Although some members of his administration don't hold Fox News in too high of regard, President Barack Obama did sit down with the news outlet to discuss the economy. In the interview, President Obama offered what some are calling his "sternest warning" about containing deficits. President Obama believes that a further compilation of government debt could lead to a double-dip recession.

The president believes that his administration faces a "delicate balance of trying to boost the economy and spur job creation," but the administration has to set the economy on "a path toward long-term deficit reduction." He noted that it is important "to recognize ... that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession."

When you spend $787 billion, there's a lot of pressure to show results. So, there's no surprise that success is being proclaimed across the country. States are saying that they've used the federal stimulus package money to create or save more than 388,000 jobs this year. Teachers, construction workers and other professions have realized the upside of stimulus cash according to reports from 33 states and Puerto Rico, with the remainder of the results being released on Friday.

Of course, the numbers "should be taken with a grain of salt," says Ethan Pollack of the Economic Policy Institute. The states were tasked to count the jobs created or protected, but the results have been of dubious accuracy. This doesn't mean the stats can't provide fodder to people on both sides of the aisle.

Columbia Business School's Frank Lichtenberg says the data shows a solid economic impact, and the Obama administration's Council of Economic Advisors believes the stimulus spending has taken care of between 600,000 and 1.1 million jobs.

And, there are those who disagree.

A new bill that would revamp student loan programs in the United States passed the House of Representatives. The proposed program, which would affect the largest change on college aid since they came into existence in the 1960s would push private lenders out of the business and put the U.S. government in control.

The new measure would end subsidies for private lenders, increase Pell Grants available for students in financial need, and create grants for community colleges. The proposal includes almost all of President Obama's key points on higher education from the campaign trail. It passed the House 253 – 171, with most representatives sticking to party lines.

According to the Labor Department, the unemployment rate increased to 9.7% during August -- hitting the highest level since June 1983.

The report showed that employers cut a net total of 216,000 jobs. The number of jobs cut was less than July's 276,000 (which was upwardly revised) and was the lowest reading in a year. Economists expected job cuts to come in at 225,000. As for the unemployment rate, expectations called for 9.5%.

Upset about last year's major bailouts? Well, you aren't the only one. At a town-hall meeting in Kansas City, Mo., Fed Chair Ben Bernanke said that he had to "hold my nose" over the bailouts, which were funded by the taxpayer.

Of course, that was about all the outrage that Big Ben had reserved for the situation, as he noted that the action had to be taken in order for the financial system and economy to not fall apart. Bernanke made the comment in response to a small-business owner who complained that small businesses were shortchanged.

Who is ready for their morning dose of anger? That is what I thought this morning when I found out about the higher pay at some investment banks following the recent bailouts. Well, let me qualify that -- it isn't necessarily higher pay, but some execs will receive the same amount as they did before the bailouts. Some Wall Street firms, enjoying improving profits are on track to "pay employees as much as, or even more than, it did in the pre-crisis days." The top six U.S. banks have set aside $74 billion to pay employees, up from $60 billion last year, according to the Washington Post.

There has been a lot of chatter lately about the possibility of a second stimulus package for America, and now it has received the blessing of Warren Buffett.

On this morning's Good Morning America (on ABC), Buffett said, "I think that a second one [stimulus package] may well be called for ... you hope it doesn't get watered down in many ways." Buffett leveled criticism at the first stimulus bill, calling it "sort of like taking half a tablet of Viagra and having a bunch of candy mixed in."

The G-20 summit was a true public relations success. There were no walkouts by France or any other country as had been previously feared. There were statements that protectionism should be avoided. It appeared that the world learned the lesson from Smoot Hawley Tariff Act during the Hoover administration. There was a commitment to fund the International Monetary Fund with additional capital. Despite low expectations, there appeared to be an international consensus by the G-20 nations.

President Obama was warmly received by all the G-20 nations. This was in sharp contrast to the chilly reception of the Bush administration at prior G-20 summits.

Despite a deepening job slump and few signs that the recession that began in December 2007 is nearing an end, Americans have grown more optimistic about the U.S. economy and the country's direction in the 11 weeks since the inauguration of President Obama, the latest New York Times/CBS News poll shows.

Further, Americans approve of President Obama's handling of the economy, foreign policy, (wars in Iraq and Afghanistan), and two-thirds said they approved of his overall job performance.