fiscal crisis

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Obama Praises Cliff Deal, Resumes Hawaii Vacation

He thanks Biden, congressional leaders

(Newser) - President Obama flew off to resume his family vacation in Hawaii minutes after delivering remarks praising the House and Senate for passing the fiscal cliff deal , the New York Times reports. In his remarks, Obama praised the work of congressional leaders and his "extraordinary Vice President Joe Biden" and... More »

Cantor Doesn't Support Cliff Deal

Still no decision on House vote

(Newser) - There's quite a bit of pressure on the House to pass the Senate's fiscal cliff deal today, but Eric Cantor may have just thrown a big wrench into the proceedings: The House Majority Leader revealed in a closed-door meeting of House Republicans today that he doesn't support... More »

Cliff Deal Proves the Era of Grand Bargains Is Over

The 'Big Deal' is dead: Jennifer Steinhauer

(Newser) - If the fiscal cliff deal passed by the Senate this morning makes one thing clear, it's this: "The era of the Big Deal is over," writes Jennifer Steinhauer in the New York Times . President Obama and John Boehner met numerous times, and so did other bipartisan groups,... More »

US Waits for House Action on Fiscal Cliff Deal

Meetings began this afternoon

(Newser) - The nation—or at least, those of us in the nation not suffering from a major New Year's hangover —is waiting with bated breath to see what the House will do now that the Senate has passed a fiscal cliff deal . House Democrats met with Joe Biden starting... More »

8 Senators Rejected Cliff Deal

3 Democrats, 5 Republicans said no to bipartisan plan

(Newser) - A deal to neutralize the fiscal cliff cruised through the Senate 89-8 in a late-night session and is headed for the House, whose session today begins at noon . The deal contains the first federal income tax hike in nearly 20 years, but the eight refuseniks weren't all Republicans, the... More »

Senate Passes Cliff Deal

Plan sails through 89-8; House vote comes later

(Newser) - The Senate passed legislation early New Year's Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The vote two hours after the deadline was a lopsided 89-8 in favor. Senate passage set the stage for a final showdown in... More »

World Markets Drop as US Teeters on Fiscal Cliff

Investors alarmed by failure to reach deal

(Newser) - Can American lawmakers hammer out a deal in time to avoid the fiscal cliff and toast the New Year? Investors worldwide are betting no. Uncertainty about budget negotiations and the future of the US economy drove down Asian markets on the last day of the year and European markets also... More »

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way... More »

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just... More »

Cash-Strapped Cities Ditch Fireworks

(Newser) - Some 50 US cities are so strapped for money that they're ditching their July 4th fireworks displays, reports the Los Angeles Times. "It came down to this: Did we want to spend $150,000 on something that would be over in a few hours?" asked the mayor of a... More »

Bargain Brewskies Buoy Breweries

Cheap beer sales are rising faster than pricier options

(Newser) - Cheap brews are giving breweries just the boost they need during tough times, reports the Wall Street Journal. Economy suds such as Busch, Miller High Life, and Pabst Blue Ribbon are rising faster than the nation's overall beer sales and helping companies weather the economic storm. A short time ago,... More »

Brokers Bail on Wall Street

Commissions shrinking as investors turn away from stocks

(Newser) - A rising number of stock brokers are abandoning the industry as markets fall and commissions dry up, the Wall Street Journal reports. More brokers have already departed this year than in any of the last 15 years, and experts expect the exodus to continue as investors shift assets out of... More »

Asian Stocks Hit 7-Month High

Taipei leads region's markets on another bullish day

(Newser) - Asian stocks hit a 7-month high today as investors put aside swine flu fears and and seized on good news from China. In Taiwan the main index soared 5.6%, its second straight major gain, while in Hong Kong the Hang Seng index closed up 5.5%. European markets started... More »

Pulitzer Winner Was Laid Off

But he started Arizona news site with axed editor who supervised heralded series

(Newser) - Pulitzer, Schmulitzer: being a terrific journalist is no insurance against unemployment. East Valley Trib reporter Paul Giblin was laid off from the Arizona paper last year even though he co-authored its series on immigration crackdowns that won a Pulitzer Prize for Local Reporting yesterday. The supervising metro editor was also... More »

Hoe-town: 10K-Acre Farm Eyed for Detroit

Michigan investors seek to turn deserted streets into cropland

(Newser) - Motor City could turn into Maize City if a Michigan investment group has its way and turns 10,000 acres of largely deserted streets into farm plots, reports BusinessGreen. Hanz Group hopes eventually to acquire almost 10% of Detroit's 143 square miles for development into cropland, Christmas tree and lumber... More »

Colleges Admit More Students Just in Case

(Newser) - Private colleges across the nation are boosting the number of students they're accepting and the length of their waiting lists in case applicants can't write the tuition check when the time comes, reports the Washington Post. Applications are at a record high 3 million, but universities fear students planning on... More »

Hey Paul Krugman, Your Country Needs You

Why aren't you in the administration?

(Newser) - The latest video to shake up YouTube is a song plea that critical columnist Paul Krugman join the Obama administration and fix the economy. "Hey Paul Krugman, where the hell are you, man? Why aren't you in the administration?" sings songwriter Jonathan Mann. "When I listen to you... More »

'AIG Buck Stops With Me'

'I'll take responsibility,' he tells Californians

(Newser) - President Obama began a two-day swing through California yesterday, again accepting blame for the AIG mess and urging Washington to stop its finger-pointing, the Wall Street Journal reports. “Washington is in a tizzy and everybody is pointing fingers at each other and saying it's their fault, the Democrats' fault,... More »

Bank of America Must Name Bonus Execs

Court demands firm spills

(Newser) - This doesn’t bode well for AIG: A judge ruled yesterday that Bank of America must identify the Merrill Lynch executives who received $3.6 billion in bonuses ahead of the banks’ merger, reports the Wall Street Journal. New York Attorney General Andrew Cuomo sought disclosure as part of his... More »

Dodd: 'I Saved AIG Bonuses at White House Request'

He was follwoing White House orders, sayd Senate Banking Committee chair

(Newser) - The bonus loophole mystery has been solved. Banking Committee Chairman Sen. Chris Dodd added language to the stimulus bill that allowed the AIG bonuses to stand—at the request of the White House, he told CNN. The Connecticut Democrat said he did so reluctantly at the insistence of unnamed Obama... More »

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