US Treasury Secretary Timothy Geithner unveiled an expanded bank rescue strategy that includes up to $1 trillion in new lending, $50 billion to prevent home mortgage foreclosures and $500 billion dollars to absorb toxic assets.
In his first press conference since moving into the White House, US President Barack Obama warned that if Congress failed to act fast, the US economy risked sinking into a "negative spiral" that could prolong the current recession.
US President Barack Obama held a town hall meeting in Elkhart, Indiana, to push his 800 billion dollar stimulus plan, currently under review in the Senate. He will then have his first press conference since moving into the White House.
The Treasury Department deferred its announcement of new stimulus measures to Tuesday, as the Senate prepares to vote on a huge economic bill US President Barack Obama is intensely lobbying for.
The Norwegian government has announced that this package comes on top of an additional 40 billion Euro bank rescue launched in October, and another stimulus package announced last month. (Pictured: PM Jens Stoltenberg)
In a bid to control Wall Street excesses, US President Barack Obama has unveiled a $500,000 cap on salaries of executives of firms getting a US taxpayer bailout.
US President Barack Obama hqs said that the "Buy American" clause in the stimulus package up for debate in the Senate would be a mistake, after warnings from world leaders that protectionism could spark a trade war.
Iran has successfully sent its first domestically made satellite into orbit another development in the country's ambitious space program that has worried many international observers.
Canada and the EU warned US lawmakers against protectionist measures Monday, responding to a "Buy American" amendment passed by the US House of Representatives as part of President Barack Obama's $819bn stimulus plan.
Renowned US department store Macy's announced Monday it was shaving off 7,000 jobs in over 840 stores nationwide, in order to cope with the country's worsening "economic environment".
