WASHINGTON (Reuters) – President Barack Obama will launch a trade complaint against China over what his administration says is Beijing’s unfair government backing of its auto industry, a White House official said on Sunday.
Obama will announce during a campaign tour of Ohio on Monday that he is initiating a case against China at the World Trade Organization over allegedly illegal subsidies for automobiles and auto parts, the official said.
WASHINGTON, Sept 14 (Reuters) – The White House presented a
detailed breakdown Friday of $109 billion in across-the-board
spending cuts scheduled for January, setting off a fresh blame
game between the Obama administration and Republicans over
responsibility for what both say is a preventable budgetary
The itemization of the so-called “sequestration” plan showed
potential pain all around: $11 billion out of the Medicare
healthcare program for the elderly, a $15.3 billion cut in
defense procurement accounts and hefty cuts to a Department of
Agriculture program that supports farm prices.
WASHINGTON (Reuters) – The Obama administration on Friday presented the most detailed breakdown yet of $109 billion in across-the-board spending cuts set for January 2, saying they would be “deeply destructive” to defense and non-defense programs.
While adding that it was ready to work with Congress on a replacement plan, the White House said it had done its part and that it was time for lawmakers to do theirs.
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke warned on Thursday the U.S. economic recovery could be in jeopardy if lawmakers can’t stop automatic year-end spending cuts and tax hikes from taking effect.
Bernanke said potent new central bank stimulus efforts would not be enough to protect the economy from the twin shocks.
WASHINGTON, Sept 13 (Reuters) – Federal Reserve Chairman Ben
Bernanke warned on Thursday the U.S. economic recovery could be
in jeopardy if lawmakers can’t stop automatic year-end spending
cuts and tax hikes from taking effect.
Bernanke said potent new central bank stimulus efforts would
not be enough to protect the economy from the twin shocks.
WASHINGTON (Reuters) – A top U.S. Senate Democrat sketched out a broad-brush idea on Thursday that would give Congress six months beyond year’s end to come up with a comprehensive deficit-reduction plan, potentially softening the impact of a looming “fiscal cliff.”
The idea by assistant Democratic Senate leader Dick Durbin has not been developed into a formal plan, a spokesman said. Financial markets and government economists are worried that failure to compromise on tax and spending issues could bring on a recession.
WASHINGTON (Reuters) – The Federal Reserve on Wednesday said economic recovery had lost momentum so far this year, but stopped short of offering new monetary stimulus even as it signaled further bond buys could be in store.
Fed officials described the economy as having “decelerated somewhat,” and reiterated their disappointment with the slow pace of progress in bringing down the nation’s 8.2 percent jobless rate.
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke on Tuesday offered a gloomy view of the economy’s prospects, but provided few concrete clues on whether the U.S. central bank was moving closer to a fresh round of monetary stimulus.
Bernanke told the Senate Banking Committee the economic recovery was being held back by anxiety over Europe’s debt crisis and the path of U.S. fiscal policy, and he expressed unease over a stagnant jobs market.
WASHINGTON (Reuters) – The Federal Reserve stands ready to offer additional monetary support to a U.S. economy that has slowed significantly in recent months, Fed Chairman Ben Bernanke told lawmakers on Tuesday.
He told the Senate Banking Committee the recovery was being held back by tighter financial conditions due to Europe’s debt crisis and uncertainty surrounding U.S. fiscal policy.
JACKSON, Mississippi (Reuters) – A voting member of the Federal Reserve’s policy-setting body said on Friday he has edged closer to supporting another round of quantitative easing if the sluggish economy can’t shake its doldrums.
“My support for the current stance of policy rests on a forecast that sees a step-up of output and employment growth by year-end and into 2013,” Atlanta Fed President Dennis Lockhart told a business group.