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A high-profile group of senators – nine Democrats and nine Republicans – has urged President Barack Obama to quickly issue a permit for the northern leg of the Keystone XL pipeline, a project that environmental groups have vowed to fight. The senators asked Obama to approve the pipeline because it will reduce the need for oil imports from the Middle East, and create jobs. They were led by Max Baucus, a Montana Democrat, and John Hoeven, a North Dakota Republican, who both represent the booming Bakken oil region. Last year, Obama put a hold on the pipeline designed to carry […]

A high-profile group of senators – nine Democrats and nine Republicans – has urged President Barack Obama to quickly issue a permit for the northern leg of the Keystone XL pipeline, a project environmental groups have vowed to keep fighting. The senators asked Obama to approve the pipeline because it will reduce the need for oil imports from the Middle East and create jobs. They were led by Max Baucus, a Montana Democrat and powerful chair of the Senate Finance Committee, and John Hoeven, a North Dakota Republican, who both represent the booming Bakken oil region. Last year, Obama put […]

LOS ANGELES President Barack Obama plans to open talks over the tax component of the so-called “fiscal cliff” by calling for $ 1.6 trillion in new tax revenue over the coming decade, according to reports late Tuesday. The Wall Street Journal and Washington Post reported separately that Obama’s figure for additional taxes is likely to meet with strong Republican opposition, as it is double the amount proposed during failed closed-door talks with GOP leaders during debt negotiations in mid-2011. Rather, the $ 1.6 trillion is based on Obama’s most recent budget proposal, the reports said. The Washington Post also quoted […]

Two dozen business, labor and civic leaders, including the chief executives of major U.S. corporations such as Ford, IBM and Wal-Mart, will meet President Barack Obama to discuss how to control the federal deficit, said the White House on Monday. Obama was scheduled to meet labor and civic leaders on Tuesday, followed by a meeting with business executives on Wednesday. A White House official said the leaders would discuss “the best ways to move our economy forward and find a balanced approach to reduce the deficit.” Unless the president and lawmakers agree, a combination of tax increases and government spending […]

President Barack Obama is scheduled to make a statement on Friday afternoon on efforts to strengthen the economy and avoid the fiscal cliff, the White House announced Thursday. Experts said that Obama will want to respond to House Speaker John Boehner, who will be holding a press conference earlier in the day. Boehner and other key congressional participants in the debate over fiscal policy have sent mixed signals since the election, on the one hand sounding conciliatory but also sounding dug-in on existing positions. For instance, Boehner said Wednesday that new revenue is acceptable to Republicans under the right conditions […]

After President Barack Obama’s re-election, world leaders expressed hope for stronger cooperation with the United States on issues ranging from the struggle against Islamic extremism to international trade. Here are some of the reactions: RUSSIA Russian President Vladimir Putin said he hoped Obama’s re-election would have a positive impact on relations with the United States, which have been strained by differences over issues ranging from missile defense to human rights and the conflict in Syria. “We express hope that the positive beginnings in bilateral relations and in international cooperation between Russian and the United States, in the interest of international […]

The U.S. fiscal cliff should be the priority for President Obama in his second term, Sorrell saysSorrell sees investors becoming more “bullish” over the prospects for the U.S. over long-term Re-elected U.S. President Barack Obama must do more to engage with “frustrated” big business in his second term, according to Martin Sorrell, chief executive of the world’s largest advertising agency.The boss of WPP — a multinational marketing and public relations company — told CNN: “As a foreign observer, I can’t recall any male or female CEO saying they wanted Obama to win. Very few did.Read more: Five things Obama must […]

After President Barack Obama’s re-election, world leaders expressed hope for stronger cooperation with the United States on issues ranging from the struggle against Islamic extremism to international trade. Here are some of the reactions: RUSSIA Russian President Vladimir Putin said he hoped Obama’s re-election would have a positive impact on relations with the United States, which have been strained by differences over issues ranging from missile defense to human rights and the conflict in Syria. “We express hope that the positive beginnings in bilateral relations and in international cooperation between Russian and the United States, in the interest of international […]

Editors note: Todd Benjamin is CNNs former financial editor.London – Now that we know whos won the election, the real uneasiness can begin. Theres only one issue that matters to financial markets, and thats if President Obama and Congress can cut a deal on the looming budget crisis, the so called fiscal cliff. It refers to the $ 600 billion of tax hikes and spending cuts that are suppose to take effect on January 1.Its been dubbed the fiscal cliff because if those tax hikes and spending cuts happen, it would push down GDP by 4%, almost certainly sinking the U.S. economy […]

NEW YORK Traders and investors were cautiously preparing themselves for a second term for U.S. President Barack Obama, with many hoping his first order of business would be to avoid a looming budget crisis. While three critical battleground states were still too close to call, projected victories for Obama in Pennsylvania, New Hampshire and Wisconsin had some betting he would likely edge out Republican Mitt Romney. U.S. equity futures were down more than 1 percent while prices on U.S. Treasury securities rose, a sign, some said, that Obama’s path to victory was easier to discern than Romney’s. Markets came into […]

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