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Barney Frank: Reduce the deficit by slashing military spending

Though he drew a less-than-capacity crowd at the early morning plenary of the Take Back The American Dream summit (and skipped answering questions in favor of an appearance on the CBS Morning show), Rep. Barney Frank’s (D-MA) appearance got his lefty audience on their feet for his speech about cutting…

Health consumers make deficit fight personal

WASHINGTON (Reuters) – The numbers are devastating: almost 2,000 poor kids in Texas with cancer, another 18,000 with diabetes and more than 350,000 suffering from chronic lung disease, heart disease or stroke. What sounds like a grim statistical report on poverty and disease is actually a lobbying message from Medicaid…

Crude oil prices slip on Greek default fears

World oil prices slid on Monday, as tumbling global equities and fresh fears of a Greek default sparked concern over the energy demand outlook, with the market also hit by the strong dollar. New York’s main contract, West Texas Intermediate (WTI) for delivery in November, dipped 47 cents to $78.73 a barrel. Brent North…

European stocks and euro dive on Greece worries

European stocks slumped and the euro hit an eight-month dollar low on Monday after Greece said it would not meet a target for reducing its massive deficit, heaping fresh pressure on the eurozone crisis. The Frankfurt market dived more than 3.0 percent and bank stocks tumbled on the first trading day of…

More than one-third of Senate urges debt panel to cut $4 trillion

Senator Mark Warner (D-VA) announced Thursday that he had organized a coalition of 36 senators to encourage the congressional “super committee” to seek the broadest possible agreement to address the nation’s spending and debt. The coalition — made up of 18 Republicans, 17 Democrats and one Independent — represents more…

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. 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…

Obama urges ‘balanced approach’ in deficit talks

US President Barack Obama urged Democrats and Republicans Saturday to take a “balanced approach” to deficit reduction ahead of a new round of key talks aimed at avoiding America’s default on its debt. “I believe we need a balanced approach,” Obama said in his weekly radio address. “That means taking…

Analysis: Budget-cutting could cripple recovery

NEW YORK (Reuters) – Two years removed from its worst recession since World War Two, the U.S. economy is still struggling to create jobs, and things could get even tougher if all the talk of belt-tightening in Washington becomes reality. Data on Friday showed hiring ground to a near halt…

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