Word: stimulus
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Francis Jamiel said his company would have been out of business had it not been for the stimulus package. Jamiel owns a shoe store in Providence, R.I. He told of eight different banks that turned him down late last year when his 73-year-old business, struggling from the economic downturn, was badly in need of a loan. In March, he was able to secure $400,000 from a credit union through a program set up by the stimulus plan, whereby the government provides insurance for small-business loans. Jamiel said the loan has allowed him to restock his store...
Still, Biden and the business executives noted that there were limits to what the stimulus could do. Peter Harckham, a legislator from New York's Westchester County, said that money from the stimulus bill, while helpful, would leave his county about $1 billion short of its target budget for upgrading local water and sewage systems. The Vice President responded that the stimulus package was not meant to shift the burdens of local governments to the federal budget. Once the stimulus money is gone, Biden said, Westchester will...
...Robson, president of the National Association of Home Builders, volunteered that the stimulus plan has done little to stop the flood of homebuilders who have been forced out of business or had to default on loans. Those loans to builders are a big concern for local banks, and Robson worried that foreclosures on residential real estate developments would continue if no help arrives. What's more, no one is predicting that the economic stimulus will put the job market in the positive category anytime soon. The White House predicts the stimulus bill will create about 200,000 jobs a month...
Still, on Tuesday, Biden was focused on the positives. "I have heard from scores of people who have been helped by this stimulus bill," he said...
...every student, faculty member, and alum is aware that the global financial calamity has influenced every component of University finances: endowments, private philanthropy, and gifts from cash-strapped foundations. While stimulus funds have temporarily swelled the budgets of federal science agencies, the long-term picture for government funding is hazy at best, and may fall victim to deficit-cutting two years from now. Within Harvard, the deans and central administrators have had the unenviable task of cutting budgets in order to match our expenses to our newly constrained resources. We have all spent many hours since October engaged in these...