voa标准英语2008年-US Government Acts to Spur Lending Amid Economi

The U.S. economy has contracted more sharply than previously¹ believed, according to new government figures. Meanwhile, in yet another sign of continuing stress in the credit market, the U.S. central bank is allocating² hundreds of billion of additional dollars to purchase bad mortgage debt and spur consumer lending. From Washington, VOA's Michael Bowman reports.
　

A mother and daughter shop for a Barbie at a Toys R Us store, in New York, 21 Nov 2008

Revised figures from the Commerce Department show the American economy shrank at an annual rate of 0.5 percent in the third quarter of the year, a greater contraction³ than the original estimate of 0.3 percent. The negative quarter followed a year of mostly-anemic growth, and, while the fourth quarter has yet to be completed, economists⁵ believe it, too, will show significant contraction.

"GDP [gross domestic product] fell by 0.5 percent because consumers spent less, there were fewer new homes built, and expenditures⁶ for business purposes fell," said. University of Maryland economist⁴ Peter Morici. "Unfortunately, this is a precursor⁷ of worse things to come."

Most analysts⁸ trace America's current economic woes⁹ to tight credit conditions sparked by a wave of home foreclosures and mortgage defaults. In recent weeks, the U.S. government has taken a series of aggressive, unprecedented¹⁰ steps to prop¹¹ up or take control of major lending institutions and financial firms, committing well over $2 trillion to the effort.

Now, the Federal Reserve says it will devote an additional $600 billion to combat the mortgage meltdown, and another $200 billion to unfreeze consumer credit. A small portion of the new funds will come from a $700 billion rescue package Congress approved last month, which is being administered by the Treasury¹² Department.
　

Treasury Secretary Henry Paulson outside the Treasury Department in Washington, 24 Nov 2008

"By providing liquidity¹³ to issuers of consumer asset-backed paper [consumer loans], the Federal Reserve facility will enable a broad range of institutions to step up their lending, enabling borrowers to have access to lower-cost consumer finance and small business loans," said Treasury Secretary Henry Paulson. "Today's announcement by the Fed underscores our support for the housing market. Nothing is more important to getting through this housing correction than the availability of affordable¹⁴ mortgage finance."

Few, if any economists would contest the importance of the availability of credit to the health of the American economy, nor the desirability of the federal government doing all it can to reverse a credit crunch¹⁵ that has constrained¹⁶ businesses and consumers alike.

But the sheer scale of initiatives undertaken to date, and the apparent need for successive waves of government intervention¹⁷ are an unsettling indication of the magnitude and the tenacity¹⁸ of the problem being confronted, according to economics professor Lawrence White of the University of Missouri.

"It is a recognition [that] we still have a big problem. It is a strong statement by the Fed that it is going to take massive, broad, forceful efforts to try to break the back of [resolve] the crisis," he said.

In the face of relentlessly¹⁹ grim economic news, Treasury Secretary Paulson says the federal government is doing all it can to mitigate²⁰ the situation.

"It will take time to work through the difficulties in our market and our economy, and new challenges will continue to arise. I and my regulatory colleagues are committed to using all the tools at our disposal to preserve the strength of our financial institutions and stabilize²¹ our financial markets to minimize the spill-over [damage] into the rest of the economy," he said.

In other economic news, a private research firm says U.S. consumer confidence has rebounded²² somewhat this month, aided by falling energy prices, but that the index remains²³ at a low level. Meanwhile, U.S. export growth slowed, while American homebuilders continue to cut spending.

1 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

2 allocating   

分配，分派( allocate的现在分词 )； 把…拨给

参考例句：

• Administrative practice generally follows the judicial model in allocating burdens of proof. 在分配举证责任方面，行政实践通常遵循司法模式。
• A cyclical multiplexing technique, allocating resources in fixed-time slices. 以固定的时间片分配资源的循环复用技术。

3 contraction   

n.缩略词，缩写式，害病

参考例句：

• The contraction of this muscle raises the lower arm.肌肉的收缩使前臂抬起。
• The forces of expansion are balanced by forces of contraction.扩张力和收缩力相互平衡。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

6 expenditures   

n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费

参考例句：

• We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
• The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》

7 precursor   

n.先驱者；前辈；前任；预兆；先兆

参考例句：

• Error is often the precursor of what is correct.错误常常是正确的先导。
• He said that the deal should not be seen as a precursor to a merger.他说该笔交易不应该被看作是合并的前兆。

8 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

9 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

10 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

11 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

12 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

13 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

14 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。

15 crunch   

n.关键时刻；艰难局面；v.发出碎裂声

参考例句：

• If it comes to the crunch they'll support us.关键时刻他们是会支持我们的。
• People who crunch nuts at the movies can be very annoying.看电影时嘎吱作声地嚼干果的人会使人十分讨厌。

16 constrained   

adj.束缚的,节制的

参考例句：

• The evidence was so compelling that he felt constrained to accept it. 证据是那样的令人折服，他觉得不得不接受。
• I feel constrained to write and ask for your forgiveness. 我不得不写信请你原谅。

17 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

18 tenacity   

n.坚韧

参考例句：

• Tenacity is the bridge to success.坚韧是通向成功的桥。
• The athletes displayed great tenacity throughout the contest.运动员在比赛中表现出坚韧的斗志。

19 relentlessly   

adv.不屈不挠地；残酷地；不间断

参考例句：

• The African sun beat relentlessly down on his aching head. 非洲的太阳无情地照射在他那发痛的头上。
• He pursued her relentlessly, refusing to take 'no' for an answer. 他锲而不舍地追求她，拒不接受“不”的回答。

20 mitigate   

vt.（使）减轻，（使）缓和

参考例句：

• The government is trying to mitigate the effects of inflation.政府正试图缓和通货膨胀的影响。
• Governments should endeavour to mitigate distress.政府应努力缓解贫困问题。

21 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

22 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

23 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。