Started in '07, End in '09?

According to the National Bureau of Economic Research, the US economy has been in a recession since December 2007. Many economic experts have claimed that the recession will run at least deep into 2009. It is the worst recession since the 1980-1981 one.

President Bush, who formulated a $700 billion rescue package, has said that he will continue to use government intervention if it will help end the recession. An apologetic Bush expressed remorse for the economic downturn since it happened on "his watch", but wanted to stress that many of the failings were due decisions made on Wall Street almost a decade before he assumed the presidency. President Bush has been working keenly with President-Elect Obama on many issues, especially the economy, in hopes that Obama's transition will be a smooth one and that Obama will be ready to tackle the current crisis.

In more local news, Governor Schwarzenegger has declared a fiscal emergency in California, and has worked with state Democrats to develop a plan of tax hikes and spending cuts, but face stiff Republican opposition to the proposed rise in taxes. Seeing how the Democrats don't control the necessary two-thirds in the State Senate or Assembly, it will be tough to compromise on a plan to rescue the state from its current $11.2 billion deficit.