Washington: President Barack Obama will set out a budget on Monday designed to slash the deficit while investing in infrastructure, education and scientific research " but most of his plans have little chance of becoming law. According to senior administration officials, the president's budget will cut the deficit from a forecast 8.5 per cent of gross domestic product this year, to 5.5 per cent of GDP in the next fiscal...
11:12 PM, Feb 11, 2012
Washington: US President Barack Obama has said country's economy is growing strong and recovery is speeding up. Obama's remarks on the state of the economy came hours after latest report showed that unemployment rate has dropped to 8.3 per cent as added more than 2.4 lakh new jobs in January. "This morning, we received more good news about our economy. In January, American businesses added another 257,000 jobs. The unemployment...
08:53 AM, Feb 04, 2012
New York: Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade of the country's coveted AAA rating. The ratings agency on Monday revised to negative from stable the outlook on the US credit rating after a special congressional committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures. The committee...
07:58 AM, Nov 29, 2011
A US court ruled the Occupy Wall Street protesters in New York could return to Zucotti Park with one major difference - no tents. ...
08:51 AM, Nov 17, 2011
Washington: US President Barack Obama on Saturday urged Congress to pass the administration's stalled jobs plan to speed up US economic growth and reduce the widening income gap. Obama cited a latest Congressional Budget Office (CBO) report to show that the US middle class has lost ground while the wealthiest few have become even wealthier over the past three decades, reported Xinhua. A report released earlier this week by the...
02:57 AM, Oct 30, 2011
New York: Stocks are surging in early trading after European leaders agreed on a deal to slash Greece's debt. The US economy grew between July and September at its fastest rate in a year, and Dow Chemical Co became the latest big company to report stronger earnings. Global markets soared on Thursday after the European agreement, which is aimed at preventing a two-year debt crisis there from dragging the world...
07:28 PM, Oct 27, 2011
Washington: President Barack Obama's approval rating got a small lift after he unveiled a jobs plan last week, keeping him ahead of all potential Republican rivals in the 2012 election, a poll said on Wednesday. The percentage of Americans who view Obama's performance favorably edged up to 47 per cent in the poll conducted from September 8-12. The president, a Democrat, unveiled his $447 billion job creation proposal on September...
09:21 AM, Sep 15, 2011
Washington: In a sharp challenge to the GOP, President Barack Obama proposed paying for his costly new jobs plan on Monday with tax hikes that Republicans have already rejected, and he accused them of political motives if they still refuse to go along. "The only thing that's stopping it is politics," Obama declared. The president's proposal drew criticism from House Speaker John Boehner, who'd previously responded in cautious but somewhat...
03:02 AM, Sep 13, 2011
Washington: US President Barack Obama on Monday underlined the need to boost economic growth so that more jobs are created, as he nominated a Princeton University economist as his top adviser. "Our great ongoing challenge as a nation remains how to get this economy growing faster," Obama said at the White House as he nominated Alan B Krueger as chairman of the Council of Economic Advisers (CEA), which is a...
11:47 PM, Aug 29, 2011
New York: A scary drop in stocks and commodities threatens to squeeze life out of an already faltering US economy, with deal-making, investment in plants and equipment, and capital raising at risk of slowing down or freezing up. This will likely further damage consumer confidence, already jarred by the toxic battle in Congress over the government's debt ceiling and by high unemployment, and feed fears another recession is just around...
09:09 AM, Aug 05, 2011
Washington: With four days left before the United States hits its debt limit, Republicans pressed ahead with a deficit plan that cannot pass Congress and President Barack Obama told lawmakers to stop wasting time and find a way "out of this mess." Republicans in the House of Representatives said they expected to vote on Friday on a retooled deficit-reduction measure that would raise the debt ceiling. The bill is opposed...
07:49 AM, Jul 30, 2011
Washington: Crisis concerns rising, House Republican leaders shrugged off a White House veto threat and an outbreak of tensions within their own party on Wednesday as they built support for legislation to stave off the government default threatened for next week. Worried Wall Street sent stocks plunging on fears that political gridlock would prevail. "I can't do this job unless you're behind me," House Speaker John Boehner bluntly told his...
07:46 AM, Jul 28, 2011
Washington: If US Congress does not raise the limit on US government debt before the specter of default becomes reality this summer, President Barack Obama will need to decide which bills to pay - and choose between market mayhem and a firestorm over missed benefit payments. The Obama administration and lawmakers are locked in talks over how to curb mounting US debts, with Republicans pushing for deep spending cuts as...
08:21 AM, May 17, 2011
Washington: President Barack Obama said on Sunday the US economy was expanding, but not quickly enough, and there was no "magic bullet" that will fix its problems. Obama said in an television interview that the batch of grim economic data over the past few weeks was something his administration had anticipated. Gloomy reports on Gross Domestic Product and housing have raised fears the fragile economy could slip back into a...
08:33 AM, Aug 30, 2010
![Obama signs law to prevent another recession]( "Obama signs law to prevent another recession")
Says it will not only help prevent another meltdown, but also establish financial protections for consumer. ...
10:41 AM, Jul 22, 2010
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