Possible moves include extending federal unemployment benefits, food stamp programs, COBRA health insurance and a first-time home buyer tax credit. But the real balancing act,reportsThe New York Times, is figuring out how to cut trillions from future federal budget deficits while pumping billions more into the economy to stimulate jobs. Dust off the old calculus textbook—this could get tricky.
Also on Wednesday, theWhite House unveiled plans(PDF) to refocus spending from major financial institutions to small businesses. (Insert your own “Wall Street-Main Street” line here.) But in Michigan, small businesses aren’t buying it,reports theDetroit Free Press. Many small banks have forgone bailout money because of its costs, restrictions and negative public perception.
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