ECONOMY WEEKLY: WEEK OF OCTOBER 5, 2009

For Immediate Release:

October 9, 2009

Contact:Katie Grant
Stephanie Lundberg
(202) 225 - 3130

 
“I think [the Troubled Asset Relief Program]

succeeded in stabilizing the banking system.”
 

- Senate Minority Leader Mitch McConnell (R-KY), 10/2/09
 
Economy Highlights:
 
• An AP poll released this week says that the economy is the number one concern among Americans: “The economy was the biggest concern, with 88 percent saying they consider it extremely or very important, followed by unemployment, health care, terrorism, the budget deficit, taxes and the war in Afghanistan.” [Associated Press, 10/7/09]
 
• The Labor Department announced Thursday that new claims for unemployment insurance dropped last week to a seasonally adjusted 521,000, the lowest level since early January. [Associated Press, 10/8/09]


• The Obama administration announced that it “reached its goal of signing up 500,000 borrowers for its foreclosure prevention program three weeks early.” The program, launched in March, aimed to help 500,000 borrowers by Nov. 1, with an ultimate goal of helping 4 million borrowers before it is set to expire in 2012. “The government program has likely depressed the number of foreclosures this year by about 7 percent to 8 percent during the last six months, said Paul Dales, U.S. economist for New York-based Capital Economics.” [Washington Post, 10/8/09]
 

Recovery Highlights:


• Vice President Biden updated President Obama on the status of the recovery act, indicating that “50 percent of spending is now obligated and that the rate of outlays plus tax relief has now exceeded CBO’s initial projections for the program,” which means the Administration is on-track to meet the target of distributing 70% of funds by September 30, 2010. Click here to read more from the Office of the Vice President.
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