World Bulletin/News Desk
The Obama administration plans to deliver a report to Congress late next week that details spending cuts that will be required if congressional leaders fail to reach a deficit reduction deal by year end.
White House spokesman Jay Carney told reporters traveling to New Hampshire on Air Force One that the administration would provide details of spending cuts later than planned. Under a law signed on Aug. 7, President Barack Obama had 30 days to inform Congress of how billions of dollars in automatic spending cuts would be carried out.
"Given the time needed to address the complex issues involved in preparing the report, the administration will be submitting that report to Congress late next week," Carney said.
Republican House of Representatives Speaker John Boehner said the delay showed Obama's refusal "to level with the American people." He added that the president, fresh from attending the Democrats' national convention, had "put his own election campaign ahead of the interests of the country."
The automatic cuts, known as sequestration, total about $1.2 trillion through 2021 and were part of a deal between the White House and Congress made last year after talks on the U.S. debt crisis reached an impasse.
The cuts are intended to be so unsavory that Democrats and Republicans would both want to prevent them from occurring. They are to take effect on Jan. 2 unless Congress reaches a deficit-reduction deal.
"No amount of planning changes the fact that sequester would have devastating consequences," Carney said. "We need to deal with our fiscal challenges in a balanced way."
If the cuts are not changed or canceled by Congress, the spending reductions would take away about $55 billion from defense and $55 billion from other domestic programs in 2013.
Democrats insist that Republicans agree to tax increases for higher-income earners in exchange for changing certain defense cuts, while Republicans oppose any tax increases. There are no current deficit-reduction steps that have gained support to avoid the cuts.
Oil prices rose above $60 due to Iran's call for oil production cut
Economic growth in the Euro-Zone is not at desired levels.
Director and Global Head of Islamic Finance at Standard & Poor's says that growing market for sukuk and new players mark 'significant interest' in Islamic finance.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
Experts state that the crisis poses risks to the region, which is significant for oil production and exports in the world.
Federal Reserve removes word 'patient;' interest rate increase expected within months. Yellen says timing of rate rise 'not decided,' but will come anytime after April; holds current rates at 0 to 0.25 pct.
Many emerging-market currencies have fallen against the dollar in recent weeks
Anticipated Federal Reserve interest rate hikes making dollar strong against most emerging market currencies, Deputy Prime Minister Ali Babacan says.
European Statistical Agency says slight decline fuelled by drop in production of durable consumer goods.
EU will use all its foreign policy instruments to establish strategic energy partnerships with producing and transit countries.
Dollar strength and waning investor confidence are driving the lira lower
Greece has already received two bailouts totalling 240 billion euros but fellow euro zone member Ireland said last week that it would have to negotiate a third programme.
The Ukraine crisis has tested the loyalties of Bulgaria, a Balkan country with historical ties to Moscow and heavily dependent on Russian energy supplies.
Syria expels three United Nations aid workers hindering aid development in the country
Russia has overcome a "psychological barrier" and is ready to deepen its economic ties with China, Deputy Prime MinisterArkady Dvorkovich said
With Chancellor Angela Merkel's right-left coalition plus the opposition Greens, it was the biggest majority for any euro zone rescue package so far in the 631-seat chamber.