Faced with warnings that the recession could slide into a lengthy period of deflation and stagnation, U.S. President-elect Barack Obama is preparing to ask Congress for as much as $310 billion in tax cuts as part of his huge stimulus package. Data are painting an ever-darker picture of the economy, with a report on U.S. jobs that is scheduled for release this week expected to show that at least 500,000 jobs disappeared in December.

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Reuters, NYTimes.com

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