Mark's Feed
Sep 17, 2012

China, U.S. issue tit-for-tat WTO trade complaints

WASHINGTON/GENEVA (Reuters) – China filed a trade complaint on Monday to challenge a new U.S. law allowing duties on subsidised goods from China in a tit-for-tat exchange with the United States after Washington said it would launch a complaint against Beijing’s support for car exports.

The two cases could shift the focus to President Barack Obama’s management of the sometimes contentious U.S. relationship with China and his support for the auto industry in the final weeks before a close election.

Sep 17, 2012

Obama to launch auto trade case against China: official

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.

Sep 15, 2012

White House, Republicans trade blame over looming spending cuts

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
calamity.

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.

Sep 14, 2012

Automatic U.S. spending cuts destructive: administration

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.

Sep 13, 2012

Recovery at risk from fiscal cliff-Bernanke

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.

Sep 13, 2012

U.S. recovery at risk from fiscal cliff-Bernanke

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.

Sep 6, 2012

Senate Democrat sees path to deal on deficit by mid-2013

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.

Aug 1, 2012

Fed says economy weaker, but leaves policy on hold

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.

Jul 17, 2012

Bernanke offers gloomy view but few new hints on easing

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.

Jul 17, 2012

Bernanke says Fed prepared to do more to boost jobs

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.

    • About Mark

      "Mark Felsenthal is a Reuters White House correspondent who covered Barack Obama's re-election in 2012 and the fiscal crisis that immediately followed. Since joining Reuters in 2001, he has written about monetary policy, currency wars, and the housing market meltdown."
    • Follow Mark