Republican Speaker of the House John Boehner responded to Mr. Obama’s speech by acknowledging that the United States must not default on its obligations. But he said the American people will not accept an increase in the U.S. borrowing limit without a significant cut in entitlement programs. He said the solution to the debt crisis […]
Boehner: Solution to Crisis Not Complicated
Posted July 25th, 2011 at 9:30 pm (UTC-5)
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Obama: Dire Consequences if US Defaults
Posted July 25th, 2011 at 9:20 pm (UTC-5)
President Barack Obama has warned Americans that failure to reach a compromise with Congress on raising the nation’s debt ceiling will do incalculable damage to the United States. In a televised address to the nation Monday night, Mr. Obama said there will be dire consequences if the U.S. defaults on its debt. He said that […]
US Announces Plan to Combat Global Organized Crime
Posted July 25th, 2011 at 6:20 pm (UTC-5)
The Obama administration has announced a new plan to crack down on international organized crime groups. An executive order authorizes new sanctions against criminal cartels in Mexico, Japan, Italy and eastern Europe. The sanctions target Mexico’s violent Los Zetas drug gang; Japan’s Yakuza, which comprises the major Japanese organized crime syndicates; the Camorra, an Italy-based […]
FAA Furloughs Some Employees After Funding Lapse
Posted July 25th, 2011 at 3:50 pm (UTC-5)
U.S. Transportation Secretary Ray LaHood says thousands of jobs are at risk because Congress failed to approve funding for the Federal Aviation Administration. LaHood on Monday said there is “no excuse” for Congress not passing the spending bill. He said the funding is crucial to the economy and tens of thousands of middle-class families. The […]
US National Football League Players, Owners End Labor Dispute
Posted July 25th, 2011 at 3:15 pm (UTC-5)
The National Football League and its players have approved the terms of a deal to end a four-month lockout and ensure the start of the upcoming season. Last week, NFL owners overwhelmingly approved a 10-year collective bargaining agreement that includes a deal on sharing with players an estimated $9.3 billion in annual revenues. It also […]
Obama Pledges to Keep Fighting for Immigration Reform
Posted July 25th, 2011 at 2:35 pm (UTC-5)
U.S. President Barack Obama has pledged to keep fighting for immigration reform, saying the country knows changes are needed but that Washington is “way behind” on the issue. The president spoke Monday to a leading Hispanic civil rights group. He said the nation’s immigration system is “broken,” and he said there is more political benefit […]
New Sanctions Against Global Organized Crime
Posted July 25th, 2011 at 1:50 pm (UTC-5)
President Barack Obama on Monday announced new sanctions against four of the world’s largest criminal organizations. The organizations targeted are Italy’s Camorra, the Japanese Yakuza, the Los Zetas from Mexico and the Brother’s Circle, based in the former Soviet Union. The executive order freezes all property belonging to the groups in the U.S., and bars […]
IMF Urges Swift Action on US Debt Dispute
Posted July 25th, 2011 at 1:50 pm (UTC-5)
As U.S. lawmakers and President Barack Obama haggle over plans to cut Washington’s massive debt, the International Monetary Fund says the United States must take urgent and effective action on the issue. Monday, the newest IMF report on the U.S. economy said it is critical to the U.S. and other economies for Washington to promptly […]
IMF Warns as US Politicians Wrangle Over Debt
Posted July 25th, 2011 at 11:30 am (UTC-5)
As U.S. congressional leaders and President Barack Obama haggle over plans to cut spending and perhaps raise taxes, a key expert at the International Monetary Fund says Washington needs to do both to solve its debt problems. Gian-Maria Milesi-Ferretti told journalists Monday that the U.S. economic recovery is still weak, so spending cuts should be […]
World Markets Await US Debt Deal
Posted July 25th, 2011 at 10:30 am (UTC-5)
Stock prices in the United States, Asia, and Europe declined in Monday’s trading, as investors waited to find out whether President Barack Obama and U.S. congressional leaders would reach agreement on raising the federal debt limit. The benchmark U.S. index was down half a percent, London’s FTSE fell three-tenths of a percent, while Japan’s NIKKEI […]
