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US Economy - Page 18

President Obama has signed a bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households. The bill, which averts a looming "Fiscal cliff" that had threatened to plunge the nation back into recession, also extends expiring jobless benefits, prevents cuts in Medicare reimbursements to doctors and delays for two months billions of dollars in across-the-board spending cuts in defense and domestic programs. Ref. USAToday

Economy US

In accepting a second term as Speaker of the House, John Boehner says the debt is holding back economic growth and imperiling the American Dream. "The American Dream is in peril so long as its namesake is weighed down by this anchor of debt. Break its hold, and we begin to set our economy free. Jobs will come home. Confidence will come back," Boehner said. "We do this not just to boost GDP or reduce unemployment, but to secure for our children a future of freedom and opportunity. Nothing is more important." Ref. CNN

US Economy History & Civil Business Politics

President Barack Obama struck a combative tone during a surprise news conference Monday, attacking Republicans in Congress for threatening to shut down the government over the debt ceiling battle.

"We are not a deadbeat nation," Obama said during a nearly hour-long briefing from the East Room of the White House. He called it "absurd" for the federal government not to pay "bills that have already been racked up."

Obama, however, said what he will not do is "negotiate with a gun at the head of the American people."

Senate Minority Leader Mitch McConnell quickly fired back. "The president and his allies need to get serious about spending, and the debt-limit debate is the perfect time for it," he said in a statement. Ref. CNN

Page 18 Economy US

House Republicans said Friday they intend to extend the nation's borrowing authority for three months, but will not agree to a long-term increase on the debt limit until both chambers of Congress agree on a budget. Ref. USAToday

Economy US

The House of Representatives has passed a three-month extension of the nation's debt limit, effectively delaying a showdown over the government's ability to borrow money to pay existing bills.

The measure also required lawmakers in both chambers of Congress to pass a budget resolution or have their pay withheld until they do.

It was approved 285-144 and now goes to the Senate. Ref. CNN

US Economy

The U.S. Economy posted a decline of 0.1% at an annual rate last quarter, shocking experts, although there was an expectation that growth would be lower than the 3.1% gain in the third quarter. Ref. USAToday

US Economy - Page 18

Congress has approved legislation to permit the government to borrow hundreds of billions of dollars more to meet its obligations, averting a first-ever government default that had loomed as early as mid-February. The 64-34 vote in the Senate on Thursday sends the measure to President Obama, who has said he will sign it into law. The Republican-controlled House passed the legislation last week. Ref. USAToday

US Economy Politics Business Civil & History - Page 18

President Obama will ask Congress for a short-term budget plan to head off a series of automatic budget cuts scheduled to hit next month. Facing a March deadline, Obama will call for a small package of spending cuts and tax revenue increases in remarks at the White House early this afternoon, officials said. Ref. USAToday