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.
The Slovak pipeline operator Eustream estimated it would ship 22.4 million cubic metres through the pipeline while the Slovak economy minister said the link was ready to run at full capacity.
China has also said it would like to continue to develop "friendly cooperation" with Ukraine and that it respects the ex-Soviet state's independence, sovereignty and territorial integrity.
Selling a fleet of subs would mark the first time since at least the end of World War Two that Japan had sold a complete weapons platform overseas.
The head of Iran's atomic agency says the agreement will be signed next month
A little more than a month ahead of general elections, new figures shows the Brazilian economy contracted by 0.6 percent in the second quarter of 2014
Russia cut off the gas flow in mid-June after the two sides failed to agree on pricing and debts owed for previous gas supplies.
Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014
Venezuela's Petroleum minister, Rafael Ramirez, said earlier this year that PDVSA could import crude as a "last resort" to find diluents for its heavy crudes
Air France, the French network of Air France-KLM said on Wednesday it has suspended its flights to Sierra Leone following advice from the French government
Ukrainian Prime Minister Arseny Yatseniuk said that Kiev knew of plans by Russia to halt gas flows this winter to Europe
The inquiry into tycoon Bernard Tapie has embroiled several of former president Nicolas Sarkozy's cabinet members including Lagarde.
The riot broke out in the southern industrial hub of Johor state on Tuesday at a factory run by JCY International , a Malaysian firm that makes parts for electronic giants including Samsung, Hitachi and Western Digital.
Hawaii and U.S. territories have strong dependency on petroleum imports, because of their physical isolation and lack of fossil fuel resources, while their residential electricity prices have been three to five times the average residential prices of the mainland U.S.
Buyers of Kurdish crude could face lawsuits from Baghdad if the oil moves close to U.S. soil and would also require the seller to provide costly indemnities against potential lawsuits
Deep job losses, route cuts and a change of leadership are expected to feature in a restructuring plan being prepared by Malaysia's government
New company will create the third largest global fast-food chain with annual sales of US$23 billion.