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Edward Lazear, chairman of the White House Council of Economic Advisors Chairman, right, and National Economic Council Director Keith Hennessey brief the media at the White House. The Labor Department reported that employers cut payrolls by 63,000 in February, the most in five years. Separately, the Federal Reserve announced that it would boost loans to the nation's banks. More on how to beat the higher cost of living Chip Somodevilla / Getty Images