May 19, 2013

Obama seeks over $1 trillion in new taxes

President Barack Obama’s most recent budget request will reduce borrowing by $1.1 trillion over the next decade compared with current law — almost entirely through higher taxes on the rich, large estates and smokers, congressional budget analysts said Friday. In addition to raising nearly ...

Netanyahu under fire for spending

May 16, 2013

Netanyahu under fire for spending

by Aron Heller

For years, Israeli Prime Minister Benjamin Netanyahu has been saddled with an image of a cigar-smoking, cognac-drinking socialite. Now a new disclosure about his soaring spending on housekeeping, furniture, clothing and other expenses is increasing pressure on him in a country whose leaders once ...

Slovenia may fail to avoid bailout despite austerity plan

May 15, 2013

Slovenia may fail to avoid bailout despite austerity plan

The European Union’s top economic official warned Monday that Slovenia may not have done enough to escape becoming the eurozone’s sixth bailout case. Speaking after talks among eurozone finance ministers in Brussels, EU Economy and Euro Commissioner Olli Rehn said a decision on the ...

May 14, 2013

Australian aid on hold in budget

Australia will delay its foreign aid spending targets and close its embassy in Budapest as the government scrambles to rein in costs to meet revenue shortfalls, Foreign Minister Bob Carr said Monday. The ruling Labor government is preparing to hand down its final budget ...

May 1, 2013

France seeks to ax military jobs but keep clout

France plans to ax nearly 10 percent of all jobs in the armed forces but maintain significant spending as it tries to maintain its status as a top military power, a government review showed Monday. The white paper, which sets the general direction of ...

Apr 29, 2013

GOP shifts budget focus from cuts to tax reform

With another fight over the national debt brewing this summer, congressional Republicans are de-emphasizing their demand for politically painful cuts to retirement programs and focusing on a more popular prize: a thorough rewrite of the U.S. tax code. Reining in spending on Social Security ...

Apr 28, 2013

Air delays get swift action as House OKs funding bill

Sequestration became a reality to the broad public in airports across the the United States this past week, and on Friday both Congress and the White House caved in to pressure from tens of thousands of airline passengers angered by flight delays. The lawmakers ...

Sequestration-linked furloughs spur U.S. airport mayhem

Apr 24, 2013

Sequestration-linked furloughs spur U.S. airport mayhem

After months of inside-the-Beltway drama, the impact of sequestration cutbacks moved to center stage America on Monday as the aviation system was slowed by the furlough of 1,500 air traffic controllers. With about 10 percent of the controllers who direct 23,000 planes a day ...

Portugal court nixes parts of budget

Apr 7, 2013

Portugal court nixes parts of budget

Portugal’s constitutional court Friday rejected several aspects of the country’s belt-tightening budget for 2013, seen as crucial to austerity efforts promised to creditors by the center-right government. The court ruled that some measures in the budget were unlawful, including the scrapping of a 14th ...

Cameron uses Korean crisis to defend nuclear arsenal

Apr 6, 2013

Cameron uses Korean crisis to defend nuclear arsenal

Prime Minister David Cameron warned against any move to abandon the U.K.’s submarine-based nuclear weapons, citing a growing threat from North Korea and Iran as his Liberal Democrat coalition partners consider scaling back the missile program. Writing in the London-based Daily Telegraph newspaper Friday, ...