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WASHINGTON – The Federal Reserve announced Wednesday it will spend up to $300 billion over the next six months to buy long-term government bonds, a new step aimed at lifting the country out of recession by lowering rates on mortgages and other consumer debt.
In addition, the Fed said a $1 trillion program to jump-start consumer and small business lending could be expanded to include other financial assets.
The recession that began in December 2007 already has snatched a net total of 4.4 million jobs and has left 12.5 million searching for work.