August 2009 Current Events: Business/Science News
Here are the key events in business and science news for the month of August 2009.
- Cash for Clunkers Program Extended (Aug. 6): The Senate votes 60–37 to provide another $2 billion for the "cash for clunkers" government program, and President Obama signs the legislation into law. The program provides monetary incentives to car owners who replace existing vehicles with cars that have a better fuel efficiency. The original version of the program ran out of funding within a few days.
- Economy Sheds 247,000 Jobs in July (Aug. 7): Though the 247,000 jobs lost in the month of July is a huge number, it is the smallest number of jobs lost in a month since August 2008. Unemployment in the U.S. dropped slightly, from 9.5% to 9.4%, likely because many people have stopped searching for jobs. Experts suggest that these numbers indicate the economy is currently in recovery mode.
- Projected 10-Year Deficit at $9 Trillion (Aug. 25): The Obama administration's Office of Management and Budget projects that the budget deficit in 10 years will be $9 trillion, $2 trillion more than the last estimated projection, made in February. According to President Obama, the difference lies in the severity of the recession, which is deeper than initially expected.
- Obama Nominates Bernanke for Second Term (Aug. 25): President Obama nominates Ben Bernanke, Republican chairman of the Federal Reserve, for his second term. Bernanke was a member of President George W. Bush's administration, hired in 2006.