U.S. Treasury too rosy on bailout cost – TARP cop
WASHINGTON, Oct 25 (Reuters) – The Obama administration’s
latest estimate of taxpayer costs of the Wall Street bailout is
too rosy and could ultimately damage public trust in
government, the top bailout cop said on Monday.
In its quarterly report to Congress, the Special Inspector
General for the Troubled Asset Relief Program said the Treasury
Department’s bailout cost estimate for American International
Group (AIG.N: Quote, Profile, Research, Stock Buzz) was an example of using misleading numbers to
paint a positive pre-election account of the program.
Senate unlikely to follow House on yuan
WASHINGTON (Reuters) – The Senate is unlikely to take up pending China currency legislation following a weekend promise by the Group of 20 economic powers to shun currency devaluations for trade advantage, analysts said on Sunday.
Finance ministers from G20 leading and emerging economies agreed at a weekend meeting in South Korea to “refrain from competitive devaluations” of their currencies and to pursue a full range of policies to reduce excessive external imbalances.
U.S. Senate unlikely to follow House on China yuan
WASHINGTON, Oct 24 (Reuters) – The U.S. Senate is unlikely
to take up pending China currency legislation following a
weekend promise by the Group of 20 economic powers to shun
currency devaluations for trade advantage, analysts said on
Sunday.
Finance ministers from G20 leading and emerging economies
agreed at a weekend meeting in South Korea to “refrain from
competitive devaluations” of their currencies and to pursue a
full range of policies to reduce excessive external
imbalances.
No more Mr. Nice Guy, Republican sets sights on Obama’s energy czar
Michigan Republican Fred Upton is known as a moderate who disappointed many conservatives by voting with the Democratic majority on some major issues including the taxpayer bailout of U.S. automobile manufacturers.
But expect no more Mr. Nice Guy if Republicans win big on November 2 and he becomes chairman of the House Energy and Commerce Committee.
Bejeebers! A scary fiscal outlook and Tea Party politics
Tackling huge budget deficits and growing debt is essential for the United States to avoid a financial market crisis that would push interest rates higher and severely damage the U.S. economy, many economists have warned.
Compromise and statesmanship will be needed to cut spending and raise revenues to narrow the budget gap, and that might not be possible in the current political environment, says at least one experienced budget expert.
US fiscal 2010 deficit thins to $1.29 trillion
WASHINGTON, Oct 15 (Reuters) – The U.S. budget deficit for
fiscal 2010 narrowed to $1.294 trillion from last year’s record
$1.416 trillion as tax collections started to recover and
bailout spending fell sharply.
The U.S. Treasury Department said on Friday the deficit came
to 8.94 percent of gross domestic product for the year ended
Sept. 30, versus 10 percent in fiscal 2009.
Fiscal 2010 deficit narrows to $1.29 trillion
WASHINGTON (Reuters) – The U.S. budget deficit for fiscal 2010 narrowed to $1.294 trillion from last year’s record $1.416 trillion as tax collections started to recover and bailout spending fell sharply.
The U.S. Treasury Department said on Friday the deficit came to 8.94 percent of gross domestic product for the year ended September 30, versus 10 percent in fiscal 2009.
U.S. fiscal 2010 deficit narrows to $1.29 trillion
WASHINGTON, Oct 15 (Reuters) – The U.S. budget deficit for
fiscal 2010 narrowed to $1.294 trillion from last year’s record
$1.416 trillion as tax collections started to recover and
bailout spending fell sharply.
The U.S. Treasury Department said on Friday the deficit came
to 8.94 percent of gross domestic product for the year ended
Sept. 30, versus 10 percent in fiscal 2009.
Low U.S. inflation rate bites millions of retirees
WASHINGTON, Oct 15 (Reuters) – Social Security benefits
will not automatically increase next year for 58 million
Americans because of the low U.S. inflation rate, the Social
Security Administration announced on Friday.
This is the second year in a row that retirees and millions
of disabled workers and survivors of deceased workers will not
receive an automatic cost of living adjustment.
A Social Security reality check for deficit hawks
President Barack Obama’s fiscal commission is expected to recommend changes to Social Security to help reduce the deficit when it issues its report in early December. But protests in France over pension reforms there could serve as a reality check to U. S. deficit hawks who want to raise the U.S. retirement age and make other benefit changes to the popular retirement plan.
While they may not go on strike or take to the streets in protest — like is happening in France over a plan to raise the retirement age from 60 to 62 – older Americans are more likely to show up at the voting booth in November than other groups.
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