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Jan 11, 2011

Flawed report seen from US financial crisis panel

WASHINGTON, Jan 11 (Reuters) – The final report of a U.S.
congressional panel on the financial crisis — due to hit
bookstores in days — won’t be the blockbuster some hoped for,
but it may help point the way toward mortgage market reform.

By mapping out the latest positions of influential
Democrats and Republicans on how to fix the housing finance
system and the giants that dominate it — Fannie Mae (FNMA.OB: Quote, Profile, Research)
and Freddie Mac (FMCC.OB: Quote, Profile, Research) — the report could add value.

Jan 5, 2011

Fed paper backs Wall Street reform under GOP attack

WASHINGTON (Reuters) – Federal Reserve economists endorsed on Wednesday one of the crown jewels of 2010′s Wall Street reform laws — orderly liquidation of troubled financial firms — which a top Republican has targeted for repeal.

The Cleveland Federal Reserve Bank researchers, in a report that could foreshadow congressional testimony, said the orderly liquidation provision of the Dodd-Frank laws “is an important step toward addressing the too-big-to-fail problem.”

Dec 20, 2010

Two senators promise 2011 deficit-cutting bill

WASHINGTON (Reuters) – Two senators pledged on Monday to offer bipartisan legislation next year that reflected proposals to slash the federal budget deficit submitted this month by a presidential commission.

“Taking the commission’s report … we’ll be introducing that as legislation, a legislative vehicle, next year, recognizing in the process that a lot of that would be subject to change,” Democratic Senator Mark Warner said.

Dec 17, 2010

Analysis: Tax deal offers slim hopes on cutting U.S. deficit

WASHINGTON (Reuters) – The $858 billion tax deal approved by Congress on Thursday is “all candy and no spinach,” but at least it shows that President Barack Obama and Republicans can cooperate on fiscal issues.

But their new detente will be tested early next year when the budget deficit looms larger on the political landscape. Analysts are skeptical this week’s pact can be leveraged into a broad deficit-cutting program, and fear the deficit issue could be kicked forward to the 2012 election.

Dec 17, 2010

Analysis: Tax deal offers slim hopes on cutting U.S. deficit

WASHINGTON (Reuters) – The $858 billion tax deal approved by Congress on Thursday is “all candy and no spinach,” but at least it shows that President Barack Obama and Republicans can cooperate on fiscal issues.

But their new detente will be tested early next year when the budget deficit looms larger on the political landscape. Analysts are skeptical this week’s pact can be leveraged into a broad deficit-cutting program, and fear the deficit issue could be kicked forward to the 2012 election.

Dec 3, 2010

US deficit-cut plan falls short, offers framework

WASHINGTON, Dec 3 (Reuters) – A bold plan to slash the U.S.
budget deficit fell short on Friday of winning the support
needed to trigger legislative action in Congress, shifting the
fiscal responsibility issue to the White House and lawmakers.

The outcome was a sour note, coming the same day the
government said the U.S. unemployment rate jumped to 9.8
percent and as both Democrats and Republicans battled over
expiring tax cuts that, if extended, will only add to the
deficit.

Dec 3, 2010

U.S. deficit-cutting plan stumbles in uphill climb

WASHINGTON, Dec 2 (Reuters) – A bold plan to slash the U.S.
budget deficit appeared on Thursday to be falling short of the
support needed from members of a presidential commission to
trigger congressional action.

But the plan had won more backing, from Democrats and
Republicans, than many expected in February when President
Barack Obama set up the commission with the task of finding
ways to cut the $1.3 trillion deficit and $13.8 trillion debt.

Dec 3, 2010

Deficit-cutting plan stumbles in uphill climb

WASHINGTON (Reuters) – A bold plan to slash the budget deficit appeared on Thursday to be falling short of the support needed from members of a presidential commission to trigger congressional action.

But the plan had won more backing, from Democrats and Republicans, than many expected in February when President Barack Obama set up the commission with the task of finding ways to cut the $1.3 trillion deficit and $13.8 trillion debt.

Dec 2, 2010

Lawmakers meet Fed’s Hoenig, discuss mandate

WASHINGTON (Reuters) – Republican lawmakers on Thursday met with a senior Federal Reserve official who opposes the central bank’s easy money policies to discuss stripping the Fed of its task of ensuring full employment.

After the meeting with Kansas City Federal Reserve Bank President Thomas Hoenig, the No. 3 Republican in the House of Representatives, Mike Pence, told reporters he continues to think the Fed should focus solely on fighting inflation.

Dec 2, 2010

Deficit-cutting plan advances in uphill climb

WASHINGTON (Reuters) – Two more lawmakers pledged on Thursday to support a plan to slash the U.S. budget deficit drawn up by the co-chairmen of a presidential commission, but the plan still faced long odds of moving to Congress.

With anxiety over government debt roiling markets in Europe and driving global capital into U.S. Treasury bonds, Republican Senators Tom Coburn and Mike Crapo said they will vote for the bold proposal at a decisive commission meeting on Friday.