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LATEST NEWS

Treasury Distributes 1.546 Million Additional Stimulus Checks in November

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Economic Growth Package

• Treasury Distributes 1.546 Million Additional Stimulus Checks in November
• Treasury Distributes 1.416 Million Additional Stimulus Checks in October
• Week 11 Wrap-Up: Treasury Sent 7.530 Million Stimulus Payments This Week
• Treasurer Cabral Remarks on the Economic Stimulus Package
• Paulson Remarks on the Economic Stimulus Package
• Fact Sheet: State-by-State Benefit of the Economic Stimulus Act of 2008
• Fact Sheet: Examples of How the Economic Growth Package will Benefit Americans
• Paulson Statement on Senate Passage of Economic Growth Package
• Paulson Statement on House Passage of Economic Growth Legislation
• Paulson Answers Questions on Economic Growth Agreement
• Paulson Press Briefing on the Bipartisan Economic Growth Agreement
• White House Fact Sheet: New Growth Package Meets Criteria to Keep Our Economy Healthy
• Bush Statement on Economic Growth Agreement
• Paulson Remarks on the Economy
• Paulson Takes Questions at the White House
• Paulson Remarks at White House Press Briefing
• White House Fact Sheet: Taking Action to Keep Our Economy Healthy
• Transcript: President’s Remarks

Treasury Releases Social Security Papers

To build on the discussions that Secretary Paulson has had with members of Congress in both parties, Treasury has released a series of issue briefs that discuss Social Security reform, focusing on the nature of the problem and those aspects of reform that have broad support.

• Paulson Statement on Treasury Social Security Papers on Common Ground
• Issue Brief 1: Social Security Reform: The Nature of the Problem
• Issue Brief 2: Social Security Reform: A Framework for Analysis
• Issue Brief 3: Social Security Reform: Benchmarks for Assessing Fairness and Benefit Adequacy
• Issue Brief 4: Social Security Reform: Mechanisms for Achieving True Pre-Funding
• Issue Brief 5: Treasury Releases Fifth in a Series of Social Security Papers

U.S. Economic Strength

Employment Fell in November: 
Job Growth: Payroll employment fell by 533,000 in November, following a decrease of 320,000 in October.  Employment increased in 19 states and the District of Columbia over the year ending in October. (Last updated: December 5, 2008)

Unemployment: The unemployment rate was 6.7 percent in November, up from 6.5 percent in October and 2.0 percentage points higher than a year ago.  (Last updated: December 5, 2008)

The Economy Slipped in Q3:
Real GDP: Real GDP edged down 0.5 percent at an annual rate in Q3, as consumer spending fell, business investment declined, and the housing sector continued to weaken.  Net exports remained a source of strength, however, contributing 1.1 percentage points to real growth.  Inventory investment and government spending also provided support to the economy in Q3.  (Last updated: November 25, 2008)

Solid Export Growth and Low Core Inflation Remain Bright Spots:
Exports: Exports have been a key driver of growth.  Over the past 4 quarters they rose a solid 6.3 percent. (Last updated: November 25, 2008)
Inflation: Core inflation remains contained.  The consumer price index excluding food and energy rose 2.2 percent over the 12 months ending in October. (Last updated: November 19, 2008)

The Emergency Economic Stabilization Act Will Provide Needed Stability for our Financial Markets:
The Administration and the Congress together have taken strong action to support the economy through the Emergency Economic Stabilization Act of 2008.  Treasury is working to implement the Act to stabilize markets, promote increased lending, and foster improved growth and job creation.  (Last updated: December 5, 2008)

Pro-Growth Policies Will Enhance Long-Term U.S. Economic Strength:
The Federal budget deficit widened by $292 billion to $455 billion (3.2 percent of GDP) in FY2008, following 3 years of improvement that trimmed the deficit to $162 billion (1.2 percent of GDP) in FY2007.  The increase was due in part to the slowing economy and the economic stimulus package enacted early in 2008. The FY2008 budget results reinforce the need to not only address short-term challenges, but to pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform.

 

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Last Updated: December 5, 2008