RSSAll Entries Tagged With: "Republicans"

Poverty Rate Crosses 15%, highest in more than 50 years: U.S Census Bureau

Poverty Rate Crosses 15%, highest in over 50 years: U.S Census Bureau

Household incomes among Americans have fallen sharply, accompanied by a rise in the number of people living below the poverty line to 46.2 million, the highest in over 50 years, according to income and poverty figures released by the U.S Census Bureau yesterday. The poverty rate is the highest recorded over the 52 years that [...]

President Obama said he hoped the downgrade would give Washington a renewed sense of urgency in tackling deficits

Dow Responds to U.S Downgrade By Plunging Over 600 Points

In response to Standard & Poor’s first-ever downgrade on the outlook for the U.S economy from a triple-A rating to AA+, the Dow Jones Industrial Average reacted dramatically on Monday by falling more than 600 points; its worst-ever drop since the 2008 financial crisis. The 5.5% drop in the market, driven by a day of [...]

Latest Debt Ceiling Plan Unsettles Democrats

Latest Debt Ceiling Plan Unsettles Democrats

The deal that U.S President Barack Obama and Republican House speaker John Boehner seem to be closing in on has reportedly evoked harsh reactions from the Democratic Party in relation to some of the concessions Obama might have to make so as to put this plan in place. The U.S Congress needs to agree upon [...]

mitch mcconnell_alternate budget amendment plan

U.S Debt Ceiling Debate, Euro Woes Push Investors towards Gold

With the precious yellow metal touching a record $1600 an ounce earlier today, while some investors with large gold holdings are rejoicing, it could also be an indication of a market-wide sentiment regarding the faltering world economy. Rallying gold prices have often been associated with overwhelming problems in the financial markets. Given the continuing impasse [...]

Obama, Republicans Deadlocked over Debt Ceiling & Spending Cuts

Obama, Republicans Deadlocked over Debt Ceiling & Spending Cuts

Are we looking at a U.S Default Scenario ? With the August 2 deadline looming ahead, U.S President Barack Obama met with congressional leaders on Sunday night, with the agenda of arriving at some sort of agreement over the austerity measures that need to be put in place to reduce long term economic shortfalls. While [...]

Timothy Geithner: Raise U.S Debt Ceiling or Risk Default

Timothy Geithner: Raise U.S Debt Ceiling or Risk Default

With the United States having officially hit the debt ceiling last Monday, Timothy Geithner, U.S Treasury Secretary has told Congress that in order to enable the government to continue borrowing in the debt markets, investments in federal retirement funds would need to be suspended until Aug. 2, which is when the government could potentially default on its [...]

Obama’s deficit-cut plan at loggerheads with Paul Ryan’s GOP Plan

Obama’s deficit-cut plan at loggerheads with Paul Ryan’s GOP Plan

U.S President Barack Obama, in the deficit-cut plan he announced on Wednesday, proposed a $4 trillion deficit-cut over the next 12 years. In sharp contrast to the GOP Plan, the key features of Obama’s plan include being more committed towards supporting the weaker sections of society, while ending Bush-era tax cuts for the rich. The [...]

Government shutdown averted; Obama warns of painful budget cuts to come…

Government shutdown averted; Obama warns, painful budget cuts ahead

With a last-minute deal struck late on Friday night between the Democrats and Republicans, the widespread chaos that would’ve resulted from the Government shutdown was averted. However, the deal, as U.S President Barack Obama has warned, will bring on some of the biggest budget cuts the country has seen till now. Based on getting rid [...]