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Jobless rate bolts to 8.1 percent, 651K jobs lost
WASHINGTON - The nation's unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs amid a deepening recession. Both figures were worse than analysts expected and the Labor Department's report shows America's workers being clobbered by a wave of layoffs unlikely to ease in the coming months.
Mortgage woes break records again in 4Q
NEW YORK (AP) - A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and that's not the worst of it, new data Thursday showed. The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a ...
Obama sets end to US combat in Iraq by Aug. 2010
CAMP LEJEUNE, N.C. (AP) - Declaring "I have come to speak to you about how the war in Iraq will end," President Barack Obama on Friday moved to fulfill the defining promise of his campaign, announcing that all U.S. combat troops will be withdrawn by September 2010. But in the same speech to Marines at Camp Lejeune, N.C., he revealed that the vast majority of those involved in the pullout will not leave this year. ...
House passes Obama's economic stimulus bill
WASHINGTON (AP) - Handing the new administration a big win, House Democrats passed President Barack Obama's $787 billion plan to resuscitate the economy on Friday despite a wall of Republican opposition. The bill was approved 246-183 and sent to the Senate, where a vote was scheduled late Friday afternoon. That vote was to be held open for hours, waiting for Ohio Democrat Sherrod Brown, who was attending a memorial service for his mother and then flying back to cast the deciding vote.
Charter Communications to file Chapter 11
PHILADELPHIA (AP) - Struggling Charter Communications Inc., the nation's fourth largest cable operator, said Thursday that it plans to file a prearranged Chapter 11 bankruptcy by April 1. Charter, which is controlled by Microsoft Corp. co-founder Paul Allen, said it has reached an agreement in principle with holders of $8 billion in debt who will give up repayment of their debt. In return, they will receive common shares, or warrants for rights to get common ...
Senate passes Obama's economic recovery plan
WASHINGTON - President Barack Obama's economic recovery plan has passed the U.S. Senate and is on its way to difficult House-Senate negotiations.
Daschle withdraws as nominee
WASHINGTON (AP) - Daschle withdraws nomination to be secretary of Health and Human Services.
Macy's to cut 7,000 jobs, slash dividend
NEW YORK (AP) - Macy's Inc. announced Monday that it will cut 7,000 jobs, almost 4 percent of its work force, reduce its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.
Perdue: GBI to look at peanut butter plant
ATLANTA - Gov. Sonny Perdue has asked the Georgia Bureau of Investigation to look into the south Georgia peanut butter plant at the heart of the salmonella outbreak. The governor has instructed the GBI to see whether the state has jurisdiction under Georgia law to investigate violations at the Georgia plant. Lawmakers have called on federal authorities to launch a criminal investigation.
Illinois governor thrown out of office
SPRINGFIELD, Ill. - Illinois Gov. Rod Blagojevich (blah-GOY'-uh-vich) has been convicted at his impeachment trial and thrown out of office. His removal comes nearly two months after his arrest on charges of trying to sell Barack Obama's vacant Senate seat. He becomes the first U.S. governor in more than 20 years to be removed by impeachment.
Ga. unemployment rate hits 8.1 percent in December
ATLANTA - The state's unemployment rate rose to 8.1 percent in December, the highest since March 1983, the Georgia Department of Labor said Thursday. The department reported that 393,168 Georgia residents were jobless last month. About 40 percent of them are getting unemployment insurance.
Ga. plan would link property tax relief to revenue
ATLANTA- Powerful Georgia House leaders are backing a proposal that would preserve a property tax break for homeowners this year but would likely eliminate it next year. The homeowner tax relief grants, which reduce property taxes by about $200 to $300 per homeowner, would be wiped out in Gov. Sonny Perdue's proposed spending plan. He said it was "virtually fiscally impossible" to fund the $428 million program amid a $2.2 billion deficit.
Senate OKs 4-month delay to digital TV changeover
WASHINGTON - The Senate on Monday voted unanimously to postpone the upcoming transition from analog to digital television broadcasting by four months to June 12 - setting the stage for Congress to pass the proposal as early as Tuesday. Monday's Senate vote is a big victory for the Obama administration and Democrats in Congress, who have been pushing for a delay amid growing concerns that too many Americans won't be ready for the currently scheduled Feb. 17 changeover.
Successor chosen for Clinton's Senate seat
ALBANY, New York - Gov. David Paterson has picked Democratic U.S. Rep. Kirsten Gillibrand to fill New York's vacant U.S. Senate seat, an aide to the governor said early Friday, a day after Caroline Kennedy abruptly withdrew from consideration.
Obama signs order to close Guantanamo in a year
WASHINGTON - President Barack Obama began overhauling U.S. treatment of terror suspects Thursday, signing orders to close the Guantanamo Bay detention center, shut down secret overseas CIA prisons, review military war crimes trials and ban the harshest interrogation methods.
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