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CNN Financial News Producer
The pace of economic decline slowed substantially in the second quarter, as the U.S. economy shrank at an annual rate of 1% - far less than it did in the first quarter.
Gross Domestic Product, the broadest measure of economic activity, has now contracted for four straight quarters - the first time that’s happened since the government began tracking that measure in 1947.
But the most recent decline is the smallest since the third quarter of 2008, giving hope to some economists that the recession that began in December 2007 is nearing an end.
Washington scrambling to save “Cash for Clunkers”
This much seems certain about the government’s new “Cash for Clunkers” program: Consumers are happy to take government rebates to buy new cars.
Other than that, confusion reigns.
The fate of the $1 billion trade-in program is up in the air over concerns that it may have already burned through its funds less than a week after it was officially launched. And it was unclear how much longer car buyers would be able to trade in clunkers after reports surfaced on Thursday night that the program would be suspended.
Earlier today, the Obama administration said it was working with Congress to try to get more money and that “Clunkers” deal certificates would be honored at least through the weekend.
40 med school students getting free ride
The incoming freshmen at one of the nation's newest medical schools will have more freedom to choose whether to become a specialist or help fill the shortage of primary care doctors.
That’s because the students at the University of Central Florida in Orlando will be graduating 100% debt free.
All 40 students of the charter class that begins Monday have received full scholarships totaling $7 million, donated entirely by members of the community - including individuals, hospitals, banks and law firms.
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