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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Aug 01, 2012
Page
3
Top central bankers signal readiness to act to bolster the euro and the U S economy. Fed and ECB meet this week amid high unemployment, weak growth, and debate over QE3 as fears of a prolonged downturn persist.
The Postal Service braces for a first ever default on 11 billion dollars in required retiree health benefit payments due this year and September. Congress delays on reform deepen concern while analysts and unions warn of long term damage. Post offices stay open employees paid and mail delivered as talks continue.
Republicans accuse the Obama administration of hiding job losses from defense cuts. A Labor Department memo to federal contractors says WARN Act notices need not be sent before the election, since the cuts are speculative. A Senate panel approved a new defense spending plan totaling about 511.3 billion for base and war costs, trimming overall spending by nearly 29 billion.
Congress advances a broad sanctions package targeting Iran to choke its energy, shipping, and financial sectors. The measure, backed by House and Senate leaders, would penalize entities involved in mining uranium, supplying oil tankers, insuring state lines, and aiding Tehran's oil and gas industry, with swift passage expected amid White House moves against banks aiding evasion.
Richard Olson, nominated as the next U S ambassador to Pakistan, tells Senate confirmation he will press Islamabad to crack down on the Haqqani network. He says defeating al Qaida is within reach but urges tougher steps against the Taliban linked Haqqanis and notes their ties to Pakistani intelligence.
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