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"U.S. Chamber of Commerce President Tom Donohue warned the U.S. faces a double-dip recession because of the taxes and regulations under consideration by the Democratic Congress and President Barack Obama. "Congress, the administration and states must recognize that our weak economy simply could not sustain all the new taxes, regulations and mandates now under consideration. It's a sure-fire recipe for a double-dip recession, or worse," Donohue said in a speech providing the Chamber's outlook for 2010. Donohue said the lawmakers should not let former President George W. Bush's tax cuts expire at the end of year and lambasted Democratic efforts on healthcare and financial regulatory reform as well as climate change."

"LONDON (Reuters) - China and India sharply raised defence spending in 2009 despite the economic crisis but most European NATO members face a squeeze on defence budgets as they rein in gaping deficits, a report said on Wednesday. The impact of the global financial crisis on defence and security spending varied across regions and countries, the International Institute for Strategic Studies thinktank said in its annual report "The Military Balance". U.S. defence spending almost doubled under former President George W. Bush but President Barack Obama had signalled that the need to tackle a big budget deficit would require "a dramatic reprioritisation within defence spending," it said. Obama asked Congress this week to approve a record $708 billion in defence spending for fiscal 2011 -- including a 3.4 percent increase in the Pentagon's base budget -- but said he would continue his drive to eliminate wasteful programmes. A sharp recession had led the Russian government effectively to abandon a comprehensive military re-equipment plan due to run from 2007-15 and to replace it with a new 10-year plan starting in 2011, the report said. "In contrast to developments in advanced economies, both India and China have maintained their recent trend of double-digit increases in defence spending," it said. India boosted defence spending by 21 percent in 2009 after the 2008 Mumbai attacks killed 166 people, it said."

"Even though the U.S. financial system nearly experienced a total meltdown in late 2008, the truth is that most Americans simply have no idea what is happening to the U.S. economy. Most people seem to think that the nasty little recession that we have just been through is almost over and that we will be experiencing another time of economic growth and prosperity very shortly. But this time around that is not the case. The reality is that we are being sucked into an economic black hole from which the U.S. economy will never fully recover. The problem is debt. Collectively, the U.S. government, the state governments, corporate America and American consumers have accumulated the biggest mountain of debt in the history of the world. Our massive debt binge has financed our tremendous growth and prosperity over the last couple of decades, but now the day of reckoning is here. And it is going to be painful. The following are 20 reasons why the U.S. economy is dying and is simply not going to recover.... #1) Do you remember that massive wave of subprime mortgages that defaulted in 2007 and 2008 and caused the biggest financial crisis since the Great Depression? Well, the "second wave" of mortgage defaults in on the way and there is simply no way that we are going to be able to avoid it. A huge mountain of mortgages is going to reset starting in 2010, and once those mortgage payments go up there are once again going to be millons of people who simply cannot pay their mortgages. The chart below reveals just how bad the second wave of adjustable rate mortgages is likely to be over the next several years...."

"Three steps to take to protect your account data from getting into the wrong hands Whether by choice or necessity, American consumers are increasingly relying on debit rather than credit cards. Debit card spending has risen steadily, growing from 47.7 percent of purchases made with plastic in 2003 to 58.9 percent in 2008 and it is expected to surpass 67 percent by 2013, according to the Nilson Report, a newsletter that tracks the consumer payment industry. When you use a debit card, the money is immediately taken from your checking account. While using debit guarantees that you pay as you go, these cards have downsides, including a growing appeal to thieves. "As economic conditions have worsened, there's been a noticeable increase in all types of card fraud," says Avivah Litan, an analyst specializing in fraud detection and prevention at Gartner Research in Stamford, Conn. "But ATM and debit-card fraud is the top area of concern we're hearing about from banks all over the world." More from ConsumerReports.org: * Pros and Cons of Debit Cards * Credit Card Perks * Post-Recession Investing Unlike credit-card thieves, who usually charge merchandise and then resell it to come up with money, people who create counterfeit ATM or debit cards by stealing your PIN and other account data can simply pull cold cash from your bank account. Using a technique known as skimming, they set up equipment that captures magnetic stripe and keypad information when you input your PIN at ATM machines, gas pumps, restaurants, or retailers. Here's how you can protect yourself: Don't Type in Your Pin at the Pump Be especially vigilant at gas stations, Litan says. "Gas pumps are notorious for skimming because they're produced by only a couple of different manufacturers, and if someone gets the key to one from a disgruntled employee, they can insert a skimming device inside the pump where it can't be seen," she says. She recommends using a credit card rather than a debit card whe