(inan.info)-By Dan Robinson
Washington
The battle over President Obama's $3.55 trillion budget for 2010 and projections for coming years is underway in Congress. Both the House of Representatives and Senate are expected to pass their versions of a budget resolution by the end of the week, as Democrats and Republicans do battle over the question of deficit spending and debt in a recession economy.

Budget resolutions do not have the force of law, but serve as guidelines for later appropriations and other legislation in Congress.

After House and Senate passage, negotiating teams will work to resolve differences so a single measure can be completed and voted on by the end of April.

House Democrats and Republicans used news conferences to argue for their respective proposals.

Democrats say they would cut the current $1.8 trillion deficit, which they note was left by the Bush administration, to $587 billion by 2014, while making crucial investments in health care, education, alternative energy and other areas to

By Dan Robinson
Washington

Acting amid more bad news about the pace of home mortgage foreclosures in the United States, the U.S. House of Representatives approved by a vote of 234 to 191 legislation that would allow judges to order changes in mortgage terms to help more Americans facing job losses financial troubles to stay in their homes.

Congressional approval of the legislation, if the Senate also acts on its own version, is a key part of President Barack Obama's effort to help prevent further economic damage resulting from more families losing their homes in the midst of the recession.

The measure approved late Thursday by the House would allow bankruptcy judges to alter the terms of mortgages to

[inan.info]
By VOA News

U.S. President Barack Obama signed a $787 billion economic stimulus bill into law Tuesday, marking a major victory in his bid to rescue the nation's economy and restore prosperity.

Less than one month after taking office, Mr. Obama Tuesday traveled to Denver Colorado where he signed the "American Reinvestment and Recovery Act."

He called the measure "the most sweeping economic recovery package" in the nation's history. He said it begins "the essential work of keeping the American dream alive" by restoring long-term growth and prosperity.

The bill includes government spending and tax cuts designed to help push the U.S. economy out of recession. The White House says the plan will create or save 3.5 million jobs, provide tax relief to 95 percent of working Americans and

(inan.info)-VOA-By Julia Ritchey
Washington

House Speaker Nancy Pelosi speaks during news conference on Capitol Hill in Washington, after House passed stimulus legislation, 13 Feb 2009
President Barack Obama scored his first major political victory with the passage of a $787-billion stimulus package, which he will sign into law this week. Although many economists now agree that a stimulus was needed to jolt the ailing economy, some say the size of the package may not be enough.

President Obama's economic team says the stimulus package should help to create or save about four million jobs. But chief economist of Moody's Economy.com, Mark Zandi, estimates the stimulus will only create about 2.2 million jobs by 2010, leaving the unemployment rate hovering close to 10 percent.

Zandi, speaking on Fox News Sunday, says the stimulus is a good idea, but it is simply not big enough in size to address the problem.

"It is meaningful, but I do not think it is enough," said Mark Zandi. "I think the economy is in a very difficult situation. The difficulties require a larger package, and I think a

By VOA News

Wall street investor Bernard Madoff, who is accused of swindling up to $50 billion from clients around the world, has met a court-ordered deadline to submit a list of his assets.

The Securities and Exchange Commission confirmed Wednesday that federal regulators had received the list, but the

WASHINGTON - Today, Native American Heritage Day, the United States Mint is releasing the designs for the new 2009 Native American $1 Coin. Public Law 110-82 directs the Secretary of the Treasury to mint and issue the new $1 coin to recognize Native Americans for their contributions to the history and development of our Nation. The new coin, slated to

Foreclosure doesn't happen overnight
Have you missed your house payment?

Search for a HUD-approved housing counselor, or
Call Toll Free (800) 569-4287 to find a Housing Counselor near you, or
Call the HOPE NOW Alliance at (888) 995-HOPE.
Haven't missed a house payment yet, but afraid you might?

Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?

Is your credit card debt becoming unmanageable?
Are you using your credit cards to buy groceries?
Is it becoming difficult to pay all your monthly bills on time?
If it’s becoming harder to make your house payment each month:

Contact a HUD-approved Housing Counselor, or
Call Toll Free (800) 569-4287 to find a

By Jim Randle
Washington

As officials and business leaders struggle to rescue the economy from serious problems, the news has been filled with strange terms like "mortgage-backed securities" and "leverage." We asked VOA's Jim Randle to translate some of this Wall Street-speak into more understandable language.

The financial crisis grows out of problems with mortgages, which are loans from a bank that helps a borrower to buy a home.

The borrower must repay the loan, as well as additional charges called "interest." Interest is rent paid to the lender for the privilege of using the money for a specific period of time.

Traditionally, U.S. lenders required prospective borrowers to prove that they

(inan.info)-By Michael Bowman
Washington

The Bush administration says the ballooning U.S. federal budget deficit will rise even higher next year, shattering the record set four years ago. From the White House, VOA's Michael Bowman reports.

In a report to Congress, the Bush administration says federal expenditures will exceed revenues by $389 billion this year, and by a record-high $482 billion in fiscal year 2009. The figures do not take into account the full costs of U.S. operations in Iraq and Afghanistan.

Office of Management and Budget Director Jim Nussle says a slowing economy combined with the costs of an economic stimulus package, are the main culprits for the current spike in the deficit.

"Earlier this year, the president and Congress, on a bipartisan basis, correctly agreed that action was needed for our economy, and made a deliberate and conscious decision to temporarily increase the deficit in order to get money into the people's hands, and spur consumption," he said.

Despite the staggeringly high deficit numbers, the administration points out that, as a percentage of gross domestic product, the federal deficit will be smaller next year than it was in 2004, when the deficit topped $400 billion.

Nevertheless, White House spokeswoman Dana Perino says President Bush is determined to enforce greater fiscal discipline while pursuing a pro-growth economic strategy.

"President Bush has tried to hold the line across the board when it comes to this Congress trying to raise taxes on the American people or raise spending unnecessarily," she said. "He has not been afraid to veto bills."

Perino added that defense and security costs since the 9/11 terrorist attacks on the United States have placed enormous financial burdens on the country, but that those expenditures are vital and appropriate.

When President Bush entered office, the United States enjoyed a fiscal surplus of $128 billion. The president's critics note that Mr. Bush is the first president in U.S. history to cut taxes during a time of war.

House Budget Committee Chairman Democratic Representative John Spratt is quoted as deriding President Bush's "dismal legacy" in

(inan.info)-By VOA News

The U.S. Senate has passed a major bill to provide government support for financially troubled homeowners and two of the country's largest mortgage lenders.

Senators voted 76-13 in favor of the measure Saturday during a rare Saturday session.

The House of Representatives passed the bill Wednesday. President Bush says he will sign it into law when it reaches his desk.

The legislation establishes a $300 billion fund