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US Economy - Page 14

The Obama administration will likely announce its opposition to the controversial Keystone pipeline project as early as today, according to a Democratic source briefed on the matter.

Though House Speaker John Boehner's office has not yet been informed of the White House decision, the speaker said today that, "This is not good for our country. The president wants to put this off until it's convenient for him to make a decision. That means after the next election. The fact is the American people are asking the question right now, 'Where are the jobs?'"

The proposed Keystone pipeline has been caught up in Washington politics since Republicans inserted a clause in the payroll tax cut extension negotiations last year to try to force an earlier decision on the project. The White House had tried to push the decision until 2013 after the coming presidential election.

The pipeline would run from northern Alberta, Canada, to the Texas Gulf Coast. Republicans a nd some unions support the project because of its job creation prospects. The administration points to environmental reviews still under way, and opponents express concerns about its furthering the nation's dependency on oil. Ref. CNN

Economy US

The U.S. Economy picked up speed at the end of 2011, as consumers increased their spending.

Gross domestic product, the broadest measure of the nation's economic health, grew at a 2.8% annual rate in the last three months of the year, the Commerce Department said Friday. That's up from a 1.8% growth rate in the prior quarter and the strongest reading since the second quarter of 2010.

Still, economists had expected higher growth in the fourth quarter.

Growth of at least 3% is considered enough to prompt hiring by employers. During the quarter, the unemployment rate fell to 8.5% in December from 9% in September. Ref. CNN

US Economy History & Civil Business Politics

Tax The Rich

Obama unveils $3.8 trillion 2013 budget calling for tax hikes on rich, more spending on infrastructure and teachers. Ref. CNN

Page 14 Economy US

Congressional negotiators reached a tentative deal to extend the payroll tax cut and unemployment benefits while avoiding a fee cut for Medicare doctors, Republican legislators and aides say.

News of the deal came hours after President Barack Obama publicly urged Congress to extend the payroll tax cut, which is set to expire at the end of February. Ref. CNN

Economy US

The Republican-controlled House of Representatives passed the GOP leadership's 2013 budget plan by a vote of 228-191.

The measure has no chance of passing the Democratic-controlled Senate but creates a clear contrast between the two parties on a number of tax and spending issues ahead of the general election.

House Budget Committee Chairman Paul Ryan's $3.53 trillion blueprint includes an overhaul of the nation's tax code and major changes to popular entitlements such as Medicare -- expensive programs that in the past have been considered politically untouchable. Ref. CNN

US Economy

Great news: "Too big to fail" banks even bigger now

According to Bloomberg, the five banks that held assets equal to 43% of the US economy in 2007 before the financial crisis and the bank bailout now control assets that equal 56% of the US economy Ref. Source 8

US Economy - Page 14

IMF tells US to sort out debt, quickly

The International Monetary Fund issued a clarion call to bickering US politicians Tuesday, urging them to solve the country's debt problems before a still-vulnerable economy is tipped over the brink. Ref. Source 3

US Economy Politics Business Civil & History - Page 14

US economic growth slows to 2.2% rate, official figures show:

US government cutbacks mean growth rate slows from 3% in the final three months of 2011 Ref. Source 9