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Chicago mayor to lay off workers to plug budget gap

CHICAGO (Reuters) – With Chicago still facing a lingering deficit in its current budget, Mayor Rahm Emanuel unveiled on Friday a series of steps that will lead to up to 625 layoffs. The steps include the privatization of custodial services at city libraries and airports, benefits services and the water…

U.S. ‘running out of time’ on debt deal: Obama

WASHINGTON — President Barack Obama Friday said the United States was “running out of time” to reach a deal on raising the country’s debt ceiling to avert a possible early August default. “We are obviously running out of time. And so what I’ve said to the members of Congress is…

U.S. debt default would trigger global ‘crisis’: Bernanke

US central bank chief Ben Bernanke warned Wednesday that a US debt default would trigger a “major crisis” in the global economy, as the White House and its Republican foes groped for a budget deal. “Clearly, if we went so far as to default on the debt, it would be…

Obama urges Republicans to follow Reagan example

President Barack Obama urged Republicans to draw inspiration from the hero of fiscal conservatives, Ronald Reagan, who had agreed to revenue increases to cut the US deficit. “Ronald Reagan repeatedly took steps that included revenue, in order for him to accomplish some of these larger goals,” Obama told CBS in…

St. Croix County Republican Party in Wisconsin campaigning for fake Democrat

The St. Croix County Republican Party is encouraging Republicans to vote for a fake Democratic candidate in Tuesday’s 10th Senate District primary election, according to the Milwaukee-Wisconsin Journal Sentinel. Isaac Weix is one of six fake Democratic candidates who entered the race to force Democratic primary elections in Wisconsin. County…

Obama: political sacrifices needed for debt deal

WASHINGTON (Reuters) – President Barack Obama said on Saturday political sacrifices will be needed by both Democrats and Republicans to break a budget impasse and avoid a looming debt default. Under pressure to reduce America’s 9.2 percent jobless rate, Obama used his weekly radio and Web address to vow to…

Paul Ryan caught buying $350 bottle of wine

The lawmaker responsible for crafting a Republican budget plan that would effectively kill Medicare isn’t as frugal when it comes to his own money. Rutgers associate business professor Susan Feinberg told Talking Points Memo that she was at a Washington, D.C. restaurant Tuesday when she saw Rep. Paul Ryan (R-WI)…

Obama puts Social Security, Medicare cuts on the table

WASHINGTON (Reuters) – After weeks of impasse, President Barack Obama and top congressional leaders are aiming for “something big” as they resume budget talks on Thursday to avert an imminent default. With Republicans showing new flexibility on taxes, Democrats say Obama will push negotiators to double their target to $4…

Democrats challenge Obama’s Afghan withdrawal plan

WASHINGTON (Reuters) – Democratic lawmakers fed up with the lingering war inAfghanistan launched a new challenge to President Barack Obama’s plan for a measured U.S. troop withdrawal over the next year as they resumed debate on Wednesday on a $649 billion defense spending bill. Democratic members of the House of Representatives proposed a series of…

Eric Cantor opens door to tax hikes

WASHINGTON (Reuters) – A top Republican said on Wednesday his party could compromise on taxes as part of a broad budget deal as President Barack Obama warned the United States could spiral back into recession if Congress does not act soon. Ahead of a Thursday meeting with Obama, House of…

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