U.S. credit rating downgraded: Blame game begins

U.S. credit rating downgraded: Blame game begins

Republicans and Democrats quickly doled out blame to each other for the first-ever downgrade in the nation’s sterling credit rating, an expected but unsettling move that further clouds prospects for the recovery of the fragile United States’ economy. The back and forth came after Standard & Poor‘s, one of the world’s three major credit rating […]

Senate set to break FAA deadlock

Senate set to break FAA deadlock

The Senate is poised to pass legislation ending a two-week partial shutdown of the Federal Aviation Administration that has cost the government about $400 million in uncollected airline ticket taxes and idled thousands of workers. A bipartisan compromise reached Thursday cleared the way for the Senate to approve a House bill extending the FAA’s operating […]

The dirty dozen: A ‘super congress?’

The dirty dozen: A ‘super congress?’

The nation’s bills are being paid and Congress has bolted the hothouse of Washington, one debt limit deadline beaten and another ahead for a dozen yet-to-be-named lawmakers. They might want to hold off making Thanksgiving and Christmas plans. For the six Republicans and six Democrats, the toughest-to-swallow items on the deficit-cutting menu await. This group, […]

Obama’s curse: The Bush tax cuts

Obama’s curse: The Bush tax cuts

Time and again during his presidential campaign, Barack Obama was unequivocal: “We are going to roll back the Bush tax cuts for the wealthiest Americans.” But when the chips were down, now-President Obama blinked and backed away. Twice in less than nine months, Obama has shelved his pledge in deadline-pressing negotiations with congressional Republicans. Obama […]

Obama’s debt-deal signature averts default

Obama’s debt-deal signature averts default

The Senate emphatically passed emergency legislation Tuesday to avoid a first-ever government default, rushing the legislation to President Barack Obama for his signature just hours before the deadline. The vote was 74-26. Obama signed the bill little more than an hour later. Tuesday’s vote capped an extraordinarily difficult Washington battle pitting tea party Republican forces […]

FAA standoff costs could exceed $1 billion

FAA standoff costs could exceed $1 billion

The congressional standoff that has partially shut down the Federal Aviation Administration has some curious math. Lawmakers risk losing more than $1 billion in revenue from uncollected airline ticket taxes in a quarrel between Senate Democrats and House Republicans who are demanding a $16.5 million cut in rural air service subsidies. The shutdown is less […]