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WASHINGTON - The bad economy is worsening the already-shaky finances of Medicare and Social Security, draining the trust funds supporting them faster than expected and intensifying the need for Congress to shore up the massive benefit programs, the government said Friday. Medicare and Social Security are being hit by a double whammy: the long-anticipated wave of retiring Baby Boomers and weaker-than- expected tax receipts, according to the annual report by the trustees who oversee the programs.
ATHENS, Greece - A new Greek interim government will be announced this afternoon, a government official said, after critical power- sharing talks between the country's two parties dragged into a third day despite intense European pressure. Negotiations between Prime Minister George Papandreou and opposition leader Antonis Samaras began Monday in an effort to resolve a political crisis that has threatened to leave Greece without its vital bailout loans and raised the possibility of the country leaving the euro.
NEW YORK, April 27 /PRNewswire/ -- According to Deloitte's 2010 Consumer Food Safety Survey, while nine out of ten (90 percent) consumers believe food-related recalls are on the rise, or on par, compared with findings from Deloitte's 2008 Consumer Food Safety Survey, fewer people seem to be anxious about them. The results show 65 percent of consumers surveyed are concerned about the quality of the food they eat, a 17 percent decrease from 2008. The decline in consumers' concern for quality from our 2008 survey is due, in part, by their need to become more aware and engaged in choosing the products they buy," said Pat Conroy, Deloitte's vice chairman and U.S. consumer products practice leader. "Consumers view food safety and quality as important issues, and are looking to manufacturers,...
NEW YORK - It's a good time to borrow money for a home, car or small business. A year after a global freeze in the credit markets prompted massive government intervention to prevent the financial system from collapsing, interest rates remain at historic lows. But banks are demanding more collateral, bigger down payments and detailed financial histories from borrowers.
Lawyers for former Bergen County Democratic leader Joseph Ferriero asked a federal judge Tuesday to dismiss the conspiracy and mail fraud charges against him, arguing that the government has failed to prove its case. S. District Judge Stanley R. Chesler reserved a decision on the motions until the end of the trial, setting the stage for Ferriero to possibly take the witness stand today in his own defense.
The House on Monday approved a compromise deal to raise the $14.3 trillion national debt cap in order to avoid a government default, which had been expected today. The emergency legislation, which allows the federal government to avoid a default, was passed in the House on Monday night in a 269- 161 vote - one day before the deadline for action.
Congressional budget negotiators are expected to work through the weekend on a $33 billion spending-reduction package, but the two sides remain far apart on details and have little time to vote before Friday's deadline for a federal government shutdown. It appears increasingly likely that another stopgap measure -- the seventh this fiscal year -- may be needed as Republican and Democratic appropriators try to decide which domestic programs and services to cut for the remainder of 2011.
AUGUSTA, Maine -- The LePage administration's latest budget proposals to eliminate MaineCare coverage for 28,000 people, cut welfare benefits for some families and slash hundreds of state government jobs is expected to draw sizable crowds to the State House on Wednesday. Unveiled last week, the package of budget alterations intended to plug a new, $164 million hole has elicited both cheers and jeers, sometimes from the same groups.
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