Republicans' hopes to reclaim the White House in the 2016 elections hinge on whether they support - or sabotage - the immigration overhaul being debated in the Senate, two lawmakers who helped write the proposal warn.
Republicans' hopes to reclaim the White House in the 2016 elections hinge on whether they support - or sabotage - the immigration overhaul being debated in the Senate, two lawmakers who helped write the proposal warn.
The White House is congratulating Iranians on their presidential election but says the Tehran government created an intimidating environment that limited free expression.
Offering praise for Iranians and reproaching their government, the Obama administration said Saturday it respected the results of a presidential election conducted under restrictive conditions.
The Republican Party's chairman is asking religious conservatives to support the GOP's plans to expand.
Facing lingering tensions in his party, the chairman of the Republican National Committee urged religious conservatives Saturday to support the GOP's plans to expand.
After setting off a storm of criticism from abortion rights groups, upset that a Democratic president had sided with social conservatives, the Obama administration says it will comply with a judge's order.
The Obama administration's appeal in the legal fight over morning-after pills has been officially put on hold until a judge weighs a new plan to allow girls of all ages to buy the contraceptives without a prescription,...
Some of President Barack Obama's political appointees, including the Cabinet secretary for the Health and Human Services Department, are using secret government email accounts they say are necessary to prevent...
Some of President Barack Obama's political appointees are using secret government email accounts to conduct official business, The Associated Press found, a practice that complicates agencies' legal responsibilities...
The White House says President Barack Obama is concerned by excessive spending by the Internal Revenue Service and other agencies on conferences and travel.
The White House says President Barack Obama is concerned by excessive spending by the Internal Revenue Service and other agencies on conferences and travel.
House Republicans are rebuffing President Barack Obama's latest plea to shutter the military-run prison at Guantanamo Bay, Cuba.
Rebuffing President Barack Obama's latest plea, House Republicans on Monday proposed keeping open the military-run prison at Guantanamo Bay, Cuba, by barring the administration from transferring its terror suspects to...
Friday, May 31 2013 6:47 AM EDT2013-05-31 10:47:13 GMT
A million bucks to operate the Senate barbershop. Another million to pay staffers at the Capitol Hill gift shops.
A million bucks to operate the Senate barbershop. Another million to pay staffers at the Capitol Hill gift shops. Up to a thousand dollars per month, per person, to pay for vehicle leases for House members.
WASHINGTON -
The crisis that's playing out now in Cyprus may be a world away, but it's affecting investors here at home and it raises an important question about how far a government can go to deal with soaring levels of debt.
After hitting one record high after another, Wall Street was in for a reality check Monday. The Dow falling more than 60 points. Still, not bad considering what's happening at ATMs more than 5,000 miles away.
"Everything was all doom and gloom this morning, but at the end of the day closing down 60 [points] I would take that any day based off that headline we got out of, out of Cyprus," said Jonathan D. Corpina of Meridian Equity Partners.
And that headline out of Cyprus was extraordinary. It is a small Euro-based economy that is saddled with enormous government debt.
The solution there may be to simply confiscate a portion of everyone's bank accounts -- somewhere between about 7 and 10 percent.
Banks had to close, fearing an all-out run.
"I plan to go to the bank and withdraw all the money I have in there and have nothing left in there. You know I can't trust them anymore. It's theft," said a customer.
And with the anger on the streets, important legal questions surrounding the proposal and whether this tax tactic could spread.
"If Cyprus were to disappear, this is not like Germany or France going away," said Phil Orlando of Federated Investors. "The concern is that if they can force this upon the smaller depositors who are supposed to be fully insured, can they do this in other countries and other situations?"
Even though we have rapidly expanding debt here as well, the fear for U.S. markets wasn't so much that a similar tax will happen here anytime soon -- more that this will lead to even more instability in Europe.
