Rising debt may overwhelm Barack Obama's effort to rescue the economy

peaceandlove · 02-20-2009, 09:11 PM

Rising debt may overwhelm Barack Obama's effort to rescue the economy

From The Times
February 19, 2009
Tim Reid in Washington

President Obama was hit with another wave of grim financial news yesterday, amid signs that his Administration is in danger of being overwhelmed by the scale of the economic crisis.

As he outlined a $75 billion (£52 billion) plan to halt home repossessions across America, evidence emerged of the enormous struggle Timothy Geithner, the Treasury Secretary, is having to come up with a detailed solution to stabilise the stricken banking sector.

Chrysler and General Motors also said that they needed up to $22 billion more in government funds to avoid collapse, leaving Mr Obama the difficult decision of whether to keep pumping taxpayers' money into the carmakers.

Article continues: http://www.timesonline.co.uk/tol/new...cle5762264.ece

02-20-2009, 09:11 PM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Rising debt may overwhelm Barack Obama's effort to rescue the economy Rising debt may overwhelm Barack Obama's effort to rescue the economy From The Times February 19, 2009 Tim Reid in Washington President Obama was hit with another wave of grim financial news yesterday, amid signs that his Administration is in danger of being overwhelmed by the scale of the economic crisis. As he outlined a $75 billion (£52 billion) plan to halt home repossessions across America, evidence emerged of the enormous struggle Timothy Geithner, the Treasury Secretary, is having to come up with a detailed solution to stabilise the stricken banking sector. Chrysler and General Motors also said that they needed up to $22 billion more in government funds to avoid collapse, leaving Mr Obama the difficult decision of whether to keep pumping taxpayers' money into the carmakers. Article continues: http://www.timesonline.co.uk/tol/new...cle5762264.ece