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Budget. Deficit Rises, and the Consensus Is to Let It Grow "But the extra spending, a sore point in normal times, has been widely accepted on both sides of the political aisle as necessary to salvage the banking system and avert another Great Depression." States face new budget shortfalls "The moribund economy is drying up tax revenues more dramatically than expected, forcing 22 states, including California, to confront growing budget gaps. Some states have already eliminated jobs and services -- and more cuts are likely." Pentagon spending growth outpaces auditors "Government reports are not known for plain language, much less candor. But in a report issued in March, Pentagon Inspector General Claude M. Kicklighter summed up what had been growing increasingly evident for years: Defense spending has been growing so rapidly that auditors can no longer keep track."

Economic crisis. Economic crisis hurting students' ability to pay for college "At a time when student financial aid requests are up 16 percent nationally from last year, Sally Mae's decision to make fewer loans at a higher price will only deepen the financial pain of millions of parents and students already struggling to pay for a college education." Rules relaxed for 'food stamp' eligibility "Since Oct. 1, new federal rules make it easier for households with income from combat pay, retirement accounts or education savings to be eligible. The rules are part of the 2008 Farm Bill, which changed the name of the food stamp program to Supplemental Nutrition Assistance Program (SNAP)."

International economic summit. U.S. will host economic summit before year's end "President Bush joined the leaders of France and the European Commission Saturday to announce that the United States would host a global summit before the end of the year to address the world's burgeoning economic crisis." Financial crisis: action taken by central banks and governments "Germany, France, Italy and 12 other European countries unveiled a comprehensive plan for salvaging their banking systems from potential ruin." U.S. seeks ways to get banks to lend, not hoard, new capital "Treasury Secretary Henry M. Paulson tried to leave no doubts last week about how he expected America's banks to use the $250 billion the government is handing out as capital. No hoarding." Leaders Move Toward Meetings on Economic Crisis "President Bush and European leaders, who have been tussling over whether to revamp the regulatory framework for global finance, agreed to take steps toward a series of international meetings to address the economic crisis."

Presidential campaign. Obama Endorsed By Colin Powell "Colin L. Powell became the most prominent Republican to endorse Democratic presidential nominee Barack Obama, with the former secretary of state and retired four-star general declaring the senator from Illinois to be a 'transformational' figure who would 'electrify our country