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Skilled Foreign Workers in US May Have to Leave
Additionally, skilled foreign workers aspiring to work in the US may now find that goal more difficult due to new government restrictions on hiring foreign workers. The restrictions are part of the government bailout packages to investment banks. Paige Kollock reports from New York.
Obama Outlines Tough Terms For Auto Industry Aid
U.S. President Barack Obama says the two U.S. auto companies that have received billions of dollars in emergency loans have not made enough changes to justify continued government assistance. He asked the head of General Motors to resign, and gave the company 60 days to come up with a better plan. The president said the third largest U.S. automaker, Chrysler, is even weaker, and can not survive without forming a corporate partnership. The President gave Chrysler 30 days to work out such a deal with Fiat. Mr. Obama also raised the possibility that the U.S. car companies could go through a form of bankruptcy that would allow them to shed some of their debts, reorganize, and get back into business.
US Jobless Rate Jumps to 8.1 Percent
The US Labor Department says 651,000 Americans lost their jobs in February, pushing the unemployment rate half a point higher to 8.1 percent. The rate is the highest since 1983. Although the number of people receiving unemployment benefits dropped more than expected last week. VOA's Mil Arcega has more.
Obama Submits First Budget, Proposes $3.5 Trillion in Spending
President Barack Obama submitted his first federal budget to Congress Thursday, saying some hard choices lie ahead. The proposal contains more than \$3.5 trillion for programs the president says address the country's most pressing needs. It includes additional money to boost the country's shaky financial system along with an ambitious plan to reform the US health care system.
Mortgage Industry, Consumer Groups React to Obama Mortgage Rescue Plan
President Barack Obama has unveiled a plan to reduce the growing number of home foreclosures. While the plan does not cover every homeowner in trouble, some analysts say the plan is a positive step toward stabilizing a declining real estate market.
Job Training Fueled by US Unemployment
The number of Americans losing jobs is growing as more companies lay off workers amid the economic downturn. As demand for jobs increases so too does the need for more training programs that could allow people to compete in a bleak environment. VOA's Chris Simkins reports on a successful program in a Washington, DC suburb that is preparing people for careers in banking.
US, Global Markets End Week Sharply Lower
Wall Street continued its downward trajectory Friday as investor pessimism sent global stocks sharply lower. Key Asian indexes fell two percent, while markets from London to Paris saw declines between three to five percent. The selloff came despite major U.S. initiatives this week to bolster the sagging U.S. economy.
Obama Unveils Program to Stem Foreclosures
President Barack Obama unveiled a \$75 billion program February 18 to prevent up to 9 million U.S. homeowners from losing their homes. The Homeowner Affordability and Stability Plan includes measures to allow struggling homeowners to refinance their loans so their monthly payments are affordable. VOA's Robert Raffaele has more.
US Congress Approves Massive Stimulus Bill
In the U.S., both Houses of Congress voted mostly along party lines on Friday to pass a \$787 billion stimulus plan aimed at kickstarting the economy. The measure is now headed for the White House for President Barack Obama's signature. Although passage of the bill is a political victory for the new president, he says the work has just begun. VOA's Mil Arcega reports.
Congressional Leaders Agree on Stimulus Bill
U.S. lawmakers announced agreement Wednesday on a massive economic rescue plan which they hope will be ready for President Barack Obama's signature in a few days. The compromise bill trims nearly \$50 billion from the \$838 billlion package approved by the Senate on Tuesday. VOA's Mil Arcega has more.
US Recovery Plan Moves Forward
The Obama administration moved forcefully Tuesday to combat the worst financial crisis in decades. President Obama was in Florida pitching his economic recovery package while Treasury Secretary Timothy Geithner unveiled his plan to get credit flowing again. All this, as the U.S. Senate voted to approve the president's rescue plan. VOA's Mil Arcega reports.
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