Clipmarks | tabsey's 'economy' clips

US War Costs in Iraq Up: Report

Sun, 27 Jan 2008 08:37:06 GMT

clipped by: tabsey

Washington - The Iraq war may not dominate U.S. news reports as the carnage drops, but a new report underscores the financial burden of persistent combat that is helping run up the government's credit card.

"Funding for U.S. operations in Iraq and Afghanistan and other activities in the war on terrorism expanded significantly in 2007," the Congressional Budget Office said in a report released on Wednesday.

War funding, which averaged about $93 billion a year from 2003 through 2005, rose to $120 billion in 2006 and $171 billion in 2007 and President George W. Bush has asked for $193 billion in 2008, the nonpartisan office wrote.

"It keeps going up, up and away," Senate Budget Committee Chairman Kent Conrad said of the money spent in Iraq since U.S. troops invaded in 2003.

Tags: economy

Bush, Congress strike deal on economic plan

Fri, 25 Jan 2008 05:25:14 GMT

clipped by: tabsey
clipper's remarks: There is not the bluster from Bush. He must have been told by the organ grinders to shut up and cooperate. Maybe someone has been able to explain to him that he is seen as the cause of all the problems,

Clip Source: www.reuters.com

WASHINGTON (Reuters) - President George W. Bush and congressional leaders agreed on Thursday on a $150 billion package of tax rebates and business incentives meant to ward off a recession in the world's largest economy.

The deal between the White House and leaders of the House of Representatives provides for tax rebates of up to $600 for individuals and $1,200 for married couples. Families with children would receive an additional $300 per child.

It marked a rare show of election-year cooperation between Bush and the Democratic-led Congress who want to pump money into the softening economy in hopes of countering the blow from a mortgage crisis, credit crunch and a surge in oil prices.

"This agreement was the result of intensive discussions and many phone calls, late-night meetings and the kind of cooperation that some predicted was not possible here in Washington," Bush told reporters.

Tags: economy

Oil Futures Hit $80 a Barrel

Thu, 13 Sep 2007 15:08:57 GMT

clipped by: tabsey
clipper's remarks: This may be the surge that Bush has been involved in.

Clip Source: www.newsmax.com

NEW YORK -- Oil futures hit $80 a barrel for the first time ever in afternoon trading on the New York Mercantile Exchange.

Prices set new records Wednesday and other energy futures also rose after the government reported a surprisingly large drop in crude oil inventories and accompanying declines in gasoline supplies and refinery activity.

The report from the Energy Department's Energy Information Administration confirms the view of many investors that oil supplies are tightening even as demand remains strong. That's why oil prices are rising despite OPEC's decision on Tuesday to boost crude production by 500,000 barrels per day this fall, analysts said.

Despite setting a new price record Wednesday, oil is still well below inflation-adjusted highs above $101 a barrel hit in early 1980.

Tags: economy