Rep. James Lankford (R-OK) tells CNN’s Soledad O’Brien that Republicans are trying to solve the debt and deficit and “not trying to solve the fiscal cliff.”
Rep. Lankford says, “We’re not trying to solve the fiscal cliff. We’re trying to solve the debt and deficit. That’s the bigger issue. The President’s proposal was let’s raise taxes on the wealthiest Americans, which raises about $80 billion.
The European Union reached a landmark deal on Thursday to make the European Central Bank the bloc’s top banking supervisor, giving EU leaders greater confidence that they are gaining the upper hand over the euro zone‘s debt crisis.
EU finance ministers forged a deal on the single supervisor in the early hours of Thursday after marathon talks. Leaders will give their stamp of approval at a summit starting later in the day, their last of 2012, and also discuss closer fiscal ties for their troubled currency area.
Britain secures coveted bank union safeguards as EU economic union becomes stronger…will it all work out or are these just new headlines?
European shares edged lower and the dollar slipped against most major currencies on Thursday after the U.S. Federal Reserve announced new measures to support the world’s biggest economy.
The Fed said it would buy $45 billion of Treasuries a month on top of the $40 billion a month in mortgage-backed bonds it started buying in September. It also took the unprecedented step of indicating that interest rates would remain near zero until unemployment falls to at least 6.5 percent so long as inflation was contained
Nearly 6.5 million U.S. teens and young adults are neither in school nor in the workforce, veering toward chronic underemployment as adults and failing to gain the skills employers need in the 21st century, according to a new KIDS COUNT® report from the Annie E. Casey Foundation.
Many of these young people, ranging from ages 16 to 24, face numerous obstacles, according to the report, Youth and Work: Restoring Teen and Young Adult Connections to Opportunity.
The recession has not affected all Americans equally. While overall unemployment hovers around 8 percent, the reality was much different depending on your racial and ethnic background. African-Americans had an unemployment rate of 14.1 percent, nearly double the rate of whites at 7.2 percent. Hispanics had the second highest unemployment rate at 10.2 percent. And Asians fared best, with 5.9 percent unemployment.