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New Signs of US Economy in Distress

By TheRealNews.com
August 1, 2008

The latest US national budget deficit numbers set a record high and represented one more sign of an economy in distress, along with foreclosures rising, home prices falling, soaring energy prices and nearly a half-million jobs lost since January.

After returning from his overseas trip, Democratic presidential hopeful Barack Obama, met with more than a dozen economic advisers in Washington, DC. Obama's economic team includes deregulators Paul Volcker, Robert Rubin and Paul O'Neill.

(Written story continues below)

"it's not clear that these are the people that are going to lead us to a new regulatory environment that can prevent some of the problems that we're living through right now," said economist and author Ellen Frank.

TheRealNews.com is an independent news network that produces stories of global interest. 

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