Budget for Tax Enforcement to Double in 2010

  Government and Economy Obama Doubles Tax Law Enforcement Budget President Obama has proposed a near doubling of the funds to enforce U.S. tax laws next year, with an aim of more than quadrupling funding for tax compliance to $2.1 billion within five years. Reuters.com Stress Test: Banks Need More Money, Taxpayers May Not Have to Pay True, the stress tests show that the banks need more funds, but that does not necessarily mean they will get that money from the government as the Obama administration is suggesting that the rescue money that Congress has already approved will be enough to fill the gaps. NYTimes.com [Read Full Article]


Consumer Borrowing Drops, So Do Gas Prices

Government and Economy Consumers Unexpectedly Trimmed Borrowing in OctoberWASHINGTON (AP) - U.S. consumers unexpectedly cut back on their borrowing in October as the economy sunk deeper into recession. The Federal Reserve says consumer credit fell at an annual rate of 1.6 percent in October. That compares with a 3.1 percent growth rate logged in September Kashkari: Taxpayers Will See Return From BailoutWASHINGTON (AP) - Taxpayers will get money back from the government program providing up to $250 billion in capital to banks around the country, said Neel Kashkari, the director of Treasury's Office of Financial Stability. [Read Full Article]