Morning Briefing - November 19, 2008

by Bryan Schott

State officials say Utah is not immune from the economic slowdown. The state recorded negative job growth for the first time this year, as nearly 2,200 jobs were lost over the last year. The long term outlook is not much better. The Department of Workforce Services expects a lost of 19,000 jobs over the next year as unemployment could hit 5.5%.

Treasury Secretary Henry Paulson told Democratic lawmakers yesterday that the $700 billion bailout program was intended to keep the economy from collapsing, not to help overextended homeowners with sub-prime mortgages. Democrats are firing back, accusing Paulson of misleading them on the bailout plan. An official with the FDIC says the country could face a "tidal wave" of 5 million foreclosures over the next two years if the problem is not addressed.

The "Big 3" automakers made their case for $25 billion in loans from the federal government to keep their businesses afloat. Business Week says "from the reception they got, it's going to be a tough sell." Congressional Republicans are dead-set against extending bailout money to the automakers. Democrats say they will probably have to wait until next year to get anything done.