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Summers: U.S. economic recovery on track

WASHINGTON The U.S. economy is firmly poised for a recovery from its deep recession but growth may be moderate and the job market will not revive immediately, senior White House aide Lawrence Summers predicted on Wednesday.

Health reform a "slow moving freight train"

WASHINGTON Health reform negotiations have moved behind closed doors in Congress, but chances are high that a bill will pass this year -- even if it doesn't do all that much to revamp the nation's swelling $2.5 trillion health care system.

Economy already looming large for 2010

WASHINGTON The weak state of the U.S. economy and government spending to prop it up are already looming as major issues for 2010 congressional elections that will render a judgment on President Barack Obama.


McCain says Republicans need positive agenda

WASHINGTON Republican Senator John McCain said on Wednesday his party needed a positive agenda to better attract those Americans who are disenchanted with Democratic policies.

White House studying housing tax credit

WASHINGTON The Obama administration is still considering extending a popular housing tax credit but is weighing that against efforts to bring down the federal deficit, senior White House officials said on Wednesday.


Czar to substantially cut pay: Summers

WASHINGTON Top White House economic adviser Lawrence Summers said on Wednesday the administration's pay czar will "substantially reduce" the paychecks at firms that have received billions of taxpayer dollars.


FDIC's Bair fears she's a jinx for markets

WASHINGTON Sheila Bair, widely lauded for her cool regulatory head amid crumbling financial markets and a rising tide of bank failures, says she should stay out of government jobs. She said she's jinxed.

Bailout fund may outlive expiry date

WASHINGTON The Obama administration appears to want to keep an inherited $700 billion financial rescue fund going past its scheduled expiry at year-end, but is retooling the program to focus on more than just banks.


Obama aide plays down tension with business group

WASHINGTON A senior aide to President Barack Obama said on Wednesday the White House was eager to listen to viewpoints from U.S. companies and played down differences with a powerful business lobby group.

Dollar to keep global stature: Summers

WASHINGTON Top White House economic adviser Lawrence Summers gave strong backing to the beleaguered U.S. dollar on Wednesday, saying it would remain the world's main reserve currency for the foreseeable future.

White House's Jarrett undecided on housing credit

WASHINGTON Top White House adviser Valerie Jarrett said on Wednesday she was undecided about extending a popular housing tax credit, saying the decision had to be weighed against the need to reduce the federal deficit.


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