Second Economic Stimulus Needed
The White House is facing a public that's very pessimistic about the economy, with new unemployment numbers rising to 9.6 percent, the first increase in four months. The Democrats are staring at possible defeat in the mid-term elections if the job market does not improve, and President Barack Obama will outline new measures Wednesday aimed at boosting the U.S. economy. Laura Tyson, the former chairwoman of the Council of Economic Advisers under President Bill Clinton, and Mark Zandi, the chief economist at Moody's Analytics, told CBS' "Face the Nation" that more stimulus programs - in the form of infrastructure spending, a payroll tax holiday and a research and development tax credit - are needed.  CBS
VOA VIEW: A deficit spending stimulus will only exacerbate the economic problems.

Medicare Head Pushes Health Care Test Sites
Newly installed Medicare chief Donald Berwick, keeping a low public profile after encountering controversy over his appointment, is moving quickly behind the scenes to seed the US health care system with 100 to 300 sites to test new models of caring for patients. Since July 6, when President Obama bypassed the Senate confirmation process and named Berwick with a recess appointment, the Cambridge health guru and former Harvard professor has made launching the sites a high priority, according to officials and industry executives. Already, health care lobbyists are seeking to influence how Medicare will decide which physician groups and hospitals to include in the first wave of pilots. Providers from Massachusetts are expected to be among groups from across the country vying for designation as “accountable care organizations’’ under the program. Boston Globe

Obama To Back Infrastructure Spending
Vowing to find new ways to stimulate the sputtering economy, President Barack Obama will call for long-term investments in the nation's roads, railways and airports that would cost at least $50 billion, administration officials said. The infrastructure investments are one part of a package of targeted proposals the White House is expected to announce in hopes of jump-starting the economy ahead of the November election. Obama will outline the infrastructure proposal Monday at a Labor Day event in Milwaukee. While the proposal calls for investments over six years, officials said spending would be front-loaded with an initial $50 billion to help create jobs in the near future. The officials spoke on the condition of anonymity to discuss the proposals ahead of the president's announcement. Houston Chronicle
VOA VIEW: Government created jobs are not long term economic solutions..

NATO Deputy Rues Early Optimism On Marjah
NATO commanders were overly optimistic when they predicted quick success taking the key Taliban-held town of Marjah last winter, the outgoing deputy commander said. There are now fledgling signs of a turnaround, but burned once by Marjah's unpredictability, the military will be more restrained in forecasting success, British Lt. Gen. Nick Parker told reporters Saturday at the headquarters of the NATO-led force. U.S. Marines and Afghan troops overran Marjah, a major Taliban logistics center and opium poppy-growing community, last February and announced plans to stand up an effective Afghan administration. The idea was to develop Marjah as a model for counterinsurgency techniques in hopes other communities in Helmand province and elsewhere in the south would turn against the Taliban. Instead, the Taliban have fought back with hidden bombs, ambushes, assassinations and intimidation, undercutting NATO's efforts to win public support.  Washington Times

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6 Small Earthquakes Shake Parts Of Oklahoma
For the second time in less than a week, six small earthquakes have been recorded in a single day in central Oklahoma. The Oklahoma Geological Survey said the six earthquakes on Saturday ranged from preliminary magnitudes of 1.5 to 3.3. On Wednesday in the same area about 30 miles from Oklahoma City, geologists also recorded six earthquakes that ranged from a preliminary 1.8 magnitude to 3.1. Another quake with a preliminary magnitude of 2.7 was recorded Friday about 10 miles east of the Saturday temblors. Philadelphia Inquirer

One In Five Motorists Now Would Fail DMV Driving Test
If you spend any amount of time behind the wheel, the results of a recent national drivers test should scare you, reports Kevin Ransom in a piece for AOL Autos. In late May, GMAC Insurance reported that nearly 1 in 5 drivers -- or about 38 million Americans -- could not pass a written drivers test if they took it today. That's according to the insurer's annual National Drivers Test survey, which was conducted by polling 5,202 licensed drivers from 50 states and the District of Columbia. The survey posed 20 questions that were culled from various state Department of Motor Vehicles exams. USA Today

Small Businesses Feel Squeezed By Obama Policies
As small businesses try to plot their recovery, attention is turning to what many owners consider burdensome policies -- higher taxes, new accounting procedures and health-care mandates. Even as the government tries to help with an array of small-business initiatives, many owners say the intervention is as much a hindrance to hiring as the faltering economy. Their perceptions are important because the Obama administration is counting on small-business owners like Upham, whose ranks represent more than half the U.S. workforce, to jump-start the economy, much like they did after downturns in the early 1990s and 2001. Washington Post
VOA VIEW:  Obama and Democrats are harming small businesses.

Obama Is Ignoring Border Violence Threat To U.S.
Some measures on illegal immigration to the United States have improved, but the Obama administration is ignoring violence spilling into the U.S. from Mexico, Arizona Sen. John McCain said Sunday. The 2008 Republican presidential candidate noted that 28,000 Mexican citizens have been murdered in the drug war in Mexico, with 72 individuals, including 14 women, killed in one attack just last week. That violence is a threat to U.S. security, McCain said. Fox News

Failed Blowout Preventer Hauled Aboard Ship
A blowout preventer that may hold important forensic evidence as to why it failed, triggering the world's largest accidental oil spill, has been brought to the surface of the Gulf and placed on a vessel, officials said Saturday night. The device "was taken into custody by the U.S. Department of Justice as evidence in its ongoing investigation into the incident," BP said. The blowout preventer was lifted to the surface at 8:53 p.m. (9:53 p.m. ET). Adm. Thad Allen, the government's national incident commander, said the huge blowout preventer "is considered evidentiary material." CNN

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White House Panicking Over Elections
With election season just two months away, incumbent Democrats are scrambling to hold their seats in the house. Harry Smith spoke with Jim Vandehei of Politico and Nancy Cordes, who covers Congress for CBS News, on how the current state of the economy will affect the upcoming elections. Analysts tell CBS' Face the Nation that Democrats are increasingly distancing themselves from President Barack Obama, and are blaming him for failing to boost the economy while he cost them political capital in the fight for health care reform. CBS

Crisis Looms Over Israeli Settlements
Just days after Mideast peace talks began in Washington, the first major crisis is already looming: Israel hinted Sunday it will ease restrictions on building in West Bank settlements, while the Palestinian president warned he'll quit the talks if Israel resumes construction. Israel's 10-month-old slowdown on new building in settlements expires Sept. 26, leaving Prime Minister Benjamin Netanyahu with a tough choice. If he extends the freeze, he risks breaking up his hardline coalition. If he lifts the restrictions, he risks getting blamed for derailing negotiations and disrupting President Obama's Mideast peace efforts soon after they began. Washington Times

Labor Secretary: Obama Doing Good Job On Economy
Labor Secretary Hilda Solis is defending President Barack Obama's efforts to combat the recession and unemployment, saying his focus has been on helping the jobless and underemployed. In a Labor Day appearance on ABC News' "Good Morning America," Solis said Obama is doing a good job. Solis says the Obama administration knows people are hurting from the weak economy. She pointed to last year's $814 billion economic recovery act and administration proposals for job training and hiring incentives for businesses. On CBS' "Early Show," she said that over the last eight months, the U.S. economy has added some 90,000 private sector jobs each month. Charlotte Obsever
VOA VIEW: Deceptive Obama propaganda.

Republican Wave Building Toward November's Elections
Two years into the age of Obama, America may be about to change course. The hope and optimism that President Barack Obama stoked into Democratic control of Washington two years ago has faded. Instead, voters are anxious about the economy. They're worried about jobs and paychecks. Many complain about soaring federal debt. They give poor grades to Obama, and even worse ratings to Congress. Voters get their say Nov. 2, when they elect all 435 members of the House of Representatives, 37 members of the Senate and governors in 37 states. By every reckoning, it appears likely that voters will punish the Democrats. In fact, a tidal wave of anger and anxiety may be building that could sweep the Democrats out of power in both houses of Congress and send a defiant new Republican majority to Capitol Hill to battle the president for the final two years of his term. Kansas City Star

Meg Whitman's Plan To Reduce Fraud And Abuse
Meg Whitman has done her best to distance herself from Gov. Arnold Schwarzenegger, succeeding so well that her fellow Republican has declined to endorse a candidate in the governor's race. But they agree on at least one thing - California can dig itself out of its budget hole by cracking down on waste, fraud and abuse in state spending. Whitman's latest proposal, aired in radio and television ads, is to establish a statewide grand jury, directed from the governor's office, that would investigate and indict those who have fleeced the state treasury of untold billions. "A key factor accounting for the massive overspending and continuing budget deficits is state government's failure to police itself well," Whitman says on her website. A statewide grand jury, she declares, would supply the "real enforcement mechanism" now lacking in state agencies and county grand juries. SF Gate

Households, Companies Will Continue Reducing Debt
Households and companies will continue to cut debt built up before the financial crisis, according to a report by the Bank for International Settlements. A study of 20 systemic banking crises that were preceded by surges in credit showed that in 17 cases, debt relative to gross domestic product returned to levels seen before the crisis, economists Garry Tang and Christian Upper wrote in the Basel, Switzerland-based BIS’s latest quarterly review. “If history is any guide, we should expect to see a much more significant reduction in private-sector debt, particularly of households, than has so far taken place after the recent crisis,” they wrote. Bloomberg

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Army Studies Concussions' Effects On Bomb Techs
Motivated by the deaths of two friends in war-zone explosions, 1st Lt. Timothy Dwyer decided to become a bomb hunter. By joining an explosive ordnance disposal unit, Dwyer put himself at a high risk not just of being killed, but of falling victim to another, more insidious threat: repeated concussions from blasts that don't kill. Soldiers from the Army's 52nd Ordnance Group based at Fort Campbell have undergone hours of exhaustive cognitive testing in the military's first-of-its-kind study of mild traumatic brain injury. This focus on the soldiers who find and destroy the powerful and deadly weapons is part of a larger effort by the military this year to better track and treat mild brain injuries. MSNBC

Ten-Year Swap Spread Encouraging Banks To Sell Longer Debt
Banks have been encouraged to sell longer-term bonds since 10-year interest-rate swaps fell below U.S. Treasury yields for the first time, making it cheaper to convert fixed-rate liabilities to floating payments, according to the Bank for International Settlements. The 10-year swap rate first fell below yields on similar- maturity U.S. government debt in March, the BIS said today in its latest quarterly review. The swap rate was at 2.71 percent, or 0.7 basis point less than Treasury yields, on Sept. 3, according to data compiled by Bloomberg. Banks in particular took advantage of the favorable swap spread to issue debt and match their fixed-rate interest payments to floating-rate assets, according to the report. Financial companies have sold $185.7 billion of bonds with maturities of 10 years or more this year, almost a fifth of all the debt they’ve issued, Bloomberg data show. Bloomberg

Calif. Passes Bills Responding To City Pay Scandal
California lawmakers have approved more bills to rein in excessive salaries and pensions of public employees. Three bills passed their final legislative hurdle Tuesday in the Assembly and now head to Gov. Arnold Schwarzenegger. One bill would cap salary figures used to determine pension benefits of city and county officials. The Assembly also advanced a bill that would require the city of Bell to refund Los Angeles County the excess property taxes it collected over the past three years. The county would then repay the taxpayers. Residents in the city of 37,000 have been in uproar since the Los Angeles Times reported excessive pay for city executives and overcharging on property taxes. Under a third bill, employment contracts could not be renewed automatically. Las Vegas Sun

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Mosque Debate Reveals Ground Zero Emotions
It is a place of sacrifice. A place of mourning. A place people pass by on their way to grab lunch. It's a place where tourists crane their necks to snatch a glimpse around barriers walling off an enormous construction site — which is also what it is. Ground zero. Depending on whom you talk to, it's a scar on this city where horror still lingers, a bustling hive symbolizing the resilience of a nation, or simply, for those who live and work nearby, a place where life goes on. In recent weeks, as debate has raged over the placement of a planned Islamic cultural center and mosque a couple of blocks from the construction, Americans have been reminded of just how many people lay claim to this place, the focal point for all those who have a stake in the legacy of Sept. 11. MSNBC

Obama Seeks To Shore Up Support For Wis. Democrats
President Barack Obama hopes to improve the fortunes of suddenly imperiled Wisconsin Democrats as he celebrates Labor Day with the state's union workers on Monday. Democrats are happy for any boost he can deliver _ though his appeal has been sliding _ as resurgent Republicans have two big targets: three-term U.S. Sen. Russ Feingold, whose defeat could help them gain control of the U.S. Senate, and the governor's office, which is open for the first time in nearly three decades. While some union leaders have been disappointed with Obama and his ability to push through pro-labor legislation, Democrats are still counting on labor for get-out-the vote efforts and campaign help _ crucial to the party in elections. Las Vegas Sun

Obama Plans R&D Tax Credit
U.S. President Barack Obama plans a $100 billion program to expand and extend tax credits for business research and development, the Los Angeles Times reports. The report said Obama will announce the program Wednesday in Cleveland, and ask Congress for funding, as part of a larger plan to help the economy. Obama is expected to call for an increase in one of the credit options available to businesses, an unnamed official told the Times. The president wants to pay for the plan in part by closing corporate tax loopholes for some energy companies and for multinationals, the newspaper said. UPI

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Tropical Storm Hermine Forms In The Gulf Of Mexico
Tropical Storm Hermine has formed in the Gulf of Mexico off the coast of Texas. A new tropical storm warning has been issued early Monday for the south Texas coast from the mouth of the Rio Grande to Baffin Bay. A tropical storm warning was already in effect for the coast of Mexico from Tampico to the mouth of the Rio Grande. Hermine's maximum sustained winds are near 40 mph (65 kph) with some additional strengthening expected before the storm makes landfall. Heavy rain is predicted with northeastern Mexico into south Texas getting 4 to 8 inches with as much as a foot in some places. It could cause flash floods and mudslides. Detroit News

$timulus Fails To Get The'Job' Done In City
Major city infrastructure projects undertaken as part of the federal stimulus package have yet to generate even a fraction of the thousands of promised jobs, a Post analysis has found. Meanwhile, about $4.7 billion of the $7.3 billion in stimulus money has been earmarked for "budget relief" -- feeding the city's own payroll and allowing it to continue to fund entitlement programs, such as food stamps. Hiring for the anticipated, shovels-in-ground projects -- meant to be provide immediate employment to the area's jobless -- is only now beginning, nearly a year after the city got its hands on the dough, according to data compiled on the city's own online Stimulus Tracker.  NY Post

Republican New School Flexes Clout Ahead Of November
Democrats aren't the only incumbents in trouble this November. With a crop of feisty, fresh-faced conservatives making noise in the House and a wave of Tea Party-backed newcomers determined to join them, senior Republicans could have a mutiny on their hands. The gap between the old and new schools of the GOP has become apparent as Election Day nears and polls show Republicans increasingly likely to pick up seats -- lots of seats. Election guru Larry Sabato, at the University of Virginia, released new projections showing a possible 47-seat GOP pickup in the House. Gallup's latest generic poll showed Republicans with a 10-point lead over Democrats in the fall, the largest gap in 68 years. Fox News
VOA VIEW: Good news.

Labor Day Travel Up This Year
Recession and Tropical Storm Earl aside, more Americans were expected to hit the roads and airways this Labor Day weekend. AAA projected a nearly 10 percent jump in holiday travel over this time last year. Some 34.4 million Americans will visit family or friends during the five-day holiday period, traveling at least 50 miles away from home, said AAA spokeswoman Nancy White. Last year, 31 million travelers vacationed over Labor Day. "Consumer confidence is up this year. Last year it was really flat, in the toilet, so to speak," she said. "Consumer debt is down and there's a lot of pent-up demand. We've actually seen the holiday forecast trending up from Memorial Day, July 4th, and now for Labor Day," White told CNN Radio. CNN

Twelve Killed In Suicide Assault On Iraq Army Base
Up to six suicide bombers, some armed with rifles, tried to storm an army base in Baghdad on Sunday, killing 12 people and wounding 36 less than a week after Washington declared U.S. combat operations in Iraq over. The assault began when a minibus packed with explosives was driven at the back gate of the base, followed by one or two suicide bombers on foot who blew themselves up when they came under fire. A final pair of gunmen fought an hour-long battle with troops inside a nearby building, security officials said. The U.S. military said its troops opened fire and provided air support for Iraqi forces during the gunbattle. U.S. forces are no longer officially on a combat mission in Iraq, but nearly 50,000 remain to train and assist the Iraqi military. Reuters

Pope Could Intervene In Stoning
Pope Benedict XVI, who is following the case of an Iranian woman sentenced to death by stoning, says he could involve himself through diplomatic channels. Vatican spokesman Federico Lombardi said there is precedent for Benedict's intervention when requested by authorities in other countries, CNN reported Sunday. "The Holy See is following the case with attention and participation," Lombardi said. "The position of the church, which is opposed to the death penalty, is that stoning is a particularly brutal form." Although Sakineh Mohammadi Ashtiani was sentenced to death by stoning after being convicted of adultery, a final verdict has not been confirmed, Iran's semi-official ISNA news agency said. UPI

DST Debate Is Not A Religious Struggle
Science and Technology Minister Daniel Hershkovitz (Habayit Hayehudi) said on Sunday that "it is not clear why Daylight Saving Time is part of the fight between the religious and secular." "The early switch to Standard Time does not help religious people and I do not see a reason why Daylight Saving Time can not be kept for longer because it will bring economic savings,  Hershkovitz said. The science and technology minister added that "there is a possibility that politicians from both sides climbed onto a tall ladder and now do not know how to get down from it, but I don't find any Jewish aspect to this issue. Most of the nation, who finds the fast day important, will fast anyway no matter how long it lasts. Jerusalem Post

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Attack On Iran Would Destroy Israel: Ahmadinejad
Any attack on Iran would lead to the destruction of Israel, Iranian President Mahmoud Ahmadinejad said during a visit to the Gulf Arab state of Qatar on Sunday. Ahmadinejad, in Western allied-Qatar for talks with Qatari Emir Sheikh Hamad bin Khalifa al-Thani, has often called for the demise of the Jewish state. Iran does not recognize Israel, which it refers to as the Zionist regime. Reuters

Free Palestine Movement Plans To Send Plane To Gaza
The California-based "Free Palestine Movement" has announced that it plans to send an airplane filled with aid to Gaza, Channel 2 news reported Sunday. According to the organizations website activists plan to "challenge the Israeli blockade of Gaza by air." The organization reportedly plans to break the blockade by entering Gaza air space without flying over Israeli or Egyptian territory. The success of the planned trip depends on showing that the group does not present any military threat, the organization's website claimed. Jerusalem Post

German Government Debates Future Of Nuclear Energy
German government leaders are meeting in Berlin to debate the future of nuclear energy in the country. Chancellor Angela Merkel is expected to seek a compromise in a row over the proposed life cycle of nuclear power plants. The politicians will also discuss Ms Merkel's plan to levy a nuclear fuel tax on energy companies. Hundreds of protesters outside the Chancellery are demanding an end to nuclear power. Ms Merkel wants to reverse a decision of the previous government - a coalition of the centre-left Social Democrats (SPD) and the Greens - to shut down Germany's 17 nuclear power stations by 2021. The chancellor has proposed to keep the plants running for another 10 to 15 years, arguing that renewable energy sources are not yet sufficiently developed.  BBC

Van Der Sloot Concedes Extorting Holloways
The Dutchman charged with killing a 21-year-old Peruvian woman and suspected in the disappearance of U.S. teenager Natalee Holloway has acknowledged extorting money from Holloway's parents and says he did it to get back at them. In an interview published Monday, the Dutch newspaper De Telegraaf quoted Joran van der Sloot as confessing to taking money from the family of the American in return for revealing the location of her body. He was indicted in the U.S. in June for extortion after being caught in an FBI sting, though the place he indicated as her burial site turned out to be bogus. Holloway was last seen alive with him on the Caribbean resort island of Aruba in 2005, and he has publicly said he killed her and then retracted his confession several times. Seattle Times
Accusations Against Syria Were Mistake
Lebanon's prime minister said it was a mistake to accuse Syria of involvement in the 2005 assassination of his father, a major turnaround for a man who has long blamed Damascus for the massive Beirut truck bombing that killed Rafik Hariri. Saad Hariri told the Saudi-owned newspaper Asharq al-Awsat in an interview published Monday that "during a period of time we accused Syria of being behind the assassination ... This was a political accusation, and this political accusation has ended." Tampa Tribune

Bangladesh Anthrax Cases Spread
Bangladesh has put health officials on high alert after the number of people infected by anthrax in the north of country rose to more than 300. About 150 cattle have so far been killed by the disease that can be transferred to humans who handle or eat infected animals. The current outbreak is the biggest in the country's history, an official said. The government has ordered that all sick cows must be culled immediately. Since 18 August 327 people have been infected with anthrax, the health ministry said on Sunday. So far anthrax infections have been confirmed in five districts. However, officials fear that the disease might already have spread to two more districts. BBC

In North Korea, Signs Point To Key Political Conference
Workers’ Party delegates from across North Korea were converging in Pyongyang, the country’s state media reported on Monday, as children and soldiers rehearsed a celebration for their country’s biggest political gathering in 30 years. The North Korean leader, Kim Jong-il, is believed to be preparing the rare meeting of communist party representatives to enforce what was expected to be the biggest overhaul of party leadership since the party held its last congress in 1980. bservers of North Korea were eager to learn whether Mr. Kim would install his third son and reported successor, Kim Jong-un, in key party posts, thus making public an intention to take his family’s dynastic rule of the reclusive nation to a third generation. NY Times

Israeli FM: Settlement Slowdown Will End
Israel's hard-line foreign minister said Monday that his party will try to block any extension of Israel's settlement slowdown, a move that could derail the recently launched Mideast peace negotiations. Avigdor Lieberman said the Israeli government must keep its promise to voters that the 10-month slowdown, declared last November under U.S. pressure in order to draw the Palestinians to the negotiating table, will end as scheduled at the end of the month. The Sept. 26 deadline is a challenge for the fragile talks launched in Washington last week. The Palestinians say they will quit the talks if the slowdown ends, but extending it could potentially bring down the Israeli government. Prime Minister Benjamin Netanyahu has yet to say how he will handle the deadline. Indy Star

Spain Rejects Truce By Basque Separatist Group
The Spanish government on Monday rejected a new ceasefire announcement by the separatist group ETA and ruled out negotiations on an independent Basque homeland, saying the militants have been decimated by arrests and are desperate to regroup and rearm. Interior Minister Alfredo Perez Rubalcaba said the ETA cannot be trusted after shattering a 2006 truce with a deadly car bombing. He said its statement Sunday by three hooded militants speaking in a video falls short of what Basque society and other Spaniards demand: that ETA renounce violence for good. "The word truce, as the idea of a limited peace to open a process of dialogue, is dead," Perez Rubalcaba, adding that Spain will be as tough as ever against ETA.
 Indy Star

Google Faces First US Competition Inquiry
Regulators in Texas have launched the first broad anti-trust review of Google's search and advertising practices in the US. While federal regulators in Washington have investigated the impact on competition of Google's business deals in the past, Greg Abbott, Texas attorney general, is the first regulator to look more broadly at its core search business, amid growing concerns about the power the online business wields. Officials in Brussels have also raised the prospect of a possible inquiry into anti-competitive behaviour by Google. Leading competition official, Joaquín Almunia, said in July he would examine complaints from three companies, including Microsoft, that the search engine had been unfairly demoting rivals in its rankings. Guardian

Afghan Government Poised To Bail Out Kabul Bank
The Afghan government is preparing a $200m (£130m) bailout for the country's biggest commercial bank, which is mired in a corruption scandal that has prompted a rush by thousands of customers to close their accounts. Officials at the country's Central Bank confirmed that regulators asked the Ministry of Finance on Saturday for permission to make the huge loan from the country's reserves to help prop up Kabul Bank. There are widespread suspicions that the payment has already been made. Large queues continued to form outside Kabul Bank branches across the country on Sunday as desperate customers tried to withdraw their money. Guardian

Basque Government Dismisses ETA Ceasefire
The armed Basque separatist group ETA today announced another ceasefire, suggesting it might turn to a political process in its quest for an independent homeland. The group is under pressure from political allies to renounce violence and has been repeatedly hit by the arrests of its leaders. But the Basque regional government immediately dismissed the announcement as meaningless because ETA failed to renounce violence or announce its dissolution. "It's absolutely insufficient because it does not take into account what the vast majority of Basque society demands and requires from ETA, which is that it definitively abandon terrorist activity," Basque regional interior minister Rodolfo Ares said in the first official comment on the announcement. Independent

10 Million In Line For Rebate After Tax Fiasco
More than 10 million people may have paid too much income tax and will be owed money by the Government due to errors in the HM Revenue and Customs (HMRC) tax code system. HMRC admitted last week that 4.3?million people were in line for tax rebates because they overpaid a total of £1.8?billion in tax between 2008 and April this year. A further 1.4 million face demands for repayment because they paid too little. The tax body said the situation was a natural consequence of the Pay-As-You-Earn (PAYE) system, where pay and taxes are reconciled at the end of every year. But the full scale of the problem is laid bare today. HMRC records show that in addition to the 4.3?million cases it admitted to last week, “legacy” errors may have resulted in another 5.8 million people overpaying income tax before March 2008. They may now have to wait for rebates from the Government for up to four years. Telegraph

No Defence Left Against Double-Dip Recession
The US has run out of bullets,” said Nouriel Roubini, professor at New York University, and one of a caste of luminaries with grim forecasts at the annual Ambrosetti conference on Lake Como. “More quantitative easing (bond purchases) by the Federal Reserve is not going to make any difference. Treasury yields are already down to 2.5pc yet credit spreads are widening again. Monetary policy can boost liquidity but it can’t deal with solvency problems,” he told Europe’s policy elite. Dr Roubini said the US growth rate was likely to fall below 1pc in the second half of the year, despite the biggest stimulus in history: a cut in interest rates from 5pc to zero, a budget deficit of 10pc of GDP, and $3 trillion to shore up the financial system. Telegraph

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