Economy slides most since 2001 recession

The U.S. economy contracted by the sharpest margin since 2001 as confidence dwindles and the housing market continues to deteriorate.

Bad economic news though is apparently helping presidential candidate Sen. Barack Obama. Most polls show him pulling ahead substantially over his rival Sen. John McCain. Polling this close to election day tends to be much more accurate than earlier surveys.

Republicans across the board are hurting from the declining economy. The Democrats look poised for their second straight election in which they make significant gains in Congress, an unusual phenomenon.

US Economy Contracts Most Since the 2001 Recession (Update1)
Bloomberg - 46 minutes ago
By Shobhana Chandra Oct. 30 (Bloomberg) -- The economy suffered its biggest decline since 2001 in the third quarter, ushering in what may be worst recession in a quarter century and boosting the chances of Barack Obama and his fellow Democrats in next ...
Economy Shrinks on Weak Spending Wall Street Journal
More pain: Economy shrinks CNNMoney.com

Washington Post
Ailing US economy may cost Republicans big
Reuters - 20 hours ago
"Fairly or unfairly, they (Republicans) have taken most of the blame for the economic crisis and Democrats have leveraged this to their advantage," Gonzales ...
Political parties grasp for coattail pickups FayObserver.com
Sen. Clinton hits campaign trail for House candidates Upstate Ithaca Journal
Double Whammy: Money, McCain Burden RepublicansRoll Call (subscription)

Map of the United States showing how each state is expected to vote in the presidential election. Democrat Barack Obama Wednesday rolled out a new offensive on the stricken US economy while his White House rival John McCain pressed back with character attacks six days from the historic election.(AFP)