Category Archives: Congress

Failure to act on debt could spell trouble for economy

By doris | Published: May 29, 2011

Full Story at msnbc.com The government has maxed out its borrowing limit, and Treasury officials have warned of dire consequences if Congress and the White House can’t agree soon on a plan for raising the debt ceiling. Failure to act on a plan could force the Treasury to make steep spending cuts to avoid defaulting [...]

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Big Oil execs hit back on tax proposal

By doris | Published: May 12, 2011

Full Story atmoney.cnn.com NEW YORK (CNNMoney) — Dragged before Congress as gas prices explode at the pump, oil executives mounted a vigorous defense of their business practices on Thursday — pushing back against plans to eliminate tax breaks for the “big five” oil and gas companies. All five executives acknowledged rising prices at the pump, [...]

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Congress unites over BEER bill

By doris | Published: March 12, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Lawmakers can’t agree on anything except … beer. That’s right. Earlier this week, a Democrat joined with a Republican to introduce legislation in the Senate that would lower excise taxes on small breweries.Currently, breweries pay a $7 dollar tax per barrel for the first 60,000 barrels they [...]

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House OKs $60 billion in budget cuts

By doris | Published: February 19, 2011

Full Story at money.cnn.com WASHINGTON (CNNMoney) — The Republican-controlled House early Saturday approved more than $60 billion in cuts in federal spending for the current fiscal year, less than two weeks before a deadline to fund the government. The House vote, completed just after 4:40 a.m. ET, was 235-189. All 186 Democrats voting were against [...]

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Economists: Extend Bush tax cuts for everyone

By doris | Published: September 21, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are. One option, to let the tax cuts passed during the Bush administration expire for only the richest 3% of [...]

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States face another $12 billion budget shortfall

By doris | Published: July 27, 2010

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — States filled an $84 billion gap to balance their 2011 fiscal year budgets, which took effect earlier this month. But they could collectively face a new $12 billion hole if Congress fails to help cover growing Medicaid costs. Without another injection of government money for Medicaid, four states [...]

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Car makers support black box, brake overrides

By doris | Published: May 9, 2010

Full Story at msnbc.com WASHINGTON – A trade group representing Detroit automakers and Toyota Motor Corp. plans to pledge support for requiring brake override systems and vehicle “black boxes” on all new vehicles as Congress develops new safety improvements following Toyota’s large recalls.

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Congress lets 50 tax breaks expire at end of ’09

By doris | Published: January 4, 2010

Full Story at msnbc.com When members of the U.S. Senate went home earlier this month, they left the future of 50 individual and business tax breaks in limbo. All expire at the end of 2009. Among the disappearing breaks are the research tax credit and an annual alternative minimum tax “patch,” which keeps 23 million [...]

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Obama wants $250 for seniors

By doris | Published: October 15, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — President Obama is calling on Congress to send another $250 relief payment to 57 million seniors and other Americans to stem the economic strain. Congress approved $250 emergency payments as part of the $787 billion economic recovery act that lawmakers passed in February. “Even as we seek to [...]

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400,000 jobless out of luck

By doris | Published: October 9, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — As thousands of jobless Americans lose their weekly unemployment checks every day, Congress is still debating who should qualify for a benefits extension. Two weeks after the House passed an extension, Senate Democrats Thursday introduced a bill to lengthen unemployment insurance by up to 14 weeks in [...]

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Congress trumps Obama, cuffs CEO bonuses

By doris | Published: February 15, 2009

Full Story At msnbc.com WASHINGTON – The stimulus package Congress passed last night imposes new limits on executive compensation that could significantly curb multimillion dollar pay packages on Wall Street and goes much further than restrictions proposed by the Obama administration last week. The bill, which President Obama is expected to sign into law next [...]

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Treasury Doles Out $386M To 23 Banks

By doris | Published: January 28, 2009

Full Story At CBS News AP) The Treasury Department said Tuesday it has distributed another $386 million to 23 banks, the first awards from the federal bailout fund since President Barack Obama took office. The department said the latest capital infusions went to banks in 16 states, bringing the total number of institutions that have [...]

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