Holiday Retail Sales Drop
CBS
Transcript
Christmas desperate retailers mean it's a buyer Market this Christmas at Best Buy more customers are getting better deals simply by proving they've seen lower prices at another store they'll just say Hey listen how much do you have this product for okay they have it cheaper can you price match it and again we price match it on the stock more Shoppers are doing their homework but there are fewer of them about six million fewer people shopped at the malls this weekend The crucial last weekend before Christmas versus the same time last year a consumer who doesn't want to spend and retailers who ordered too much goods for a holiday selling season that really isn't there this is shaping up to be the worst holiday season for stores since at least 1969 the first year holiday sales were measured give me a perspective how much you cut back this year probably 50% from last year and nothing's charged everything's paid right yeah everything's cash hoping to gain an edge with cautious consumers stores are extending their hours with some Macy's open 24 hours between now and Christmas Eve and some JC peny keeping their doors open till midnight and across the country the deep discounts usually offered after Christmas are available now in York South Carolina owner Ronnie bal's cut prices by 20% I've own the store 36 years and it's first time I've ever had a Christmas sale rate is slashing prices on holiday decorations by a whopping 75% once you're giving away the merchandise at such steep discounts there's not much more they can do but those pre- Christmas dramatic discounts can overcome the biggest problem for retailers this season consumers who don't have the means and aren't in the mood to spend Kelly Wallace CBS News paramis New Jersey
Obama's Stimulus Plan
CBS News
Transcript
while President elect Obama enjoys his Hawaiian vacation his advisers are working overtime on a massive government spending plan that gets bigger by the day there's going to be real significant investment whether it's 600 billion or more or 700 billion the clear notion is it's a number no one thought about a year ago sources on Capitol Hill say the stimulus package could grow to $850 billion or more that's about double the cost in today's of the interstate highway system it's more than the cost so far of the Iraq War even more than the entire Vietnam War the top priority in the Obama plan is Big projects that create jobs quickly rebuilding infrastructure refurbishing schools and investing in mass transit healthc care technology and green energy there's a big void in our economy and only government can fill it with consumers not spending and more and more businesses laying off workers some economists say there's simply no alternative government is the difference between a bad recession and a very bad depression xandi says unlike the banks that got more than $300 billion in bailout funds and won't say where most of it went the Obama spending plan needs to explain exactly where the money is going but deficit Hawks on Capitol Hill and some conservative economists say continuing to throw money at the economic meltdown will only make it worse it didn't work the first time time it's not going to work this time uh the only thing it really has in common it's going to leave us with a hangover Democratic leaders are hoping to push this stimulus package through Congress at break neck speed they're hoping to have it on Mr Obama's desk ready for his signature about 10 days after he's sworn in Harry chip the Obama team is supposed to release its report on any ties to embattled Illinois governor Rod bovich tomorrow any news on that it's probably coming out tomorrow Harry and I can tell you that sources close to the transition tell CBS news that that report will confirm what Mr Obama said last week that no one on his staff did anything wrong there were no inappropriate conversations there was no deal making har chip reeden Washington tonight thanks