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Geithner Shows Confidence on Reaching Deficit Deal
By not in system - AOL NewsWASHINGTON -- Treasury Secretary Timothy Geithner on Tuesday reassured investors that the White House and Republican lawmakers will reach a deal to control the nation's finances, downplaying an unprecedented warning that the government risks losing its coveted debt rating if it fails to do so. In an interview on CNBC, Geithner said he disagrees with Standard & Poor's decision to lower its long-term outlook for the federal government's fiscal health. The credit agency on Monday warned the government could lose its top credit rating in the next two years if lawmakers fail to come up with a ...
House Votes to End Mortgage Reduction Program
By not in system - AOL NewsWASHINGTON -- House Republicans pushed through legislation Tuesday to terminate an underachieving Obama administration program designed to reduce mortgage payments for homeowners in danger of losing their homes to foreclosure. Most Democrats, while acknowledging that the Home Affordable Modification Program has fallen short of original goals, protested the vote to kill it. The White House, in a statement, said that if the bill ever reaches President Barack Obama's desk, his senior advisers would recommend he veto it. The vote was 252-170. The GOP-led House this month has voted to kill three ...
G-7 Countries Announce Joint Currency Intervention
By not in system - AOL NewsWASHINGTON -- Finance officials from the Group of Seven major industrialized countries on Thursday agreed on a coordinated effort to weaken the Japanese yen, which has surged to record levels following last week's earthquake and tsunami. A super-strong yen could cripple Japanese exports, further worsen the economic impact of the disaster that killed thousands and triggered an unfolding nuclear crisis. The coordinated intervention in international currency markets would be the first by the G-7 countries since the fall of 2000, when the G-7 intervened in an effort to bolster the euro. ...
Forget the Obama Budget -- the Real Crisis Ahead Is the Debt Ceiling
By Walter Shapiro - Politics DailyFor all the red-ink rhetoric that engulfed Washington Monday with the release of Barack Obama's $3.7 trillion budget, the partisan talking points ("win the future" versus "spending the future") have far more to do with the 2012 elections than the national debt. The economic document that matters right now is not the line items in the 2012 budget, the ever-shifting House GOP proposals to slash as much as $74 billion in government spending this year, nor even the slash-and-burn report of the president's bipartisan fiscal commission. Far more important for those who worry about America's fiscal ...
Obama Budget Due Monday as Debate Nears on Raising Debt Ceiling
By Tom Diemer - Politics DailyIt's crunch time. With deficit hawks hovering, President Obama will offer his 2012 budget Monday, a spending package likely to include enough cuts to offend liberals, but not enough to mollify conservatives. But that's just an opener. House Republicans, facing an early March deadline to finish business on the current budget, are also feeling the heat -- both from tea party activists and from penny pinchers among the broader membership. A proposal unveiled Wednesday to trim as little as $35 billion or as much as $74 billion -- depending on whose baseline you use -- was met with scorn by ...
'Dangerous' Debt-Limit Deadline Is Delayed by Treasury
By Joseph Schuman - AOL NewsAmid an escalating political fight over the legal limits on U.S. government borrowing, the Treasury today pushed back the deadline for a "catastrophic" default to midspring, citing an unexpected increase in projected tax revenue. Congressional Republicans have refused to join Democrats in raising the legal debt ceiling from the level of $14.29 trillion set by Congress a year ago unless President Barack Obama promises broad spending cuts. The showdown risks upsetting financial markets as well as the country's debt rating. Michel Euler, AP Not increasing the debt limit "would have ...
Federal Panel Finds Financial Crisis Was Avoidable
By not in system - AOL NewsWASHINGTON -- The government-appointed panel investigating the roots of the financial crisis says the meltdown occurred because government officials and Wall Street executives ignored warning signs and failed to manage risks. The crisis could have been avoided, the Financial Crisis Inquiry Commission determined in a final report released Thursday that was only supported by Democrats on the panel. Instead the country fell into the deepest recession since the 1930s and millions of people lost their jobs, the congressionally appointed panel concluded. The Bush and Clinton administrations, the ...
Obama Taps New Point Man for Terror Finances, Iran Sanctions
By Joseph Schuman - AOL NewsStuart Levey, architect of the post-9/11 strategy of using the long reach of the U.S. financial system to fight terrorists and pressure Iran to give up its atomic ambitions, is leaving the government just as the sanctions fight with Iran could be heating up. President Barack Obama today named Levey's current deputy and former law partner, David Cohen, the assistant Treasury secretary for terrorist financing, to succeed Levey as undersecretary for terrorism and financial intelligence. Levey was the first to hold the post when it was created by the Bush administration in 2004. And in 2009, ...
Unemployment Epidemic May Be Here to Stay
By Joseph Schuman - AOL News
ANALYSIS (Dec. 3) -- The dissatisfying job numbers for November don't just represent one bad month of meager payroll expansion and snowballing unemployment. They paint the picture of a sputtering economy still so weak nearly a year and a half into a recovery that long-term high unemployment seems an increasingly likely prospect. And they do so at a time when Democrats and Republicans in Washington seem no closer to bridging their differences on how to improve the situation. Charles Dharapak, AP Vice President Joe Biden, center, Treasury Secretary Timothy Geithner, left, and Budget ...
TSA: Some Government Officials to Skip Airport Security
By not in system - AOL NewsWASHINGTON (Nov. 23) -- Cabinet secretaries, top congressional leaders and an exclusive group of senior U.S. officials are exempt from toughened new airport screening procedures when they fly commercially with government-approved federal security details. Aviation security officials would not name those who can skip the controversial screening, but other officials said those VIPs range from top officials like Treasury Secretary Timothy Geithner and FBI Director Robert Mueller to congressional leaders like incoming House Speaker John Boehner, R-Ohio, who avoided security before a recent flight ...
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