Economy, Lawmaker | featured news

Relishing a political victory, President Barack Obama said Tuesday that Congress "did the right thing" by extending payroll tax cuts for millions of Americans. He urged lawmakers to push forward on more measures, from assistance to struggling homeowners to increased taxes on the wealthy, saying the looming election was no excuse for inaction in Washington.

After a five-week break, Republican and Democratic leaders alike promise action to try and ease the country's 9.1 percent unemployment rate and boost an economy that is barely growing. President Barack Obama goes first on Thursday night with a speech to lawmakers and a prime-time national television audience.

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.

Afghanistan said on Sunday it won't be able to address a key International Monetary Fund concern over a looming cash crisis, sparked by a corruption scandal at a failed bank, for more than a month because lawmakers are on holidays.

Congressional lawmakers scramble to come up with quick fix to the foreclosure fiasco that has threatened the economic recovery and thrown a monkey wrench into their re-election campaigns.Up to 40 States Plan Foreclosure Data Inquiry

In a recession, state lawmakers are taxing personal vices. It’s good for you, they say, but it’s really better for their budgets.

Despite the positive signs, Ben S. Bernanke told lawmakers, the labor market remains weak, and interest rates will likely remain low for some time.