Report: STL jobs recovery still 2+ years away

It will take another two or three years for the St. Louis area to gain back the jobs it lost in the recession, and the […]

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Spain easily raises $12.7 billion in debt auction

Spain successfully raised nearly euro10 billion ($12.7 billion) in debt auctions Thursday in a sign of investor confidence in the new conservative government’s attempts to […]

Italy’s PM: No nation can fight debt crisis alone

No European nation is strong enough to ride out the continent’s debt crisis alone, Italy’s new premier insisted Saturday, urging fellow EU members to develop […]

Monetary policy works when rates near zero: Bullard

Central bank actions work better than tax and spending measures to protect an economy from shocks, even when interest rates are at rock bottom […]

U.K. Services Surge May Help Britain Avoid a Recession: Economy - Bloomberg

Service industries in the U.K. grew at the fastest pace in five months in December and strengthened in the U.S., suggesting their economies are partly […]

AC in ‘12: Reveling in comeback or still slumping?

You know that all-in moment, when you push most of your pile of chips out onto the table, and wait to see where the little […]

Payroll tax cut extension stuck in partisan fight

+%3Cp%3E+With+a+tax+cut+for+160+million+U.S.+workers+set+to+expire+in+less+than+two+weeks%2C+Republicans+and+Democrats+in+Congress+on+Monday+were+mired+in+a+last-ditch+battle+over+extending+it.%3C%2Fp%3E+%3Cp%3EIn+a+surprise+turnabout%2C+Republicans+in+the+House+of+Representatives+are+now+pushing+for+a+one-year+extension+of+the+payroll+tax+cut+and+have+rejected+a+short-term+compromise+struck+by+Republicans+and+Democrats+in+the+Senate+during+the+weekend.%3C%2Fp%3E+%3Cp%3EHouse+Republicans+initially+opposed+renewing+the+tax+break%2C+which+expires+on+December+31%2C+after+expressing+skepticism+that+it+would+boost+the+economy+as+the+White+House+claimed.%3C%2Fp%3E+%3Cp%3EHouse+Speaker+John+Boehner%2C+the+top+Republican+in+Congress%2C+said+his+chamber+would+vote+on+Monday+and+likely+reject+the+Senate+bill+passed+on+Saturday%2C+despite+it+having+the+blessing+of+Senate+Republican+leader+Mitch+McConnell.%3C%2Fp%3E+%3Cp%3EInstead%2C+Boehner+said+he+wanted+to+begin+negotiations+with+the+Senate+on+renewing+the+2011+tax+cut.+It+was+not+clear+how+Boehner+would+resolve+the+thorny+issue+of+offsetting+the+%24120+billion+in+lost+revenues+from+a+full-year+extension+of+the+tax+cut+that+he+is+now+demanding.%3C%2Fp%3E+%3Cp%3EA+failure+by+Senate+negotiators+last+week+on+that+point+led+them+to+come+up+with+just+a+two-month+tax+cut+renewal.%3C%2Fp%3E+%3Cp%3EThe+two+political+parties+have+been+arguing+for+weeks+over+the+payroll+tax+that+is+scheduled+to+rise+to+6.2+percent+on+January+1%2C+from+the+current+4.2+percent%2C+if+Congress+cannot+pass+an+extension.%3C%2Fp%3E+%3Cp%3EBut+there+have+also+been+deep+disagreements+among+Republicans%2C+especially+in+the+House%2C+over+the+tax+legislation+that+has+also+become+a+vehicle+for+extending+unemployment+benefits+for+millions+of+Americans.%3C%2Fp%3E+%3Cp%3ESenate+Democrats+have+bridled+at+the+idea+of+new+negotiations+on+the+payroll+tax+cut.+They+also+accused+House+Republican+leaders+of+authorizing+McConnell+to+negotiate+a+deal+that+ultimately+produced+the+two-month+cut+extension%2C+only+to+turn+their+backs+on+it+once+the+Senate+approved+it.%3C%2Fp%3E+%3Cp%3E%22I+will+not+re-open+negotiations+until+the+House+follows+through+and+passes+this+agreement+that+was+negotiated+by+Republican+leaders%22+and+overwhelmingly+passed+by+the+Senate+on+Saturday%2C+said+Senate+Majority+Leader+Harry+Reid%2C+a+Democrat.%3C%2Fp%3E+%3Cp%3ESENATOR+BLASTS+FELLOW+REPUBLICANS%3C%2Fp%3E+%3Cp%3EEven+some+Senate+Republicans+were+attacking+House+colleagues+for+opposing+the+two-month+extension.%3C%2Fp%3E+%3Cp%3E%22The+House+Republicans%27+plan+to+scuttle+the+deal+to+help+middle-class+families+is+irresponsible+and+wrong%2C%22+said+Republican+Senator+Scott+Brown.%3C%2Fp%3E+%3Cp%3EThe+end-of-year+fight+caps+a+tumultuous+year+and+will+deepen+the+sense+of+dysfunction+in+Washington.+This+latest+battle+caught+even+cynical+Capitol+Hill+watchers+by+surprise.%3C%2Fp%3E+%3Cp%3ECredit+rating+agencies+are+already+skeptical+that+Washington%27s+politicians+have+the+political+will+to+steer+the+country+through+global+economic+instability.+Americans+heading+to+the+polls+in+2012+have+also+lost+confidence+in+Congress%2C+according+to+opinion+polls.%3C%2Fp%3E+%3Cp%3EFor+much+of+2011%2C+Republican+and+Democrats+sparred+over+spending%2C+debt+levels+and+taxes%2C+bringing+the+government+to+the+brink+of+shutdown+and+costing+the+United+States+its+prized+AAA+credit+rating+from+Standard+%26+Poor%27s+rating+agency.%3C%2Fp%3E+%3Cp%3ENow%2C+some+economists+are+predicting+even+worse+times+ahead+if+Congress+fails+to+renew+the+payroll+tax+cut.%3C%2Fp%3E+%3Cp%3EMark+Zandi%2C+chief+economist+at+Moody%27s+Analytics%2C+speaking+to+Reuters+Insider%2C+bluntly+warned%3A+%22I+do+think+recession+odds+will+rise+quite+significantly+early+next+year+if+it+is+not+extended.%22%3C%2Fp%3E+%3Cp%3EZandi+said+most+of+the+impact+would+be+felt+in+the+first+half+of+2012%2C+at+a+time+when+the+U.S.+economy+is+most+exposed+to+risks+from+a+debt-riddled+Europe+and+a+continuing+U.S.+housing+foreclosure+crisis.%3C%2Fp%3E+%3Cp%3EFurther+complicating+matters+is+that+when+the+Senate+on+Saturday+passed+its+two-month+tax+cut+extension%2C+along+with+a+%24915+billion+bill+to+keep+government+operating+through+September%2C+it+concluded+its+legislative+session+until+January+23.%3C%2Fp%3E+%3Cp%3ENow%2C+with+Democrats+and+Republicans+on+Capitol+Hill+accusing+each+other+of+causing+the+standoff%2C+it+was+not+clear+how+the+tax+fight+will+be+resolved+-+or+whether+it+will+be.%3C%2Fp%3E+%3Cp%3EIf+the+House+formally+requests+negotiations+with+the+Senate%2C+Reid+will+have+to+decide+whether+to+reverse+course+and+bring+senators+back+to+do+more+legislating.%3C%2Fp%3E+%3Cp%3EThere+are+three+other+options%3A+Boehner+could+try+to+ram+the+Senate-passed+bill+through+House+and+hope+that+enough+Republicans+and+Democrats+join+forces+for+passage.+But+it+seems+he+has+already+closed+that+option+by+saying+the+two-month+extension+was+too+flawed.%3C%2Fp%3E+%3Cp%3EAlternatively%2C+the+House+could+pass+a+new+version+of+the+legislation+and+hope+that+the+Senate+quickly+accepts+it.%3C%2Fp%3E+%3Cp%3EFinally%2C+there+is+the+option+of+giving+up+and+letting+the+payroll+tax+revert+to+its+pre-2011+6.2+percent+for+workers%2C+at+least+until+early+next+year+when+Congress+starts+its+2012+session.%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fwww.reuters.com%2Fassets%2Fprint%3Faid%3DUSTRE7B827K20111219%27+rel%3D%27nofollow%27%3ERead+more%3C%2Fa%3E%3C%2Fp%3E+

Asia stocks fall as global economic gloom builds

Asian stock markets fell Thursday, as Japanese business confidence dropped and fears grew of a global economic slowdown.
Japan’s Nikkei 225 index shed 1.3 percent to […]

EU’s Rehn: Italy moving in right direction

Economic reforms being shepherded by Italy’s new premier are “going in the right direction” but more action is needed, the EU’s monetary chief said Friday, […]

Kesa dumps money-losing UK Comet stores

Kesa Electricals says it has agreed to sell its money-losing Comet stores in Britain for a token payment of 2 pounds ($3.22).
Kesa said Wednesday that […]