Congress reaches tax rebate deal
to stimulate the economy
WASHINGTON -- Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children.
House Speaker Nancy Pelosi said Congress would act on the agreement "at the earliest date, so that those rebate checks can be in the mail." The first rebate payments could begin going out in May, and most people could have them by July, according to the treasury secretary.
The rebates will go to 117 million families, according to a Democratic summary.
The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. The caps are higher for those with children.
The rebate part of the plan would cost about $100 billion, aides said. The package also includes close to $50 billion in business tax cuts.
Facing a grim year, Ford offers buyouts
DETROIT -- Amid continued weakness, Ford Motor Co. is offering 54,000 employee buyouts to cut costs.
The buyout and early retirement packages will be offered to U.S. hourly workers in an effort to cut more jobs and replace workers with those making a lower wage.
Chief Executive Alan Mulally said the first round of buyouts would be offered immediately to the 1,000 workers who had been employed at already closed plants in Atlanta, St. Louis, Edison, N.J., and Norfolk.
The second round of buyouts would go to workers at all other U.S. Ford locations.
In another blow to the company, Toyota outsold Ford in U.S. sales in 2007, taking the No. 2 position Ford had held for 75 years behind General Motors Corp.
Sprint Nextel’s top leaders
to leave the company Friday
KANSAS CITY, Mo. -- Sprint Nextel Corp. said Thursday that three of its top executives will leave the company Friday.
The chief financial officer, chief marketing officer and president of sales and distribution will exit. The men have been with the company for more than 17 years collectively.
A spokeswoman at the Reston, Va., company would not provide further details on the departures.
The company announced last Friday that it would lay off about 4,000 employees and close 125 retail locations in response to a steep drop in its customer base.
Sprint Nextel shares, which have traded in a 52-week range of $8.07 to $23.42, were down 4 cents at $8.68 in midday trading Thursday.
World markets rise on hope of healthy Wall Street
The Dow Jones Industrial Average Thursday rose 108.44, or 0.88 percent, to 12,378.61, following a nearly 300 point surge on Wednesday.
Broader stock indicators also rose. The Standard & Poor's 500 index rose 13.54, or 1.01 percent, to 1,352.14, and the Nasdaq composite index advanced 44.51, or 1.92 percent, to 2,360.92.
Wall Street's rally followed a surge on European markets Thursday.
Markets in Britain, Germany, and France followed most Asian markets higher Thursday, helping erase losses from their steep slide earlier this week that was driven by fears of a recession in the U.S.
Some traders are betting that the Fed will again cut its fed funds rate, which would stimulate borrowing, business activity and the overall economy.
Still, some analysts warned that the U.S. faces serious problems that interest rate cuts alone can't fix, and many economists still predict a U.S. slowdown that could put a drag on global growth.
From the Associated Press
Produced by
Washington and Lee
journalism students.
Lead Supervisors:
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Richardson
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Mitchell
Editing supervisor:
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Technical supervisor: Michael Todd