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The nonpartisan Congressional Budget Office says the economy will keep recovering at a modest pace for the rest of this year with unemployment lingering above 8%. But NPR's Craig Windham reports the CBO is warning the economy will suffer if Congress takes no action to avoid the so-called “fiscal1 cliff” - the tax increases and automatic budget cuts set to take effect on January 1st.
The Director of the Budget Office Douglas Elmendorf says the economy is weaker than the CBO predicted earlier this year. So the spending cuts and tax increases would have a major impact.
“That would be a significant tightening2 of fiscal policy and would probably lead to a recession early next year.”
Unless the Congress acts, the CBO predicts economic output would decline and the unemployment rate would rise to just over 9% by the end of next year. The CBO says the uncertainty3 about the fiscal cliff is already depressing economic growth. Federal Reserve Chairman Ben Bernanke has been urging lawmakers to delay at least some of the impending4 budget cuts and tax increases. Craig Windham, NPR News, Washington.
The abortion5 issue continues to dog the GOP's Romney-Ryan campaign, which has been trying to keep its message focused on the economy. This comes in the wake of controversial remarks Republican Missouri Congressman6 Todd Akin7 made about abortion and rape8. Akin says he intends to stay in the Senate race, even though he is under pressure by party bosses to drop out. Meanwhile, a Democratic politician from Minnesota is under pressure from his own party to step down for a sexual scandal involving a 17-year-old. But state legislator Kerry Gauthier reportedly tells Northland's NewsCenter in Duluth he will stay in the race for reelection.
One expert is calling this year's West Nile virus outbreak one of the worst in more than a decade. Federal health officials are reporting triple the usual number of cases for this time of year: more than 1,100 illnesses, including at least 41 deaths nationwide; majority of reported cases in Texas.
The International Monetary9 Fund Chief Christine Lagarde is in Egypt to restart talks concerning a 3.2-billion-dollar financial aid package. NPR's Leila Fadel reports the loan is needed to cover budget deficits10 and aid the nation's struggling economy.
Lagarde is scheduled to meet with President Mohammed Morsi and his newly appointed cabinet for two days of talks. Egypt's military leadership originally rejected the loan, saying it didn't want to put the country into more debt. But the new finance minister has said not only do they need the loan, they want even more - 4.8 billion dollars to cover budget deficits. Morsi and his government are facing an imminent11 financial crisis due to a drop in tourism and foreign investment revenues. Foreign reserves have plummeted12, and financial experts say the economy needs a quick shot of cash to stop the currency from devaluing.
Leila Fadel reporting.
This is NPR.
The Afghan government says it's reviewing all files on its soldiers and police to try to identify anyone who may be considered rogue13. This comes in the wake of increasing attacks on coalition14 forces by Afghan personnel they've trained.
Tropical Storm Isaac is getting better organized as it enters the Caribbean with maximum sustained winds of about 45 miles per hour. Phil Latzman from member station WLRN in Miami reports the direction of the storm remains15 uncertain as to its possible effects on Florida and the Southeastern US.
Issac is likely to become a hurricane by tomorrow, forecast to skirt Puerto Rico, the Dominican Republic and Haiti on its way through the Caribbean. It's been expected to cross Cuba over the weekend and head towards Florida. But National Hurricane Center forecaster Todd Kimberlain says there are still many variables.
“The track could be anywhere from the Bahamas to the east coast of Florida into the Gulf16 of Mexico. So we’re telling interests in Florida and anywhere in the Southeastern US to monitor the progress of Issac very closely.”
The center of the new forecast track now follows along Florida's west coast, which could bring new concerns to Tampa as it prepares for the Republican National Convention next week. For NPR News, I'm Phil Latzman in Miami.
Former Cy Young Award winner Bartolo Colon17 of the Oakland A’s has been ordered to sit out 50 games after he tested positive for testosterone, same punishment Major League Baseball handed to the San Francisco Giants' Melky Cabrera a week ago. In a statement, Colon apologized to the fans and his team.
Before the close on Wall Street, Dow was down 31 points at 13,173 in trading of 2 billion shares; NASDAQ was up six at 3,074; S&P 500 up a fraction of a point.
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1 fiscal | |
adj.财政的,会计的,国库的,国库岁入的 | |
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2 tightening | |
上紧,固定,紧密 | |
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3 uncertainty | |
n.易变,靠不住,不确知,不确定的事物 | |
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4 impending | |
a.imminent, about to come or happen | |
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5 abortion | |
n.流产,堕胎 | |
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6 Congressman | |
n.(美)国会议员 | |
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7 akin | |
adj.同族的,类似的 | |
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8 rape | |
n.抢夺,掠夺,强奸;vt.掠夺,抢夺,强奸 | |
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9 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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10 deficits | |
n.不足额( deficit的名词复数 );赤字;亏空;亏损 | |
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11 imminent | |
adj.即将发生的,临近的,逼近的 | |
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12 plummeted | |
v.垂直落下,骤然跌落( plummet的过去式和过去分词 ) | |
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13 rogue | |
n.流氓;v.游手好闲 | |
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14 coalition | |
n.结合体,同盟,结合,联合 | |
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15 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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16 gulf | |
n.海湾;深渊,鸿沟;分歧,隔阂 | |
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17 colon | |
n.冒号,结肠,直肠 | |
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