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Watching the debate, U.S. markets show no panic yet

Market experts are closely following the US debt ceiling talks, but they appear more worried about the economic impact of failure to reach an accord rather than a dramatic slide in the stock market. Still, it is the fear of a dramatically lower stock market opening Monday that has helped…

GOP leader Cantor pulls out of debt limit talks

WASHINGTON – House Majority Leader Eric Cantor (R-VA) abruptly pulled out of debt limit negotiations Thursday, citing an impasse on taxes, with the deadline to raise the ceiling or begin defaulting just six weeks away. “I believe that we have identified trillions in spending cuts,” Cantor said in a statement,…

Boehner: Congress may cut funds for Libya conflict

WASHINGTON — Top Republican lawmaker John Boehner on Thursday hinted at a potential freeze of funds for military operations in Libya, saying the White House had failed to justify US involvement. Influential US senators meanwhile voiced their support for a bipartisan resolution at odds with such a move that would…

White House denies violating War Powers Act in report to Congress on Libya

WASHINGTON — President Barack Obama sent a report to Congress Wednesday insisting that he did not exceed his powers in ordering US military action in Libya. Officials said that the 30-page report justifies US action in the mission to protect civilians and target the forces of Moamer Kadhafi and contains…

CBO: Budget deal cuts 2011 deficit by $352 million, not $38 billion promised

‘Budget cuts’ may even amount to $3.3 billion increase WASHINGTON – The budget deal struck last Friday to avert a government shutdown cuts the fiscal 2011 deficit by just $352 million, not the $38 billion touted by both parties, according to the Congressional Budget Office. A CBO analysis found Wednesday…

GOP threatens to force America into default if Dems refuse major spending cuts

WASHINGTON – The grueling 2011 budget debate that brought the federal government to the brink of a shutdown might end up looking mild in the face of the next fiscal battle: the debt ceiling. That’s because Republicans are openly threatening to use the calamitous possibility of a U.S. default as…

Pence still attacking Planned Parenthood, says budget deal ‘not good enough’

Tea party favorite Rep. Mike Pence (R-IN) said Sunday that he was unlikely to support the new budget deal because it doesn’t strip all funds for Planned Parenthood. The last-minute deal between House Republicans and Democrats aimed to slash over $38 billion from government spending levels. Pence argued on ABC’s…

D.C. residents pledge to dump trash at Boehner’s house

A government shutdown could literally be a mess for House Speaker John Boehner (R-OH). Thousands of the Washington, D.C. residents who will be without trash service if the government shuts its doors are promising to take their garbage to the Speaker’s residence. A Facebook page is inviting people to join…

No deal after Obama’s late-night budget talks

WASHINGTON (AFP) – President Barack Obama failed to break a budget impasse with Republicans during dramatic late-night talks, though he said the two sides were creeping toward a deal to avert a government shutdown. Obama met Republican House of Representatives Speaker John Boehner and Democratic Senate leader Harry Reid late…

Obama leads late-night budget talks

WASHINGTON – President Barack Obama held crunch late-night talks with Washington’s top Republican seeking a deal to break a budget impasse threatening to shutter swathes of the US government. Obama earlier told Republicans to “quit playing games” while they accused him of lacking leadership, as a Friday deadline loomed to…

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