Governor plans takeover of failing Detroit

Mar 3, 2013

Governor plans takeover of failing Detroit

Michigan Gov. Rick Snyder prepared for a state takeover of Detroit, an epitome of urban decay, by declaring the Motor City in a state of financial emergency Friday. “Detroit can’t wait,” Snyder said at a televised town hall meeting. “We need to solve real ...

Stronger economy to weather standoff

Mar 2, 2013

Stronger economy to weather standoff

As economic policy goes, experts say, the automatic spending cuts slated to begin Friday won’t leave a deep scar on the U.S. economy, which is otherwise looking pretty good. They are a fiscal speed bump on the road to economic recovery, which is why ...

Mar 2, 2013

U.S. spending cuts to hurt other nations

The effects of the $85 billion in U.S. government spending cuts that were to kick in Friday will be felt across oceans and could further hurt recession-hit Europe and burden an economically slowing China, shrinking the market for countries that depend on selling things ...

U.S. frees detained migrants as budget cuts loom

Feb 28, 2013

U.S. frees detained migrants as budget cuts loom

U.S. authorities revealed Tuesday that they have released hundreds of detained immigrants in recent days to trim expenses ahead of massive automatic budget cuts due to take effect this week. With days to go before the so-called sequester — $85 billion in across-the-board cuts ...

U.S. budget cut warnings may prove harsher than reality

Feb 19, 2013

U.S. budget cut warnings may prove harsher than reality

President Barack Obama and congressional Republicans made no progress this past week in heading off $85 billion in budget cuts that automatically start taking effect March 1. Lacking a bipartisan deal to avoid them and hoping to heap blame and pressure on Republican lawmakers, ...

Cameron calls EU cuts a win

Feb 10, 2013

Cameron calls EU cuts a win

Prime Minister David Cameron claimed victory in his battle to slash the EU budget Friday, saying marathon talks proved that his promise of a referendum on EU membership had not left Britain isolated. Cameron had vowed to accept nothing less than a real-term freeze ...

Feb 10, 2013

Outline of European Union budget from 2014 to 2020

Actual spending, or “payments” in EU jargon, was set at €908.4 billion ($1.2 trillion), with an absolute ceiling of €960 billion for spending “commitments” ― the maximum amount that can be allocated to programs. The commitment figure is just 1 percent of the bloc’s ...

Feb 10, 2013

Canada talks end in deadlock

Two days of face-to-face meetings between Canada’s trade minister and his EU counterpart, ending late Thursday, failed to break a deadlock on the last stumbling blocks to reaching a free-trade pact. “Progress was made in several of the areas that remain outstanding. However, further ...

EU's leaders wage tough battle over budget

Feb 8, 2013

EU's leaders wage tough battle over budget

European Union leaders prepared the first-ever cuts in the bloc’s budget Friday, bowing to British Prime Minister David Cameron’s insistence on thrift. After an all-night bargaining session interspersed with catnaps on couches at EU headquarters in Brussels, the leaders reassembled at 6:30 a.m. to ...

Feb 8, 2013

U.S. to stop Saturday mail to trim costs

The financially struggling U.S. Postal Service said Wednesday it will stop delivering mail on Saturdays but continue to disburse packages six days a week, an apparent end run around an unaccommodating Congress. The change continues the shrinking of what used to be one of ...