The original content of Democracy Now! Headlines appears under the Creative
Commons BY-NC-ND 3.0 License (United States). For more, including their other
shows and media, visit www.democracynow.org.
February 2, 2009

Government Shrinks 3.8%, Most Since 1982
----------------------------------------



In economic news, the government has reported that gross domestic
product declined 3.8 percent in the last quarter. It was the worst
contraction since 1982. During his weekly radio address, President Obama
said new efforts are needed to boost the economy.

President Obama: “Soon my Treasury Secretary, Tim Geithner, will
announce a new strategy for reviving our financial system that gets
credit flowing to businesses and families. We’ll help lower mortgage
costs and extend loans to small businesses so they can create jobs.
We’ll ensure that CEOs are not draining funds that should be advancing
our recovery. And we will insist on unprecedented transparency, rigorous
oversight and clear accountability, so taxpayers know how their money is
being spent and whether it is achieving results.”



.