United States

McCain, More Critical of Bailout Plan, Faults Oversight

Sep 23rd, 2008 | By David Harper | Category: Election 2008

Aides to Senator McCain, the Republican presidential nominee, said it was too soon to say whether he would oppose the plan being hashed out by the Bush administration and Congress, noting that the final details had yet to be presented. But Mr. McCain repeated his calls to add several provisions that the administration has opposed, including a guarantee that taxpayer money would not be used to enrich the executives of failing companies.



Bush Administration Reviews Its Afghanistan Policy, Exposing Points of Contention

Sep 23rd, 2008 | By David Harper | Category: United States

The most ambitious of the assessments, run by the White House, begins in earnest this week with a series of high-level meetings, administration officials said. Officials have been directed to produce detailed recommendations within about two weeks for President Bush’s most senior advisers on a broad range of security, counterterrorism, political and development issues.



Bailout Plan Talks Advance in Congress

Sep 23rd, 2008 | By David Harper | Category: United States

While Congressional leaders in both chambers said they were confident that they could reach a quick deal, it was also clear that Bush administration officials would face rough questioning and that initial support for the bailout had begun to fray. Some Democrats said they simply did not trust the president. Conservative Republicans also expressed outrage, echoing scornful comments by Newt Gingrich, the former House speaker, and Lou Dobbs, the right-leaning CNN anchor.



McCain pledges to renew Australian alliance

Sep 23rd, 2008 | By David Harper | Category: Australia, Election 2008

The Republican presidential candidate says he will work with the Rudd Government to establish a global framework that would encourage China and India to become part of the solution to man-made climate change. Senator McCain says he is committed to a market-based cap-and-trade system aimed at reducing carbon emissions. And he wants a closer bilateral partnership on other key issues such as nuclear proliferation, trade liberalisation and combating terrorism.



Obama Led Opponent in Spending in August

Sep 22nd, 2008 | By David Harper | Category: Election 2008

Senator Barack Obama significantly outspent Senator John McCain in August as the two campaigns ramped up their general election fight, with the Obama campaign spending $53 million that month, $32 million of which went to advertising. That compared with the $41 million spent by the McCain campaign, $23 million of which went to advertising.



Loan Titans Paid McCain Adviser Nearly $2 Million

Sep 22nd, 2008 | By David Harper | Category: Election 2008

Incensed by Republican advertisements critical of Senator Barack Obama, several current and former executives came forward to discuss the role that Rick Davis, Senator John McCain’s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000.



In Alaska Senator’s Trial, Story of Oil and Politics

Sep 22nd, 2008 | By David Harper | Category: United States

Ted Stevens, who is the longest-serving Republican in Senate history, is running for re-election this fall. He is charged with seven counts of failing to list on his Senate disclosure forms goods and services provided by long-time associate Bill Allen that were used to refurbish the Stevenses’ family home. The trial has been accelerated at Mr. Stevens’ request, in hopes of obtaining a verdict before Election Day.



Both Candidates Back Bailout, With Caveats

Sep 22nd, 2008 | By David Harper | Category: Election 2008

The candidates echoed each other in assessing the threat from the financial crisis as severe enough to warrant government intervention. But Senator John McCain said that he would press on with his plan to extend the Bush tax cuts and to cut others. Contrary to the warnings of fiscal analysts, he said he could still balance the federal budget, which was falling deeper into deficit even before the financial crisis, by the end of his first term.



Democrats Set Bailout Conditions as Treasury Chief Rallies Support

Sep 22nd, 2008 | By David Harper | Category: United States

“Congress will respond to the financial markets crisis by taking action this week in a bipartisan manner that will protect the taxpayers’ interests,” House Speaker Nancy Pelosi said. She added that the administration’s proposal did “not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight, protections for homeowners and constraints on excessive executive compensation.”



Obama surges ahead of McCain

Sep 22nd, 2008 | By David Harper | Category: Election 2008

Republican candidate John McCain faces the daunting task of trying to square his long history of advocating corporate and financial deregulation - the sort of loose controls many blame for the turmoil on Wall Street. Senator McCain now says more controls are needed to prevent a repeat of the turmoil that sent the stock market plunging, as he tries to recover from a damaging series of gaffes regarding the unfolding crisis.