AROUND THE STATE

Jacksonville’s Mayport to house nuclear aircraft carrier

Jacksonville’s Mayport Naval Station has been selected as the home base of a new nuclear aircraft carrier, which is expected to be stationed by 2014, Sen. Bill Nelson said Nov. 17.

The Navy will be responsible for the half-billion dollar project to dredge the St. Johns River and expand existing infrastructure.

The carrier will ultimately add an extra 3,200 sailors stationed in Jacksonville, which is expected to have a profound economic impact on the First Coast,
Nelson said.

AROUND THE NATION

Law makers clash about $750 billion financial bailout

Treasury Secretary Henry Paulson and the House Financial Services Committee clashed Nov. 18 over the best use for the $750 billion financial bailout fund, with Democratic lawmakers demanding money to stem a national wave of mortgage foreclosures, while Republicans raised issue with the further
injection of liquidity into the auto corporations.

“The fundamental policy issue is our disappointment that funds are not bing used to supplement mortgage foreclosure reduction,” Rep. Barney Frank said. Paulson said $290 billion of the first $350 billion had already been used and the remainder was being held until Obama took office.

AROUND THE WORLD

Russia pushes for $200 billion bailout to back banks

Russian President Dmitry Medvedev said Nov. 18 the global financial crisis has spread to the real economy, and the many sectors that need aid will get it.

Russia is pushing ahead with a $200 billion state aid package, and the central bank has spent tens of billions of dollars propping the local currency in recent weeks as investors pulled money out of the country and its stock markets.

“About five trillion rubles ($182.3 billion) will be spent on stabilzation measures,”
Medvedev said. “But this is not the final number. We understand the scale of the problem.”

Compiled by James Cannon II.