Widening budget deficits of many U.S. states are forcing governors to cut more state jobs to ease the fiscal crisis. Thousands of state employees will likely be out of work soon if plans by officials push through. Many of those who will not be let go face salary reductions or a wage freeze. Georgia wants […]
Colin Powell is “not committed” to backing President Barack Obama in his re-election bid next year. The former Secretary of State threw his support behind Obama in the latter’s historic 2008 run for the White House. In a TV appearance on CNN’s “State of the Union” show today, Powell said he is waiting for all […]
Wells Fargo reported Wednesday that the number of consumer loans who went bad during the last three months of last year went down 29 percent compared to one year earlier. Also late payments for loans in danger of default dipped for the first time in two years. In other signs that Americans are improving their […]
Worries over the negative impact of the floods that hit Australia on its national economy have sent the consumer confidence index there to plunge to its lowest level in seven months. In a survey conducted by Melbourne Institute and Westpac Banking Corp, the index declined to 104.6 from December’s level of 111. It was the […]
The U.S. must put to rest the contentious issue of yuan appreciation and acknowledge China’s sovereignty if the U.S. wants closer economic cooperation, Chinese President Hu Jintao said today ahead of a visit in Washington tomorrow. Hu said China and the U.S. should remove the “zero-sum Cold War mentality” while strengthening trade, anti-terrorism and energy […]
The inflation rate as reflected by the U.S. Consumer Price Index grew 1.5 percent over the past year through December, up from 1.1 percent in November, as Americans had to bear higher prices of gas, food and grocery items last month due to pressure from outside economies. According to the Bureau of Labor Statistics which […]
The budget deficit declined 12.4 percent to $80 billion in December compared to the same month a year ago, a report by the Treasury Department showed Wednesday. But the total deficit for the year is still expected to top $1 trillion. For the initial three months of the present fiscal year the budget deficit is […]
California budget cuts already worth billions over the last few years are not quite ending yet as the state plans to curb more spending for the coming year, new governor Jerry Brown announced on Monday. A total of $12.5 billion will be cut from the state budget by June 30 in an effort to trim […]
Blue Shield policy holders in California are bracing for up to a 59 percent increase in their health insurance premiums after the firm announced the hikes which will start on March 1. About 193,000 customers will be affected by the hike that is pending regulatory approval. The Blue Cross Blue Shield Association insurance subsidiary said […]
The U.S. Federal Reserve said Friday that consumer debt increased for the second straight month to $1.3 billion during November, as more Americans bought more cars and spent more for schooling toward the end of the year. October saw an increase of $7 billion according to Federal Reserve data. Growth came mostly from auto and […]
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