Sep 17, 2012, 9:53 am EDT
President Barack Obama is launching a trade action against a familiar fair trade foe: China.
According to Obama administration officials, he will announcement the trade enforcement case during a campaign visit in Ohio today. The case involves what the Obama administration says are illegal subsidies for Chinese automobiles and automobile parts. The administration says the subsidies put U.S. manufacturers at a disadvantage and encourage manufacturing outsourcing to China.
Obama will be seeking a solution with the World Trade Organization, after efforts to stop China’s subsidies through direct talks failed. The U.S. is also pursuing a case with the WTO accusing China of imposing unfair duties on imported American vehicles. Read
Sep 17, 2012, 9:03 am EDT
More than a week after the Democratic National Convention, President Barack Obama has moved to his widest lead in the polls in some time.
He leads Republican presidential candidate Mitt Romney by three percentage points in the latest Gallup and CBS News/New York Times polls, by five points in the Fox News poll, and by six in the most recent CNN poll.
The president also has moved close to or actually at a 50% approval rating in several recent polls (including conservative Rasmussen Reports) — a key threshold that often points to an incumbent’s re-election. Read
Sep 14, 2012, 9:49 am EDT
Another company has come on board in opposing healthcare mandates in Obamacare. Hobby Lobby, a chain of arts and crafts stores, has sued the Obama Administration to stop them from requiring companies to provide drugs such as the morning-after pill as part of their health insurance plans.
Hobby Lobby, which was originally founded by evangelical Christians, becomes the largest and first non-Catholic company or group to sue the government. There are currently 27 other lawsuits pending over the healthcare mandate, most of them from nonprofit organizations.
If Hobby Lobby refuses to comply with the Patient Protection and Affordable Care Act’s mandate, it faces a $1.3 million per day fine. The company has until January 1 to comply. Read
Sep 14, 2012, 7:30 am EDT
Thursday’s announcement after the two-day Federal Open Market Committee meeting was jaw-dropping. Here’s what it said:
The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook.
So, “to support a stronger economic recovery,” the Fed will purchase $40 billion of additional mortgage-backed securities a month indefinitely and will continue its current purchases through the end of the year, for a grand total of $85 billion a month through December. That means a $340 billion boost in the Fed’s balance sheet by the end of the year. Read
Sep 13, 2012, 9:48 am EDT
In what will almost certainly be its last significant move before the November election, the House of Representatives will vote today on a six-month spending bill.
The six-month bill is needed to avoid a government shut-down on September 30. It will fund the daily operating budgets of Cabinet agencies typically funded through 12 appropriations bills. It also breaks with the Ryan budget plan ideal, as it permits spending at a rate that is $19 billion more than that plan. It will allow spending at the budget caps negotiated last summer between President Barack Obama and the House. The measure being discussed will actually increase spending by 0.6%. Typically, short-term spending bills do not increase the rate of spending.
The bill is expected to be easily passed by the Senate, and then it will be back to the campaign trails for Congress. Read
Sep 12, 2012, 11:26 am EDT
Glenn Beck’s exodus from TV has finally ended. The conservative talk-show host’s online video channel will be added to Dish Network’s (NASDAQ:DISH) satellite service, a year after he left Fox News.
TheBlaze TV, Beck’s online network, started after he left Fox June 30, 2011. It currently has 300,000 subscribers. Under the terms of the Dish deal, it will continue to stream online.
Dish subscribers who purchase the satellite provider’s 250-channel package will get TheBlaze TV as an included channel, while subscribers purchasing smaller bundles will have the option to add it on for $5. Read