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...should be troubling to the Treasury and the Fed. While the chances of American defaulting on any portion of its debt are small, if the recession drags on the odds that the government will have trouble raising money to finance the deficit will rise. To keep its credit rating, the American government will be faced with curtailing many of its stimulus programs or sharply raising the tax burden. Either action could slow any recovery making a burgeoning deficit a "Catch 22″ in which no alternative is acceptable...

Author: /time Magazine | Title: U.K. Debt Moves Sovereign Borrowing Issue Closer To U.S. | 5/21/2009 | See Source »

...economy or a series of poor management decisions would undermine the public's tenuous trust in institutions such as GM (GM) and Citigroup (C). The American taxpayer may be faced with a decade in which there is no return for the government's assistance which was meant to keep critical portions of the economy from collapsing. (See pictures of TIME's Wall Street covers...

Author: /time Magazine | Title: Who's Actually Running the Government's Portfolio? | 5/21/2009 | See Source »

...these roles. In the midst of a recession, Harvard is in a better position than almost any other large institution to support the local community and national economy through providing fair and stable jobs. If Harvard thought it worthwhile to create these jobs, then it has the responsibility to keep them when Cambridge, Allston, and America need them the most. If Harvard continues to benefit from taxpayers and local community members, it must meaningfully and equitably include these members as stakeholders in its budgetary decisions...

Author: By Laura M. Binger, John F. Bowman, and Benjamin J. Oldfield | Title: Harvard’s Role As a Nonprofit | 5/21/2009 | See Source »

...plenty of other treasures are not on lockdown. The Archives, created by Franklin Roosevelt in 1934, keep only the 1% to 3% of government documents and material considered important enough to be saved forever. Still, that adds up. The total currently includes 9 billion pages of text records, more than 20 million photographs, 7.2 million maps, charts, and architectural drawings, and more than 365,000 reels of film. Arranged side by side, the library's inventory would circle the Earth more than 57 times...

Author: /time Magazine | Title: The National Archives | 5/21/2009 | See Source »

...that night - you know, a half hour in the room with you as First Lady - that potentially changes everything. I can only hope, right? You know, that's what I hope. That's what we all hope. But, you know, just to back it up, the goal is to keep being there, just keep doing that again and again and again so that it's not just one time. I don't want it to be just one time for this small group of kids. If I could divide myself up and do that again and again and again...

Author: /time Magazine | Title: Interview with the First Lady | 5/21/2009 | See Source »

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