

Citizenship Fees Up, Applications Down

59% decline seen after charge to would-be citizens rises from $400 to $675

(Newser) - Higher fees for immigrants seeking US citizenship could be responsible for a drop in applications, USA Today reports. The fee went from $400 to $675 last summer; applications are down almost 60% in the first 6 months of 2008, compared to the same period last year. “The expense has...

Fannie, Freddie Deal Will 'Stem the Mess'
Fannie, Freddie Deal Will 'Stem the Mess'
OPINION
Sep 6, 2008 6:42 PM CDT

Fannie, Freddie Deal Will 'Stem the Mess'

'There will be no reason to foreclose' after takeover: Cramer

(Newser) - Jim Cramer predicts that a lot of people will whine about the federal takeover of Fannie Mae and Freddie Mac—especially those shorting them—and say it won't help. But they're dead wrong, Cramer writes on TheStreet.com: it's going to turn housing around and bring the rest of the...

CDC Sharply Raises Estimate of HIV Cases in US

New test indicates 40% more infected in US each year than reported

(Newser) - A lot more people in the US have HIV than previously thought. A new CDC study suggests that the US has undercounted by about 15,000 cases a year for 15 years or so, the New York Times reports. That would add 225,000 cases to the current estimate of...

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