The government’s $700 billion bailout of the financial system helped prevent an all-out panic last fall but hasn’t met many of the targets Congress set out, a watchdog panel says.

In President Barack Obama’s hands, the $700 billion financial rescue fund offers a bit of bookkeeping magic: an opportunity to pay down the deficit while also spending more — thereby adding to it.

Franklin Roosevelt, confronted with the worst economic crisis in the nation’s history, wrote the book on government jobs programs. Since FDR, presidents have been less ambitious because the economic challenges they faced were less severe.

Japan led a slide in Asian stock markets on Wednesday as worries about the strength of a global recovery prompted investors to trim some bets ahead of the year end, while the euro picked up from a one-month low on bargain hunting.

Japanese shares dropped Wednesday, dragged down by lower-than-expected economic growth and worries over global credit risks after rating agencies warned about debt problems in Dubai and Greece.

PARIS—-Regulatory News:

President Barack Obama on Tuesday offered modest steps to spur jobs and defended his push to get the U.S. economy growing, amid deep public dismay over double-digit unemployment that has eroded his popularity.

Analysts expect Singapore’s economy to rebound from recession next year as improving global demand for the city-state’s exports fuels a pickup in manufacturing, according to a survey released Wednesday by the central bank.