U.S. economy teeters on the brink
Bush, Bernanke endorse $100-billion package in effort to prevent recession as housing mess hammers banks, consumers and investors
By BARRIE MCKENNA | ReportOnBusiness.com
WASHINGTON -- In a bid to save the world's largest economy from recession, U.S. President George W. Bush and central bank chief Ben Bernanke yesterday endorsed a $100-billion stimulus package as the spreading housing mess continued to hammer banks, consumers and investors.
The rare plug for fiscal action comes as a growing number of economists say the United States is either in recession or perilously close to it. "The United States has now effectively entered into a serious and painful recession," said economist Nouriel Roubini of New York University.
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