The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. | The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. |