State of the Union Early Bird for June 5, 2011
June 5th, 2011
05:04 AM ET
3 years ago

State of the Union Early Bird for June 5, 2011

(CNN)-It's early, and State of the Union is bringing you the best of the morning headlines to go with your cup of coffee.

On our radar this morning:  The economy and the latest on the 2012 presidential candidates.

Check out what we're reading, and be sure to watch our interviews with W.H. chief economist Austan Goolsbee and Republican presidential candidate Rep. Ron Paul.

THE ECONOMY

For the Jobless, Little U.S. Help on Foreclosure

The administration’s housing effort does include programs to help unemployed homeowners, but they have been plagued by delays, dubious benefits and abysmal participation. For example, a Treasury Department effort started in early 2010 allows the jobless to postpone mortgage payments for three months, but the average length of unemployment is now nine months. As of March 31, there were only 7,397 participants.

“So far, I think the public record will show that programs to help unemployed homeowners have not been very successful,” said Jeffrey C. Fuhrer, an executive vice president of the Federal Reserve Bank of Boston.

Critics do acknowledge one bright spot — the Hardest Hit Fund, a federal program that will provide $7.6 billion so that some states can administer their own programs for struggling homeowners. Of that, 70 percent will be directed to unemployed homeowners, said Andrea Risotto, a Treasury spokeswoman.  So far, $455 million has been spent.

U.S. tries to reduce more homeowners' mortgages

"We are very definitely trying to facilitate more principal reductions," said Timothy Massad, Treasury's acting assistant secretary for financial stability. "It is a very important piece of the overall solution," he said.

Economy Points Down, Takes Market With It

"To us, there is a difference between a slowing economy and one that is heading in reverse and right now the data only suggest a mild slowing, which could end up being nothing," says Jeffrey Rubin of Birinyi Associates. "We are not overly worried about one or two months of ho-hum economic data."

Economic 'recovery' leaves jobs behind

Labor-saving technology, competition from skilled foreign workers and a debt hangover make it tough for the U.S. economy to create jobs.

2012

Obama Retools 2008 Machine for Tough Run

While Mr. Obama will not fully engage in campaign activity until next year, aides said, he is embarking on weekly economic-focused trips throughout the summer. Doing so will allow him to use his bully pulpit to show that he is focused on addressing joblessness, the issue that more than any other could shape his electoral prospects and that Republicans are using to assert that his policies have failed.

Republican contenders compete for Christian conservatives

Howard Dean warns Dems Sarah Palin could beat Obama in 2012

“I think she could win,” Dean told The Hill in an interview Friday. “She wouldn’t be my first choice if I were a Republican but I think she could win.”

Support for MA state health law rises

 CANDIDATE PROFILES

A G.O.P. Hopeful Gathers Momentum as More Voters Like What They Hear

A Gallup poll released last week showed Mr. Cain with the highest voter intensity score of any Republican presidential contender — far higher than Ms. Palin, a former governor of Alaska, or Mr. Romney, a former governor of Massachusetts. While Mr. Cain’s name recognition was at 37 percent, it had risen 16 points since March.

Rick Santorum's presidential bid may hinge on persuading people he can win

ARAB SPRING

Yemen’s Ali Abdullah Saleh flies to Saudi Arabia, transferring power to deputy

Embattled Yemeni President Ali Abdullah Saleh transferred authority to his deputy Saturday and flew to Saudi Arabia, raising the prospect that a key U.S. ally in the fight against al-Qaeda had lost his grip on power and left behind a nation tumbling into chaos.

Saleh’s decision to leave the country, apparently to seek medical treatment for injuries suffered in a rocket attack on his palace Friday, makes it unlikely that he will return, several analysts said.

Syrian Tanks Move in on City as Thousands Mourn Protesters’ Deaths

Thanks for reading!

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soundoff (3 Responses)
  1. Name king

    The repugs rails about that the president is not giving small businesses any confidence to hire. Yet they are cutting the only reliable source of revenue, small businesses have by cutting their government consumers. The repugs Governors are cutting local and state government jobs just to let them look good balancing the budget, yet they are not considering what reaction this will cause. Without stable government revenues, small businesses have to rely on McDonald typed revenues, that is not confidence to go out and hire folks. Small businesses need to know that they can rely on a
    Steady stream of revenue which give them surety, that they will be opened for business next month. Private working consumers don't give them this, in the economy we are presently in right now.

    June 5, 2011 07:27 am at 7:27 am |
  2. John

    There Is No way Saran Palin Could win . She a Idiot and has prove It more than Once. And she a Quitter. And she the most UNQUALIFIED person In America.

    June 5, 2011 07:30 am at 7:30 am |
  3. diridi

    Obama first term is clean up the mess caused by GOP idiots, esply Bush, and Reagan, second term on economy.....o.k, concentration on energy, education, and innovation of growth industries, needed in here.....tighten immigration too.....

    June 5, 2011 08:12 am at 8:12 am |