Friday, December 23, 2011

Speaker of the U.S. House John Boehner announced yesterday that he would agree to a two-month extension of the payroll tax cut. In an effort to end the impasse between the House and Senate, Boehner told Senate Democratic leader Harry Reid that he would schedule a House vote on the Senate version of the bill that would extend the tax cut, which was due to expire at the end of the year.

Speaker Boehner announced the agreement in a brief statement: “Senator Reid and I have reached an agreement that will ensure taxes do not increase for working families on January 1”. Boehner informed other congressmen of the deal in a conference call yesterday evening.

The House may pass the bill via unanimous consent today, which would not require the presence of all members. Boehner and Reid also agreed to a bipartisan negotiation committee to sort out differences and extend the tax cut for an entire year, a goal recently sought by Republicans in the House.

The extension of the payroll tax cut, which would prevent approximately 160 million Americans from seeing a tax increase in 2012, had already been passed by the Senate last weekend. Earlier yesterday, Senate Republican leader Mitch McConnell joined several other Republican Senators in encouraging the House to pass the extension.

Senate Democratic leader Harry Reid said that once the House acts, he “will be happy to restart the negotiating process to forge a yearlong extension.” At a news conference, Speaker Boehner issued a statement: “We have fought the good fight. Why not do the right thing for the American people even though it’s not exactly what we want.” President Obama also responded to the development in a statement: “This is good news, just in time for the holidays. This is the right thing to do to strengthen our families, grow our economy, and create new jobs. This is real money that will make a real difference in people’s lives.”

The tax cut extension impasse began when the House effectively rejected the Senate-approved version of the bill on Tuesday after being faced with opposition from House Republicans, specifically those associated with the Tea Party movement, who advocated for spending cuts and the controversial Keystone XL oil pipeline.

Wednesday, December 31, 2008

What would you tell your grandchildren about 2008 if they asked you about it in, let’s say, 20 years’ time? If the answer to a quiz question was 2008, what would the question be? The year that markets collapsed, or perhaps the year that Obama became US president? Or the year Heath Ledger died?

Let’s take a look at some of the important stories of 2008. Links to the original Wikinews articles are in all the titles.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”

Tuesday, November 13, 2007

Augustus Freeman Hawkins, a prominent U.S. figure in Civil Rights and Organized Labor history, has died at the age of 100, just three days ago, on November 10.

Born on August 31, 1907, Shreveport, Louisiana, he served as the first African American from California in the United States Congress, where he sponsored the Humphrey-Hawkins Full Employment Act.

Hawkins was a Democratic member of the State Assembly in 1935 to 1963; he was also a delegate to the National Conventions of 1940, 1944 and 1960 and a California Presidential Elector in the 1944 Election. Hawkins attended high school in Los Angeles, and received his undergraduate degree from the UCLA in 1931.

During 1963 to 1991, he represented California’s 21st District (1963-75), and 29th District (1975-1991), in Congress. Early in his congressional career, he authored including the Title VII of the Civil Rights Act establishing the Equal Employment Opportunity Commission, the Job Training Partnership Act, and the School Improvement Act. He was a founding member of the Congressional Black Caucus. As chair of the House Education and Labor Committee, he sponsored the Humphrey-Hawkins Full Employment Act, alongside Senator Hubert Humphrey of Minnesota. The Bill gave the U.S. government the goal to provide full employment; it also ordered that the Chairman of the Federal Reserve Board must give a Congressional testimony on the economy.

Over his career, Hawkins authored more than 300 state and federal laws. He also succeeded in restoring honorable discharges to the 170 black soldiers of the 25th Infantry Regiment who had been falsely accused of a public disturbance in Brownsville, Texas, in 1906, and removed from the Army.

Hawkins retired in 1991 to his Los Angeles home, and lived in Washington, D.C. for the remainder of his life.