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There are two versions of what happened next. One camp says Treasury Secretary Paulson then decided not to back the plan after all. Other sources on the Hill and elsewhere familiar with the debate say Paulson supported the plan, but the White House killed it. Democrats contend that the White House is clamping down on Paulson's previous willingness to do big, expensive interventions. The Treasury Department declined to comment, but the senior official dismissed the talk of White House-Treasury battles as "stupid." Paulson may get grilled on the fight over the FDIC mortgage plan during his appearance before...

Author: /time Magazine | Title: Congress Returns — and So Do Economic Fissures | 11/17/2008 | See Source »

...American musicals these days, the path to success falls into one of three categories: camp (Hairspray), hip (Spring Awakening) or kid-friendly (Wicked). Billy Elliot takes the old-fashioned route and makes an honest, emotional connection. Billy's motherless household is a grubby, oppressive place, and when his father and brother join their fellow miners in walking off the job, it becomes a tension-filled one. The story unfolds at a carefully unhurried pace: after a disastrous boxing lesson, Billy accidentally finds himself in a girls' ballet class. The teacher recognizes his talent, begins tutoring him in private and persuades...

Author: /time Magazine | Title: Billy Elliot: A London Musical Hit on Broadway | 11/14/2008 | See Source »

...making a church set up security screening for parishioners. The Clintons drove down the street every Sunday to Foundry United Methodist, where Chelsea sang in the youth choir. George W. Bush never became a regular member of any local church, preferring to worship most often at the chapel at Camp David...

Author: /time Magazine | Title: What Church Will President Obama Attend? | 11/14/2008 | See Source »

Somalia's problems have spilled beyond its borders, with a constant flow of refugees being smuggled in by leaky boats to Yemen and even more walking south to Kenya. There are more than 200,000 people crowded into the world's biggest refugee camp, at Dadaab, 62 miles (100 km) south of the frontier; some 5,000 new refugees arrive every month...

Author: /time Magazine | Title: The Suffering Of Somalia | 11/13/2008 | See Source »

...least $300 billion, or 2% of GDP. A few say $500 billion or $600 billion makes more sense--and that's on top of the hundreds of billions already committed to bailing out financial institutions. Goldman Sachs chief U.S. economist Jan Hatzius, who is in the $500 billion camp, estimates that private spending will drop by at least 6% of GDP over the next year or two. To keep that retrenchment from yanking the economy downward into depression, government must step...

Author: /time Magazine | Title: Will Washington's Stimulus Plan Work? | 11/13/2008 | See Source »

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