Word: trillions
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...Which is probably why President Barack Obama has gone out of his way to court these moderates, whose votes he desperately needs to pass the biggest bill yet: his $3.6 trillion 2010 budget resolution. Ever since the President laid out the broad outlines of his ambitious budget, moderate Democrats like Indiana Senator Evan Bayh and Tennessee Representative Jim Cooper have been struggling with how to embrace such a large budget on top of all the money that has already been spent; those who are up for re-election next year may be particularly inclined to vote against the budget because...
...China Development Research Foundation, a think tank that advises the government, just issued a report calling on Beijing to spend 2.6 trillion renminbi (about $370 billion) on social programs by 2012. Lu Mai, the secretary-general of the foundation, notes that the government has started down this road with a new plan to drastically expand health coverage in rural China, where some 800 million of China's 1.3 billion people live. That's a step forward. But China will need to spend more to expand its safety net, as Lu says, and it needs to hurry. If only it could...
...aside. With the collapse of oil prices and the credit crisis, Russia needs cash. China needs fossil fuels; it needs them from a variety of suppliers far into the future - and it has the money to pay for them. Half of the country's massive national savings of $2 trillion is in corporate coffers. "These [Chinese] companies know this slump, while deep, will not last forever," says Xu Minle, a Shanghai-based analyst at BOC International. "China is now making strategic investments overseas at a comparatively lower cost...
...Washington A Budget for Change Spending plans in the $3.6 trillion 2010 budget President Obama sent to Congress signal fundamental priority shifts in several key government departments. Some of the biggest new proposals...
...world might be sinking into its worst recession in generations, but China is on a wild shopping spree. Sitting some $2 trillion of cash reserves, Beijing is taking advantage of the woes of others to cement its grip on new sources of commodities ranging from olive oil to crude oil -often at fire-sale prices...