Economy shows robust spring GDP growth despite consumer lull
Washington reports the U.S. economy grew at a 4.2 percent annual rate in the spring quarter, aided by a surge in private investment in equipment and inventories. Consumer spending slowed to 3 percent, while business investment rose 21.0 percent, cushioning GDP amid inflation remains contained. Fed anticipated to consider up to seventh rate increase if trends continue.
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Washington
U.S
Commerce Department
Federal Reserve
Asha Bangalore
Northern Trust Co
Chicago
Fed
Alan Greenspan
House passes Social Security tax cut in last rush to adjourn
The House approved a 265 159 vote to repeal the 1993 Social Security tax increase and return the tax on up to 85 percent of benefits to 50 percent. The measure costs over 100 billion dollars over 10 years and shifts revenue to the Medicare trust fund. President Clinton warned he would veto the bill citing fiscal risk and reduced education funding.
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Senate
Gore
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Reich
Finance Committee
House Republicans
Dick Gephardt
Missouri
Ways and Means Committee
Bill Archer
Texas
IRS
Thomas
Loc
Joint Committee On Taxation
House.gov
Government backs self regulation of Internet privacy plan
The FTC approves a self regulatory plan by the Network Advertising Initiative, shifting away from legislation and allowing industry to police itself. Privacy groups call the move a mistake while industry supporters cite enforcement steps and a third party program, amid concerns over linking personal data to online behavior.
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Washington
Network Advertising Initiative
Federal Trade Commission
FTC
Congress
Marc Rotenberg
Electronic Privacy Information Center
Orson Swindle
NAI
WorldCom Inc
Minnesota
WorldCom
Direct Marketing Association
Leslie Sandberg
Mike Hatch
Oy Internet
Congress approves Pentagon spending boost amid pork-barrel push
Washington AP reports a $288 billion Pentagon bill for next year raises military pay 3.7 percent and adds $1.8 billion in unobligated earmarks despite objections by Sen. John McCain and Sen. Phil Gramm. They cited pork spending as wasteful and election-year pressure to spend surplus funds.
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Congress
Clinton
Senate
John McCain
R-Ariz
Phil Gramm
Texas
Appropriations Committee
House
Gramm
McCain
California
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Ua] Homes
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AMI
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Tri-County
Franklin County
Capital Area
VFW
Kansas Intelligence Association
Pomona
Pomona Township
Alan Radcliffe
Betty Radcliffe
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