President Barack Obama will announce a two-year pay freeze for federal employees that the White House says is necessary to put the country on sound fiscal footing.
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Illinois leads week’s debt issuers with $1.5 billion
From Bloomberg | Illinois and New York issuers will offer $4.7 billion of this week’s municipal debt with scheduled sales 52 percent higher than the same week last year, as local governments seek to place deals before the end of 2010.
FDIC’s Bair urges support for deficit reduction
Excessive borrowing by the U.S. government poses a “clear danger” to the country’s long-term financial stability, the chairman of the Federal Deposit Insurance Corp. wrote Friday, and “urgent action” is needed to head off another financial crisis. Get the full story »
Pace of mortgage mods continues to slow
The number of Chicago-area homeowners who received permanent mortgage modifications rose last month, topping 25,000, but the pace at which consumers are being added to that group has slowed dramatically.
The government’s monthly accounting of its Home Affordable Modification Program showed that in the Chicago area, the 25,001 mortgages that received permanently lower payment terms was a 3.1 percent increase from September. On a percentage basis, that’s the smallest monthly gain of the year, and a dramatic drop from the high double-digit gains recorded earlier this year. Get the full story »
White House to push for tech policy action in 2011
The Obama administration on will push Congress next year to move ahead on critical technology policies, the White House’s technology chief said on Thursday. Get the full story »
Mitch McConnell says he won’t back spending bill
Senator Mitch McConnell at a news conference on Capitol Hill, Nov. 16, 2010. (Mark Wilson/Getty Images)
Prospects for a comprehensive bill to fund the U.S. government appeared to dim Thursday after Senate Republican leader Mitch McConnell said he would not support the measure.
McConnell’s statement could indicate waning Republican support for a bill that would fund everything from national parks to the military through September 2011.
That could force Democrats to fund government operations on a temporary basis, either for a few months or the rest of the fiscal year, an approach that makes it difficult for government agencies to launch new programs or close out old ones. Get the full story »
Nov. 18, 2010 at 11:11 a.m.
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Filed under: Economy, Jobs/employment, Layoffs, Manufacturing, Policy, Politics, Updated U.S. factory, job data show some economic strength
In this Sept. 20, 2010 photograph, people attend a job fair at a hotel in Boston. (AP Photo/Stephan Savoia)
New U.S. claims for jobless benefits barely rose last week and manufacturing activity in the country’s Mid-Atlantic region touched a near one-year high in November, more proof the economy was regaining momentum.
The improving economic picture also was enhanced by another report on Thursday showing a gauge of future activity increased 0.5 percent in October.
However, the data are not robust enough to deter the Federal Reserve from fully implementing its much criticized program to purchase $600 billion worth of government debt to push already low interest rates down to stimulate the economy. Get the full story »
OECD sees global recovery slowing as U.S. lags
The global economic recovery is losing steam in the face of a slowing U.S. rebound and tensions over currencies, and a debt crisis in Europe could trigger more weakness next year, the OECD said on Thursday. Get the full story »
Bernanke briefs senators on bond buying
Federal Reserve Chairman Ben Bernanke was briefing members of the Senate Banking Committee late Wednesday morning on the central bank’s controversial bond-buying plan, congressional aides said.
The U.S. central bank’s early November decision to launch a second round of large-scale asset purchases has led to a political backlash from Republicans who argue it is setting the ground for inflation and debasing the dollar. Get the full story »
Confusion reigns over Ricketts’ Wrigley request
(E. Jason Wambsgans/Chicago Tribune)
The day started with the Chicago Cubs touting the support of Chicago area labor officials for its Wrigley Field renovation plan, but by afternoon key lawmakers in Springfield seemed to be splashing mud on the deal amid contradictory statements.
House Speaker Michael Madigan (D-Chicago) told reporters in Springfield Tuesday afternoon that the team’s owners, the Ricketts family, withdrew its proposal to finance a $200 million stadium renovation with a state bond sale that would be repaid with the anticipated growth in the 12 percent amusement tax levied on tickets sold at Wrigley. Get the full story »
Evans, other Fed officials react to bonds criticism
Federal Reserve officials, taken aback by stinging criticism of their decision to print money and buy $600 billion in Treasury bonds, are counterpunching to defend themselves and, in some cases, to reinforce their commitment to the policy.
Charles Evans, president of the Federal Reserve Bank of Chicago and a strong supporter of the Fed’s easing policy, noted in an interview with The Wall Street Journal that the weak economy and low inflation warrants the Fed’s policy and that more such purchases might be needed in the months ahead if the economic outlook doesn’t turn.
“I would continue to want to apply accommodative monetary policy until I had some confidence that that situation was changing,” Evans said, noting that $600 billion is a “good place to start” the easing program. Get the full story »
U.S. sees ‘huge’ cyber threat in the future
The United States faces a major threat in the future from cyber technologies that will require civil-military coordination to shield networks from attack, Defense Secretary Robert Gates said on Tuesday. Get the full story »
Deficit panelist says consumption tax needed
The United States needs to consider a European-style tax on consumption to help tackle the burgeoning U.S. deficit, a member of a presidential deficit panel said on Tuesday. Get the full story »
Geithner urges quick resolution of tax cut issue
Treasury Secretary Timothy Geithner says the administration remains opposed to a permanent extension of tax cuts for the wealthiest Americans, something strongly favored by Republicans. He says it is critical for Congress to resolve the issue before the end of the year.
