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Obama struggles to balance budget cuts, investment
WASHINGTON – US President Barack Obama unveils his fiscal 2012 budget Monday, an election year plan forged from conflicting needs to cut spending and stoke the economic recovery. With vast crisis payments and sharply lower tax revenues making it difficult for the government to balance its books, Obama will set…
Fed’s Bernanke tackles congressional critics
WASHINGTON – Federal Reserve Chairman Ben Bernanke fended off criticism that he is ignoring the risk of rising prices Wednesday, as he faced a skeptical Republican-controlled panel in Congress. “We remain unwaveringly committed to price stability,” Bernanke told the House of Representatives budget committee, rejecting claims that rising prices for…
Ron Paul holds first hearing to scrutinize Fed
WASHINGTON – Texas Republican Rep. Ron Paul on Wednesday held his first official hearing to examine the policies of the Federal Reserve on unemployment and economic growth. Paul, an outspoken critic of the Fed, was tapped to chair the House financial services subcommittee on Domestic Monetary Policy and Technology after…
Saudi reformers start Facebook group
DUBAI – Like their Arab neighbours using the web to rally against their regimes, Saudis seeking political, social and economic reforms have created a group on Facebook that by Tuesday had nearly 2,000 members. “The people want to reform the regime” group calls for a constitutional monarchy, transparency, legislative elections,…
Unemployment claims at two-year low
WASHINGTON — New jobless claims in the United States fell to the lowest levels since July 2008 last week, the Labor Department said. Claims for unemployment benefits stood at 388,000 in the week ending December 25, down 34,000 from the previous week and below 400,000 for the first time since…
US economy hobbles toward brighter 2011
WASHINGTON – Fresh data on Thursday showed the US economy limping toward the end of 2010, its fitness much improved in the last year, but with the recovery still hobbled by high unemployment. When President Barack Obama gave an end-of-year press conference on Wednesday, he insisted the world’s largest economy…
Economic stress falls to 18-month low
Job gains help reduce nation’s economic pain to an 18-month low, AP stress map shows Job gains around the country offset higher foreclosures and helped reduce the nation’s economic stress in October to an 18-month low, according to The Associated Press’ monthly analysis. Stress fell in 56 percent of the…
GOP, Dems nearing deal on taxes, jobless benefits
GOP, Democrats nearing deal on jobless benefits, temporary extension of Bush-era tax rates An outline of a bipartisan economic package is emerging that would temporarily extend the Bush-era tax rates for all taxpayers, while extending jobless benefits for millions of Americans. Differences remained over details, including White House demands for…
GOP Sen. Mark Kirk: Extending jobless benefits ‘misguided,’ but tax cuts for the rich necessary
Republican Mark Kirk, hours away from being sworn in as a US senator, said Monday that efforts to extend jobless benefits are misguided but argued it is imperative to extend Bush’s tax cuts for wealthy Americans. On MSNBC’s Morning Joe Monday, Kirk said current proposals to extend unemployment benefits “take…
Senate not scheduled to vote on extending jobless benefits
UPDATE: Republicans in the House have blocked a bill that would have extended unemployment benefits until the end of February, the Associated Press reports. Two Democratic senators urged Congress to extend unemployment benefits for another year Wednesday, but no vote has been scheduled and the annual Thanksgiving recess is only…
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