It is up to Congress to get their act together, as Barack Obama is seeking to enact the stimulus bill as soon as possible, in an attempt to keep the United States economy afloat, and avoid irreversible damage to markets and exchange traded funds (ETFs).
Each day the U.S. is without a stimulus package, more Americans lose their jobs, their homes or their savings. David Espo for Associated Press reports that this message is a plea for congressional leaders to get their act together and come to terms, due to the large size of the package and the inability for both parties to agree upon a bill.
The addition of a new tax break for home buyers Wednesday evening sent the price tag well past $900 billion. Democrats hope for passage by Friday.
Meanwhile, factory orders continue to plunge for the fifth month in a row, down 3.9%. Further weakness is expected, and this makes 2008 the weakest year since 2002, says Martin Crutsinger for Associated Press. Demand is down for big ticket items such as cars, computers, and heavy machinery. Demand for U.S. exports is expected to shrink.