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...Washington Fending Off Foreclosure The massive Housing and Economic Recovery Act of 2008 offers U.S. homeowners, lenders and local communities some relief from the mortgage crisis. The bill is nearly 700 pages, but here's a highlight reel: ? An increase in the federal debt limit from $9.8 trillion to $10.6 trillion, to cover a possible bailout of the beleaguered mortgage giants Freddie Mac and Fannie Mae ? $300 billion in mortgage-refinancing funds backed by the Federal Housing Administration ? $180 million in counseling and legal services for homeowners facing foreclosure ? Tax credits...

Author: /time Magazine | Title: The World | 7/31/2008 | See Source »

...stage. McCain has promised "comprehensive spending controls," "across-the-board scrutiny" and a bipartisan congressional commission to chop up spending. The goal, says Holtz-Eakin, is to return to the fiscal discipline of the late 1990s, when then President Bill Clinton struck a deal with a Republican Congress to limit spending increases. "People write [new spending] initiatives like they get out of bed these days," says the adviser...

Author: /time Magazine | Title: The Candidates' Tax Plans: Fuzzy Math | 7/28/2008 | See Source »

...hour maximum and negotiate - or impose - longer hours for staffers. In doing so, bosses will no longer have to worry about compensating extra time with days off, as they were previously obliged to do to keep any worker's average workweek over the year within the 35-hour limit. What's more, overtime work will no longer come attached to a 25% bonus, but with one as low as 10%, to be determined through negotiation...

Author: /time Magazine | Title: Goodbye to France's 35-Hour Week | 7/24/2008 | See Source »

Wanderlust knows no boundaries - and sometimes no credit limit, either. Luxury-hotel association Leading Hotels of the World is celebrating its 80th anniversary by offering Around the World in 80 Ways, a travel experience that pays tribute to the Oscar-winning Around the World in 80 Days, but is more opulent and extravagant than anything Phileas Fogg encounters in that film...

Author: /time Magazine | Title: The Incredible $1 Million Journey | 7/23/2008 | See Source »

...sound accommodating, Reagan further muddled the issue of whether he had in fact decided to abandon the SALT II treaty. The Administration is in the process of dismantling one missile-carrying submarine, thus keeping the U.S. within the pact's ceilings. But it asserted that it would breach the limits late this year, as more B-52 bombers were equipped with cruise missiles. It is possible, however, said Spokesman Larry Speakes, that another submarine might be decommissioned when the cruise missiles put the U.S. over the SALT II limit. Exactly what are you going to do on SALT? Reagan...

Author: /time Magazine | Title: STAR WARS AT THE CROSSROADS | 7/21/2008 | See Source »

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