Business and Finance

Bayan Muna Solon Calls for Cut in 2009 Budget

Michael Vincent Borneo

October 2008

If Bayan Muna Rep. Teddy Casiño were to have his way, he wants P160.46
billion in budgetary allocations either slashed or realigned to other
items in the 2009 General Appropriations Act.

In his proposed amendments to the GAA (House Bill 5116) submitted to the House Appropriations Committee, Casiño moved for the following cuts in next year's budget:

US, Asian Markets Take Beating After Lehman Crash, Merrill Lynch Firesale, Further Fall Fears

Fears about the stability of the U.S. financial system rose up after investment giant Lehman Brothers filed for bankruptcy, triggering a worldwide tremor not heard since the September 11 attacks. Competitor Merrill Lynch also went up on a fire sale in a takeover bid by the Bank of America Corp., even over comments that this was a bad financial move.