Official: Budget projects $1.75 trillion deficit

Official: Budget projects $1.75 trillion deficit
Thursday February 26, 6:43 am ET By Martin Crutsinger, AP Economics Writer
Official: Obama budget projects $1.75 trillion deficit, seeks Medicare cuts

WASHINGTON (AP) -- President Barack Obama is sending Congress a budget Thursday that projects the government's deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis. A senior administration official told The Associated Press that Obama's $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.
The president's first budget also holds out the possibility of spending $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to this official, who spoke on condition of anonymity before the formal release of the budget.
The official said the administration felt it would be prudent to ask for additional resources to deal with the financial crisis, the most severe to hit the country in seven decades. He called the request a "placeholder" in advance of a determination by the Treasury Department of what extra resources will actually be needed.
The spending blueprint Obama is sending Congress is a 140-page outline, with the complete details scheduled to come in mid- to late April, when the new administration sends up the massive budget books that will flesh out the plan.

http://biz.yahoo.com/ap/090226/obama_budget.html

Impatient investors want to know the specifics of what Team Obama is cooking up

Wall Street: Devil is in the details
Impatient investors want to know the specifics of what Team Obama is cooking up to soften the blow of the recession. The week ahead brings several opportunities.

NEW YORK (CNNMoney.com) -- A lack of clear communication between the government and Wall Street last week left investors scratching their heads and dumping their stocks. The week ahead brings a chance for a rapprochement.
President Obama is expected to sign into law Monday the much debated $787 billion economic stimulus package. Obama and his team are also expected to outline specifically why the plan will help soften the blow of the recession when other government efforts over the last year have had little impact.
The plan combines tax relief, aid and spending, and was passed in both the House of Representatives and the Senate last week with very little Republican support. (Full story)
Later in the week, Obama is expected to provide details on the administration's plan to modify home loans in a bid to limit foreclosures.
"We need specifics," said Joe Arnold, wealth manager at Dawson Wealth Management. "The market is back down near the November lows because we don't know specifically how and when these plans are going to have an impact."

Duitsland neemt maatregelen om de economie te stimuleren

Duitsland neemt maatregelen om de economie te stimuleren
De Duitse regering is bezig met de voorbereiding van een 50 miljard Euro plan om de economie te stimuleren.
Vorige maand werd de prognose voor de groei van de Duitse economie (2.6 biljoen Euro) in 2009 naar beneden bijgesteld naar 0.2 procent, vergeleken met 1.7 procent voor dit jaar.

Germany Plans Stimulus Program to Boost Economy (Update1)