By Eileen Buckley
Buffalo, NY – As expected, the Federal Reserve cut a key interest rate Tuesday. It is an attempt by the Fed to contain a credit crisis that could push the US into a serious recession.
While appearing in Buffalo, Western New York Congresswoman Louise Slaughter said she believes the country is already in a big recession.
President Bush claims his administration is dealing with the shaky economy and is on top of the situation. But Slaughter says she believes the US economy is slumping.
The President also praised the Federal Reserve for its actions this week. JP Morgan Chase was provided with a federal loan to buyout Bear Stearns. But Slaughter is concerned that this could lead to other bank bail outs.
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