taxesItem: Treasury Secretary Timothy Geithner, as reported by AP/CBS on August 3, said that “it would be ‘deeply irresponsible’ for the Obama administration to support a wholesale extension of Bush-era tax cuts, including breaks for the wealthy.”

Real U.S. Gross Domestic Product increased at a far slower pace than previously reported, according to the U.S. Bureau of Economic Analysis (BEA), which reported that second quarter GDP increased at a 1.6 percent annualized rate rather than the 2.4 percent rate it estimated back on July 30. The lowered estimate means that another recession — the infamous “double dip” — may be just on the horizon.

In an exclusive interview with Kitco News, Congressman Ron Paul (R-Texas) revealed that next year at the start of the newly inaugurated 112th United States Congress, he would introduce a new bill to audit the U.S. gold reserves, which are reportedly stored at the New York Federal Reserve and Fort Knox.

More tough times lie ahead, according to a report on the state of the economy just released by the Congressional Budget Office (CBO). Unemployment is likely to remain high, not returning to 5 percent or lower until at least 2014, while this year’s budget deficit will hit $1.342 trillion, the second highest ever.

The San Francisco Branch of the Federal Reserve Bank has found that the United States will more likely than not be dipping back into formal recession over the next two years, according to an August 9 study of nine economic indicators. Study authors Travis J. Berge and Òscar Jordà concluded that “for the period 18 to 24 months in the future, the probability of recession goes above 0.5 [50 percent], putting the odds of recession slightly above the odds of expansion.”

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