11/30/2008 05:12 am ET Updated May 25, 2011

Japan PM: "Harsh Storm" Threatens Global Economy

The U.S. economy contracted in the third quarter as the financial crisis raged, while Japan and Germany said they would spend billions of dollars to provide a cushion against a deep global recession.

The spending measures would complement a series of interest rates cuts, including those from China, Norway and the United States on Wednesday.

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