Economy

Economy
8:09 am
Fri January 4, 2013

155,000 Jobs Added in December, Jobless Rate at 7.8 Percent

Looking for work: The scene at a "diversity job fair" in Manhattan last month.
John Moore Getty Images

Originally published on Fri January 4, 2013 11:00 am

There were 155,000 jobs added to public and private payrolls in December, the Bureau of Labor Statistics reported Friday morning.

That's right in line with economists' expectations and is another sign of steady, though modest, growth in employment. In November, employers added an estimated 161,000 jobs. The average monthly gain in 2012 was 153,000 jobs, BLS says. That's the same average as in 2011.

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Energy
4:59 pm
Thu January 3, 2013

Wind Industry Secures Tax Credit, But Damage May Be Done

Wind turbines dwarf a church near Wilson, Kan. Although Congress voted to extend a wind energy tax credit, the temporary uncertainty dealt a blow to the industry.
Charlie Riedel AP

Originally published on Thu January 3, 2013 5:10 pm

The wind energy industry is dependent on something even more unpredictable than wind: Congress. Hidden in the turmoil over the "fiscal cliff" compromise was a tax credit for wind energy.

Uncertainty over the credit had lingered long before the last-minute political push, causing the industry to put off further long-term planning. So while the now-approved tax credit revives prospects for an industry facing tens of thousands of layoffs, don't expect to see many new turbines coming up soon.

Growing Uncertainty

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Economy
8:16 am
Thu January 3, 2013

Layoffs Have Slowed, Hiring Has Picked Up, But Jobless Claims Are Higher

The scene at a career fair in New York City last fall.
Mike Segar Reuters /Landov

Originally published on Thu January 3, 2013 7:46 am

Update at 8:40 a.m. ET. Jobless Claims Went Up; So Two Out Of Three Reports Were Positive:

There were 372,000 first-time claims for unemployment insurance last week, up by 10,000 from the week before, the Employment and Training Administration says. What's more, that previous week's total was revised up from the previous estimate of 350,000.

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Economy
2:41 pm
Wed January 2, 2013

Economists See (OK-ish) Growth In 2013

Farmer Randy Dreher unloads corn from his combine during harvest north of Audubon, Iowa. Farm exports are booming and high global prices are helping growers despite the U.S. drought.
Gary Fandel/Iowa Farm Bureau AP

Originally published on Thu January 3, 2013 8:07 am

Suddenly, the new year is looking a bit brighter — at least in the eyes of most economists and investors.

On Day 1 of 2013, Congress voted to veer away from the "fiscal cliff" by passing a package of provisions that avoided broad tax hikes and big spending cuts. And on Day 2, stock prices shot up.

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Politics
8:06 am
Wed January 2, 2013

It's Not Over: Big Battles Ahead Even After 'Fiscal Cliff' Deal

President Obama was in the Oval Office late Tuesday night as the House finished voting on the "fiscal cliff" deal. After praising the passage, he left for Hawaii to resume a vacation with his family.
Aude Guerrucci/Pool Getty Images

Originally published on Wed January 2, 2013 1:59 pm

  • From 'Morning Edition': The upcoming battles

We're sorry to start the first work day of 2013 on a negative note, but here goes:

Though the House voted 257-167 late Tuesday to OK legislation that kept the federal government from going over the so-called fiscal cliff — and stopped income taxes from rising for about 99 percent of Americans — lawmakers didn't reach agreement on other very divisive issues.

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Politics
3:50 pm
Mon December 31, 2012

Deal To Avert 'Fiscal Cliff' Appears Likely

The Capitol is illuminated in Washington, where the House and Senate remain in session. The two chambers will miss a deadline to avoid the "fiscal cliff" tonight, as 2013 begins.
Drew Angerer Getty Images

Originally published on Tue June 4, 2013 9:01 am

  • NPR's coverage of President Obama's comments on the "fiscal cliff" talks

Update at 9:45 p.m. Deal Reached

Vice President Joe Biden was meeting late Monday with Senate Democrats to brief them on a proposed deal to stop sharp tax increases and spending cuts. A source told NPR the deal with congressional Democratic and Republican leaders includes a mix of both.

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Politics
9:38 am
Mon December 31, 2012

Year Ends As It Began, With Lawmakers Headed Toward The 'Fiscal Cliff'

The U.S. Capitol. Will lawmakers avoid the "fiscal cliff" or go over?
Larry Downing Reuters /Landov

Originally published on Mon December 31, 2012 1:05 pm

  • From 'Morning Edition': Scott Horsley reports
  • From 'Morning Edition': David Welna reports

(Scroll down for updates.)

Well, here we are. It's New Year's Eve and with just hours to go before the end of the year and the arrival of the so-called fiscal cliff, Democrats and Republicans in Washington are still trying to strike a deal that heads off automatic increases in taxes, automatic deep spending cuts in a variety of programs and the automatic expiration of some jobless benefits.

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Politics
9:56 am
Sat December 29, 2012

Obama: 'The American People Are Watching What We Do Here'

"I'm optimistic we may still be able to reach an agreement that can pass both houses in time," the president said after meeting with congressional leaders at the White House on Friday.
Evan Vucci AP

Originally published on Sat December 29, 2012 4:38 pm

We have reached the last weekend of the year, and Washington still has not reached a deal to avert the big tax hikes and spending cuts known as the fiscal cliff.

President Obama met with top congressional leaders at the White House on Friday afternoon: John Boehner and Nancy Pelosi from the House, and Harry Reid and Mitch McConnell from the Senate.

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Politics
8:06 am
Fri December 28, 2012

White House Hosts Congressional Leaders For 'Fiscal Cliff' Talks

Senate Minority Leader Mitch McConnell walks toward his office after speaking on the Senate floor on Capitol Hill. McConnell and other congressional leaders will meet with President Obama Friday.
Drew Angerer Getty Images

Originally published on Fri December 28, 2012 5:44 am

President Barack Obama will meet with the four leaders of Congress Friday to discuss a possible deal that would avoid automatic spending cuts and tax increases in the new year.

The session, to be held at the White House, would come just days before the "fiscal cliff" deadline that arrives on Jan. 1.

News of the meeting came after Senate Minority Leader Mitch McConnell (R-Ky.) spoke on the Senate floor Thursday, when he mentioned that he had spoken with the president about a new proposal.

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Gun Violence
11:48 am
Tue December 18, 2012

Investment Firm Selling Stakes In Gun Makers

Freedom Group

Originally published on Tue December 18, 2012 12:12 pm

The issue of gun control appears to have moved into business and finance. One of the largest private equity companies in the country is terminating its relationship with a firearms corporation associated with one of the weapons used in the Newtown school shooting.

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Politics
9:05 am
Tue December 18, 2012

Is A 'Fiscal Cliff' Deal Near?

President Obama and House Speaker John Boehner, R-Ohio, at the White House last month.
Toby Jorrin AFP/Getty Images

Originally published on Wed December 19, 2012 4:50 am

(Scroll down for updates on the GOP's "plan B" and White House rejecting it.)

Talks are "heating up."

Differences are "narrowing."

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Politics
5:51 pm
Thu December 13, 2012

Obama and Boehner Meet at White House; Session Ends Without Deal

Speaker of the House John Boehner (R-OH) leaves after his weekly news briefing at the U.S. Capitol Thursday. Boehner said negotiations with President Barack Obama to are stalled until the White House offers more federal budget spending cuts.
Chip Somodevilla Getty Images

Originally published on Fri December 14, 2012 6:01 am

President Obama hosted House Speaker John Boehner today, spending nearly an hour together in which they reportedly discussed ways to avert the looming "fiscal cliff" of spending cuts and tax hikes that are due to strike at the end of 2012. Boehner left the White House at 6 p.m., ET, apparently without reaching a deal. As Politico reports, the Republican plans to return to his home state of Ohio this weekend.

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Politics
12:45 pm
Thu December 13, 2012

On 'Fiscal Cliff,' Majority Of Public Sides With Democrats, Pew Poll Says

President Obama, with House Speaker John Boehner (R-Ohio) behind him, delivering his State of the Union address last January.
Saul Loeb Getty Images

Originally published on Thu December 13, 2012 7:01 pm

As the end-of-year tax increases and spending cuts known as the "fiscal cliff" near, "Democrats are in a strong position with the public," the Pew Research Center reports.

A new national poll Pew released this morning shows that:

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Economy
2:04 pm
Wed December 12, 2012

Fed Boosts Economic Efforts

The Federal Reserve's headquarters in Washington, D.C.
Karen Bleier AFP/Getty Images

Originally published on Wed December 12, 2012 12:07 pm

Saying it is concerned that the economy won't be strong enough in coming months to keep adding jobs to the labor market, the Federal Reserve announced this afternoon that is increasing its efforts to give the economy a boost.

And in an unusually specific statement from the central bank, its policymakers said they expect to keep a key short-term interest rate at or near zero percent "as long as the unemployment rate remains above 6.5 percent."

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Formula 1
1:18 pm
Wed December 12, 2012

F1 Organizers Get $29.3 Million From State Comptroller

How much F1 'fueled' Austin's economy is yet to be determined.
Filipa Rodrigues for KUT News

The Texas Comptroller has paid the organizers of Austin’s Formula 1 race more than $29 million from the state’s Major Events Trust Fund.

The trust fund uses tax revenues generated by an event to cover expenses related to the event.

“We pay them back $29.3 million because we’re saying, basically, that there’s been an incremental tax increase of $29.3 million so we’re going to let you have that money to pay you back for expenses that you had bringing the event here," Lauren Willis, director of communications for the Texas Comptroller, says.

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Economy
7:53 am
Tue December 11, 2012

What Happens If We Fall Off the 'Fiscal Cliff'?

iStockphoto.com

Originally published on Tue December 11, 2012 9:55 am

Lines of communication remain open in an effort to avert the automatic tax hikes and spending cuts known as the "fiscal cliff," according to the White House and House Speaker John Boehner.

If no deal is reached between now and the end of the year, would the consequences be that drastic?

To answer that question, let's imagine it's January and the nation has gone off the "fiscal cliff." You don't really feel any different and things don't look different, either. That's because, according to former congressional budget staffer Stan Collender, the cliff isn't really a cliff.

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Economy
10:22 am
Fri December 7, 2012

Unemployment Drops To 7.7 Percent; Economy Adds 146K Jobs

Originally published on Fri December 7, 2012 10:44 am

The unemployment rate dropped to 7.7 percent in November, the Bureau of Labor Statistics says. That's a four-year low.

The economy added 146,000 jobs, beating expectations. Surprisingly the BLS said that Hurricane Sandy "did not substantively impact the national employment and unemployment estimates for November."

The BLS adds that employment increased "in retail trade, professional and business services, and health care."

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Employment
8:08 am
Wed December 5, 2012

118,000 Jobs Added to Payrolls Last Month, Report Signals

A "closed" sign at a coffee shop in New York City, where many businesses had to shut down for at least a few days before, during and after Superstorm Sandy.
Carlo Allegri Reuters /Landov

Originally published on Wed December 5, 2012 7:56 am

There were 118,000 jobs added to private employers' payrolls in November, according to the latest ADP National Employment Report.

That's slower growth than in October, when ADP's employment measure grew by 157,000 jobs.

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Politics
8:33 am
Tue December 4, 2012

Obama Starts His Second Term by Bringing Tougher Talk

President Obama speaks at the National Defense University in Washington on Monday. Since his re-election four weeks ago, Obama is showing signs of a new, more aggressive leadership style.
Charles Dharapak AP

Originally published on Tue December 4, 2012 11:37 am

Throughout his first term, some of President Obama's critics said he wasn't a tough enough negotiator. They felt he caved to Republicans too early, too often. Since his re-election, Obama has subtly changed his approach. He's bringing a more aggressive style — but some critics say it's not the best way to find common ground.

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Politics
10:56 am
Mon December 3, 2012

Pick A Number: Let's Play 'Cap Those Deductions'

In the presidential debate on Oct. 16, Mitt Romney presented a hypothetical way to cap deductions and raise revenue.
Spencer Platt Getty Images

Originally published on Mon December 3, 2012 7:35 am

Treasury Secretary Timothy Geithner says it's up to congressional Republicans to take the next step in budget talks to avoid the pending automatic spending cuts and tax increases at the end of the year.

Appearing on the Sunday talk shows, Geithner said there's "no path to an agreement" until Republicans are willing to accept higher tax rates on the rich.

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