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The government reopened its doors Thursday after a battle-weary Congress approved a bipartisan measure to end a 16-day partial shutdown and avert the possibility of an economy-jarring default on U.S. obligations.
“U.S. Treasury Secretary Jacob Lew warns that there will not be enough money to cover Social Security payments, military salaries, Medicare, and other government programs in mid-October – unless Congress lawmakers raise the country’s borrowing limit, which is already capped at $16.7 trillion.”
When it rains, it pours. The combined weight of the three growing Obama administration scandals is weighing down the White House and overwhelming their ability to control the story or advance their agenda.
Right now the President of the United States is making numerous changes in his staff of phony leaders.
It's almost a case of starting over for Gov. Jan Brewer as she weighs whether to ask legislators to provide government-paid health coverage to hundreds of thousands of additional low-income Arizonans.
WASHINGTON — President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election.
The fate of the Affordable Care Act (Obamacare) will be determined within the next few months. We’ll soon know if America will be saddled permanently with an unaffordable, unworkable, unpopular entitlement when we can least afford it.
The letter from Bill Sandry (May 20) blaming the 1999 repeal of the Glass-Steagall Act of 1933 for the financial meltdown that began in 2007 is another in a long series of Republican/tea party attempts to blame Bill Clinton for the mess created by the failed fiscal policies of George II and the Republican-dominated House and Senate of the 1990s and the first half of this decade.
It should it not be of any surprise that our racist elected officials in this state would be doing anything differently in raising the “birther issue” once again. We must all remember that Arizona was the last state in the union to approve MLK Day as a legal holiday.
Saying it will save money, the Obama administration is scrapping the production of presidential dollar coins even as an Arizona congressman wants them to replace greenbacks.
WASHINGTON – All five Republican members of Arizona’s House delegation have signed on to the Cut, Cap and Balance Act of 2011, a plan to deal with the nation’s debt limit that is expected to come up for a vote Tuesday.
Guest commentary by Tom Patterson
Gee whiz, here comes that G20 again. Finance ministers and central bankers from the Group of 20 principal economic powers have just met in Gyeongju, South Korea, for detailed advance work for the November summit of heads of member governments in Seoul.
This latest gathering of finance gurus has occurred as the United States dollar slides against other currencies, fiscal and payment deficits continue to balloon, and financial services firms remain mired in mortgage foreclosure review misbehavior.
From a more personal perspectives in the United States, unemployment persists unacceptably high near 10 percent, individual private debt remains a heavy collective burden, and political rhetoric escalates emotionally just before the November elections.
Who cares about a gathering of government big shots who dwell in a world removed from the average person?
The answer is you should care, for several central reasons.
Today, actions taken by these officials have profound lasting impacts on the majority of the population of the world. National finance ministries manage international policy machinery, which is proving to be remarkably effective, and this system long-term has undeniably promoted both global economic prosperity and international political stability.
That translates into a better, more secure life for most people. The many who have lost money and lost jobs in the recession have better odds to regain economic ground, and recover sooner, because of this relatively stable underlying foundation.
In one sense, the G20 is coming home again through the Korea meetings. The international financial organization was established in 1999, spurred by the Asia financial crisis of 1997. In that experience, the sudden collapse of the Thai currency spread like a financial gasoline fire throughout the enormous Pacific region.
Rapid response by policy leaders, led by the United States, mobilized public and private liquid capital to relieve nearly disastrous financial pressures on the Asia economies. U.S. Federal Reserve Chairman Alan Greenspan and Treasury Secretary Robert Rubin deserve credit for working effectively with President Bill Clinton to calm that earlier crisis.
South Korea was badly hurt by the events of 1997, thanks to excessive financial speculation in the run-up to the crisis. By contrast, the enormous rapidly emerging economy of China, and the sizable relatively sheltered mature economy of Japan, in that context provided useful stabilizing influence.
Japan was a participant in the then-central G7 organization of economically advanced nations. The successor G20 has provided a wider arena to include China, along with Brazil, India and other rapidly industrializing large economies of the world.
The fact that worldwide very poor people are becoming prosperous is good news for everyone. They represent new competitors in the global economy, but also potential new consumers of our products and partners in our investment efforts. Wars are on balance less likely.
President Barack Obama shrewdly picked Pittsburgh as the site for the fall 2009 G20 summit. In the 1980s, that city personified economic decline, as domestic steel manufacturing faded and unemployment approached 20 percent. Sustained high-tech investment has turned that around.
At the 2009 summit, Bill Gates of Microsoft dedicated a new computer science complex at Carnegie-Mellon University. Apple, Disney, Google and Intel are some of the other recent investors in the city.
We've learned through the terrible 20th century experiences that protectionism is ultimately self-defeating, nationalism is dangerous, and there is no substitute for market competition. The G20 provides a workable means of implementing this understanding.
Arthur I. Cyr is Clausen Distinguished Professor at Carthage College. E-mail him at email@example.com
Arizona Secretary of State Ken Bennett: No longer are corporations barred from tapping their treasury to directly advocate for and against candidates. Now, imagine such advertisements without disclosure as to who was behind them. That's the situation Arizona may face if we don't act now.
WASHINGTON — When the Senate takes up a jobs bill later this month or early in February, the debate will center on whether it really will create jobs and be worth plunging the government tens of billions of dollars further into debt.
NEW YORK — President Barack Obama sternly warned Wall Street Monday against returning to the sort of reckless and unchecked behavior that threatened the nation with a second Great Depression. Even as he noted the U.S. economy and financial system were pulling out of a downward spiral, Obama warned financial titans on the first anniversary of the Lehman Brothers collapse they could not count on any more bailouts. Related: One year later, worries linger on economy
DETROIT — General Motors, once the colossus of American capitalism, will become a leaner, government-owned company if the Obama administration goes along with the automaker's plan to slash jobs, close plants and eliminate the legendary Pontiac brand.
Austin Hill: President Barack Obama has no intention of helping to grow the United States economy. Perhaps that sounds harsh. Maybe it sounds outrageously "partisan." Maybe it just sounds outrageous.
WASHINGTON - The Obama administration aimed squarely at the crisis clogging the nation's credit system Monday with a plan to take over up to $1 trillion in sour mortgage securities with the help of private investors. For once, Wall Street cheered.
WASHINGTON - Talking tougher by the hour, livid Democrats confronted beleaguered insurance giant AIG with an ultimatum Tuesday: Give back $165 million in post-bailout bonuses or watch Congress tax it away with emergency legislation.
WASHINGTON - America's recession "probably" will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday in a rare television interview.
WASHINGTON — A new definition of desperate times: Even as the government threw a stunning new $30 billion lifeline to American International Group on Monday, the beleaguered insurance giant confirmed it had lost more than twice that much, $62 billion, in a single three-month period.
President Barack Obama's $75 billion housing rescue plan announced Wednesday in Mesa promises to help up to 9 million homeowners facing the prospect of losing their homes.
WASHINGTON - So much for bipartisanship.
WASHINGTON - Two days from the White House, President-elect Barack Obama joined a vast throng Sunday at a joyous pre-inauguration celebration staged among marble monuments to past heroes. "Anything is possible in America," declared the man who will confront economic crisis and two wars when he takes office.