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Capitol Hill, meanwhile, hums at peak capacity. Congress is frantically stacking pet projects into a trillion-dollar tower in hopes that--by painting the word stimulus down the side--it will lift off like an economic rocket. There is no Plan B. The hero of recessions past--the American shopper--has left the mall. For the first time in its history, the National Retail Federation predicts consumers will actually spend less over the coming year. Super Spender can't save the day when stuck in the unemployment line...

Author: /time Magazine | Title: The Moment | 1/29/2009 | See Source »

...Lawrence H. Summers has already been working for about nine hours, having checked the markets, read the newspapers, met with senior White House staff, finished his daily briefing to President Obama, visited both houses of Congress to discuss the stimulus plan and pulled aside a few Senators to lobby them personally. In days prior, he helped lead meetings on the banking crisis, the next federal budget, health-care reform, changes to Medicare and Social Security and a pending reregulation of the financial markets. The litany of crises would give an army of economists the shakes, but it doesn't seem...

Author: /time Magazine | Title: Can Larry Summers Save the Economy? | 1/29/2009 | See Source »

...Compact Summers' immediate task is to convince skeptical Senators that shelling out nearly $1 trillion over two years isn't another exercise in traditional pork-barrel spending but a vital step needed to save jobs and invest in the future. Some Republicans call the current plan wasteful; free-spending Democrats long for more investments over years, not months. Summers argues that the stimulus bill splits the difference: not only will most of the money go to reviving the economy in the next 18 months, but much of it will also go to projects that could save money over the long...

Author: /time Magazine | Title: Can Larry Summers Save the Economy? | 1/29/2009 | See Source »

...then, perhaps as early as March, they'll launch their biggest lift with the beginnings of a plan to reform Social Security and Medicare, the two entitlement programs that, even before the economy collapsed, were threatening the Treasury with bankruptcy. By any standard, it is a massive three-month agenda fraught with political risk. The key to getting it all done, Summers says, is entering into a "compact" with the country "that this isn't just government as usual throwing money at things." When Obama unveils his annual budget in late February or March, Summers promises that the President...

Author: /time Magazine | Title: Can Larry Summers Save the Economy? | 1/29/2009 | See Source »

Though most bidders’ proposals involved little change to how the kiosk currently operates, Unofficial Tours had a different vision. President Daniel Andrew ’07 said their plan was to transform the space into a conceptual “concierge desk for Harvard Square,” providing tour tickets, maps, restaurant menus, and other resources for tourists...

Author: By Liyun Jin, CRIMSON STAFF WRITER | Title: Square Kiosk Finds New Owners | 1/28/2009 | See Source »

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