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Senate committee to vote on Treasury nominee Jack Lew

The US Senate Finance Committee said it will vote Tuesday on the appointment of Jack Lew — who played an active role in talks that led to massive looming spending cuts — as Treasury secretary. Lew, who was tapped last month to succeed Timothy Geithner in the key cabinet position,…

Rick Perry to propose flat tax as part of economic plan

Texas governor and Republican presidential candidate Rick Perry will unveil a national flat tax as part of his economic plan, according to the Washington Post. Perry announced his plan at the Western Republican Leadership Conference in Las Vegas, but gave no details. “A change election requires a new direction, and…

GOP risks recession by blocking Obama jobs bill: Geithner

WASHINGTON — U.S. Treasury Secretary Timothy Geithner warned Republicans that they risk helping to tip the country into recession by failing to back President Barack Obama’s jobs bill late Tuesday. Speaking just before Republican senators joined with Democratic Sens. Ben Nelson and Jon Tester to vote against the $447 billion…

Obama: Europe crisis scaring world

MOUNTAIN VIEW, California — US President Barack Obama on Monday complained that Europe’s financial crisis was scaring the world and was rooted in the eurozone’s failure to fix its banks. In a new sign of US frustration about a situation that many in Washington fear could further derail the US…

Eurozone crisis dragging down growth worldwide

The eurozone crisis is dragging down growth in the second half of the year but not to the point of recession, the EU said on Thursday as finance ministers headed to key talks on solutions. EU Economic Affairs Commissioner Olli Rehn said the economy was set to come to a…

Eurozone debt crisis could rip E.U. apart: officials

The eurozone debt crisis now threatening banks could destroy six decades of post-war European integration, top EU officials warned on Wednesday. The dire warning that post World War II Europe risks disaster came shortly after Moody’s credit rating agency downgraded two French banks and as financial markets increasingly calculate the…

Sen. Rand Paul calls for vote of no confidence in Treasury Secretary Geithner

Kentucky Senator Rand Paul (R) on Wednesday took to the Senate floor to call for a vote of no confidence in Treasury Secretary Timothy Geithner, one of the stalwarts of President Barack Obama’s administration. “The current Administration’s gross mismanagement of the U.S. economy, at the helm of which has sat…

U.S.: Europe has ability to face debt crisis

WASHINGTON — The White House said Tuesday it was confident Europe had the ability and will to tackle its debt crisis and said there was “no question” events across the Atlantic could impact the US economy. Officials in Washington are eyeing events in Europe as fears mount that a banking…

Obama meets Fed chief Bernanke

WASHINGTON — US President Barack Obama met Federal Reserve Chairman Ben Bernanke Wednesday to discuss the stuttering US economy and fears of contagion from Europe’s debt crisis. “The president and the chairman discussed the outlook for the recovery and for jobs as well as fiscal issues, including the need to…

World leaders search for response to U.S.-Euro debt crisis

World leaders searched Sunday for answers to a global debt crisis, hoping to head off a massacre on markets spooked by an unprecedented US rating downgrade and Europe’s swelling malaise. France and Germany called for full implementation of measures agreed at a eurozone summit in July to safeguard the single…

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