White House, GOP Still Playing Chicken over Debt Ceiling; Pawlenty Slams Bachmann

Sessions: Lawmakers Will Need Time to Look at Any Deal
 
Senate Banking Committee ranking member Jeff Sessions echoed Treasury Secretary Timothy Geithner’s comments that while August 2 may be the nation’s default date, the time to make a deal on raising the debt ceiling is much sooner.

“We’re not just going to ratify some secret deal even if our good leaders plop it down on the floor of the Senate; we need at last seven days to review something as historic as this,” the Alabama Republican said on CBS’s Face the Nation.

Top 5 Reasons for Angst Among the Wealthy

Pessimism about global economic climate and U.S. economy abounds

Wealthy Americans today are worried about the global political and economic climate and the long-term health of the U.S. economy, according to a survey by Insite Security and IBOPE Zogby International.

Insite released a white paper on Wednesday, detailing the results of a survey of some 300 U.S. high-net-worth adults on their post-recession attitudes toward the economy, politics and style of life.

Will America's budget deficit bring an end to world peace?

Did you know that the U.S. still stations nearly 50,000 troops in Japan? That's pretty amazing when you think about it. The war in the Pacific ended 66 years ago, and there hasn't been a conflict in Northeast Asia since the Korean War of the early 1950s, but America still maintains a hefty military presence in the area. Another bunch of soldiers are parked nearby in South Korea. Why in the world are all those soldiers still there?

Rs 42,000-cr foreign funds for NGOs in last 5 years

Indian Non-Governmental Organisations (NGOs) have received Rs 42,200 crore from foreign donors in the last five years, more than what the central government had spent on the world's largest social security scheme Mahatma Gandhi National Rural Employment Guarantee Scheme in 2009-10.

The global economic recession does not seem to have had an impact on foreign contributions as funding increased from Rs 6,700 crore in 2004-05 to over Rs 10,900 crore in 2009-10.

Global entrepreneurship: Crisis? What crisis?

While we in the West continue to be anxious about the pace of the economic recovery, from China, India and Indonesia all the way to Sub-Saharan Africa, the excitement of a new generation — no longer hamstrung by the economic, technological and personal limitations of their parents’ generation — is palpable.

Masked underneath all the talk about the global financial crisis, an even bigger phenomenon is at play, one that in due course will overpower the memory of the current crisis. That phenomenon is the true unleashing of the global entrepreneurial capabilities of the bottom half — or, rather, two-thirds — of humanity. It is boom time in “Global Entrepreneurland.”

OECD warns of future unrest in the global economy

Pandemics, cyber attacks, financial crises, civil unrest and geomagnetic storms - these are the five “global shocks” that could destabilise the global economy, according to a new report by the Organisation for Economic Co-operation and Development (OECD).

In its latest revelation, the Paris-based international economic organisation of 34 advanced nations warns that those disruptive shocks are likely to occur with increasing frequency and cause greater “economic and societal hardship” to the international community.

Global economic recovery slips into lower gear as industrial activity dips

The manufacturing boom that has spurred the global recovery of the last 18 months dropped into a lower gear last month as the UK, the eurozone and China registered a significant drop in growth.

Britain's manufacturing sector expanded at the slowest pace in nearly two years while the eurozone, dragged down by Italy and slowing Germany activity, fell from 54.6 points in May to an 18-month low of 52 in June.