Where am I headed??

With the recession well and truly set,the job scenario isnt very interesting right now. One of the advantages of my 5yr plan was that I could afford to ride out the recession what with my being in school and that when I graduated in Dec,the economy would be looking up. The other advantage was that with the MS, i'd get a chance to build a really good profile for B-school.

If recent news is anything to go by, its not going to be any easier to get a job. I'm not even sure Obama is in favour of increasing the H1B quota. Jobs are getting cut at a drastic rate. While a lot of people tell me i shouldnt be worrying about it now, the truth is that as long as I dont have the work visa, it is going to be a big worry.

Will be able to get a job by next December?
Should I even graduate next Dec? Does it make sense to go back to India, do some IT course, come back and graduate in April? Will i be able to get a job then? How will this affect my MBA plans?