Wednesday, October 15, 2008

The United States 2008 federal deficit has reached a record high, US$454.8 billion—more than double last year’s deficit. Financial experts believe that next year, the deficit will reach over $700 billion, while the National Debt Clock has recently run out of digits to record over $10 trillion in national debt.

The deficit is now equivalent to 3.2% of the Gross Domestic Product (GDP) of the United States, with the government’s total income being 17.8% of GDP, and total outlays being equivalent to 21% of GDP.

Treasury Secretary Henry Paulson blamed the deficit on the housing market, related markets, and slow growth. He said the news would “reinforce the need to not only address short-term challenges, but pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform”.

Democrats like Senator Kent Conrad, however, placed the blame on “President Bush’s failed policies“. “The reality is that the next president will be inheriting a fiscal and economic mess of historic proportions,” said Conrad, adding that “it will take years to dig our way out”.

Another Democrat, House Budget Committee Chairman John Spratt, also blamed the Bush administration. “The eight years of this administration will include the five biggest budget deficits in history,” he said. “The resulting debt will be passed to our children and grandchildren.”

Jim Nussle, director of the Office of Management and Budget said that he believes that the deficit will start to decline. “The bipartisan stimulus bill and the slow economy are the primary reasons for the increase in deficit as reflected in this year’s budget results. This increase reinforces the need to adopt and maintain policies that promote economic growth and fiscal responsibility, including entitlement reform and pro-growth tax policies. I am confident the economy can return to stronger growth with a declining deficit—after working through current challenges if Congress limits wasteful and excessive spending.”

Monday, February 28, 2005

Charlotte, North Carolina — One of the biggest domestic banks in the United States, Bank of America, has admitted to losing computer tapes containing 1.2 million federal employee accounts, including the accounts of several U.S. senators, in a statement by the bank. According to the Pentagon, most of the accounts belong to staff and civilians in the Department of Defense. The bank said the tapes were lost in December 2004 as they were being transported to a data back-up centre by a commercial plane.

Currently, the U.S. Secret Service are looking in to the matter, a federal agency whose brief includes investigations of serious financial crime such as this. All parties concerned are worrying about possible identity theft as it contained valuable information such as bank account numbers, names and addresses.

Saturday, January 29, 2011

U.S. Prohibition Party presidential candidate Jim Hedges of Thompson Township, Pennsylvania took some time to answer a few questions about the Prohibition Party and his 2012 presidential campaign.

The Prohibition Party is the third oldest existing political party in the United States, having been established in 1869. It reached its height of popularity during the late 19th century. The party heavily supported the Eighteenth Amendment to the United States Constitution, which banned the sale of alcohol, and resulted in the US period known as Prohibition (1919–33). It was repealed in 1933. The party has declined since this period, but has continued to nominate candidates for the presidential election.

In 2003, the party split into two factions. Preacher Gene Amondson and perennial candidate Earl Dodge were nominated for the presidency by their respective factions. After Dodge’s death in 2007, the party reunified and named Amondson as its sole presidential nominee for 2008. During the election, Amondson was interviewed by Wikinews. He died in 2009, leaving an opening in the party for 2012.

Jim Hedges is a longtime Prohibition activist, who holds the distinction of the first individual of the 21st century (and the first since 1959) to be elected to a political office under the Prohibition Party banner. In 2001, he was elected as the Thompson Township tax assessor, and was re-elected to the post in 2005. He served until his term expired in 2010. Hedges declared his intent to run for the Prohibition Party presidential nomination on February 18, 2010. This marks his first run for the presidency.

Thursday, December 10, 2009

American and European scientists say the upgraded Hubble space telescope has spotted the oldest galaxies ever seen. The images were taken with the telescope’s new Wide Field Camera 3 (WFC3) in August this year.

The galaxies are about 13 billion light years from Earth, meaning they formed less than one billion years after the Big Bang — the cosmological model of the initial conditions and subsequent development of the universe.

WFC3 was installed in May this year, during a mission by the space shuttle Atlantis to repair and upgrade Hubble. Experts say the new instrument will let them peer even further back in time, to when the universe was in its infancy. The more distant a galaxy is, the more its light is “redshifted” due to expansion of the universe. Light from the furthest galaxies is shifted to infrared wavelengths invisible to the human eye, but WFC3 can detect these.

The new image was taken in August, in the same region as a 2004 visible light image known as the Hubble Ultra Deep Field. The 2004 photo previously showed the most distant galaxies, but the new infrared pictures from the WFC3 allow even more remote galaxies to be seen.

Capturing the image took four days, and the total exposure lasted 173,000 seconds. In the three months since, twelve scientific papers have been submitted on it. On Tuesday one of these confirmed the galaxies as the furthest ever seen.

They are also the oldest, with the light from them having taken around 13 billion years to reach Earth.

“At these distances, you’re really looking back in time, like you have a time machine,” said Ray Villard, of the Space Telescope Science Institute in Baltimore. “Those things don’t exist anymore.”

The photo could be one of the ultimate achievements of the Hubble telescope, now almost twenty years old.

“These new observations are likely to be the most sensitive images Hubble will ever take,” said Professor Jim Dunlop of the University of Edinburgh.

The servicing mission in May extended the telescope’s life by around five years, but it is scheduled to be replaced by the James Webb Space Telescope in 2014. This will use infrared imaging and have a greater collecting area than Hubble, and it is thought that it may be able make out objects from just 100 million years after the Big Bang.

“We’ve really pushed Hubble to its limits,” said Villard, “and we need a bigger space telescope to go back even farther. It shows us there are really exciting things to look for with the Webb telescope.”

Monday, March 21, 2011

Sales of existing homes in the U.S. fell 9.6% in February, the National Association of Realtors (NAR) said today, in a sign that the U.S. housing market is still depressed. The figure was worse than the 3.9% decline anticipated by the economists surveyed by Dow Jones Newswires and questions whether the U.S. housing market is beginning to recover or will continue to fall.

A combination of foreclosures and short sales, where the mortgage holder sells the house for less than owed on the mortgage, accounted for almost 40% of the sales.

Millions of foreclosures have forced down home prices and the number of foreclosures are predicted to rise this year. The inventory of existing homes listed for sale rose 3.5% at the end of February, a 8.6-month supply at the current sales rate. As more homes are listed in the spring, the inventory of houses for sale will probably increase. A five or six month inventory is usually considered a healthy balance between supply and demand.

According to Moody’s Analytics, another 3.6 million bank-owned homes and possible foreclosures will be added to the inventory by 2013, adding to the 6.7 million home foreclosures since 2006. Thus housing inventories will probably continue to remain high, delaying the point when prices stabilize. The median sales price in February fell 5.2%, down to a price level not seen since April 2002.

“We have an uneven, choppy recovery,” said NAR’s chief economist Lawrence Yun. “Hopefully it is a recovery that is taking place.”

Sunday, April 17, 2011

United States officials have unveiled new plans which require air traffic controllers to have longer rest periods between shifts after a spate of controllers fell asleep while on duty at airports across the country. Announcing the plans, transport secretary Ray LaHood said he was “outraged” by the incidents.

The new plans, which the Federal Aviation Administration (FAA), the U.S. government agency responsible for aviation, said would be implemented immediately, come after another controller was suspended this week when they fell asleep while directing aircraft near Miami. The incident was the sixth this year; controllers have fallen asleep in Nevada, Washington D.C., and Tennessee. In one incident, two commercial passenger jets landed without any direction from the control tower because the controller on duty had fallen asleep.

LaHood said controllers would be required to have a minimum of nine hours rest between shifts, an increase of an hour, and more supervisors would be required during night shifts, and they will be restricted in what shifts they can swap with colleagues. “I don’t know when I’ve ever been madder,” LaHood said in a television interview on Fox News Sunday. “We’re not going to stand by and let that happen.”

“We’ve taken steps, as of this morning, to begin changing schedules for controllers, to change schedules for managers, and to make sure that controllers cannot switch in and out of their schedules in order for the convenience of them if they are not well-rested,” LaHood said. He vowed that he would ensure any controllers falling asleep on duty would face consequences. “On my watch, controllers will not be paid to take naps,” he said. “We’re not going to allow that.”

Earlier this week, Hank Krakowski, the head of air traffic organization at the FAA, resigned from his position after LaHood said the crisis in U.S. control towers was “unacceptable”, and vowed to resolve the issue. “I am totally outraged by these incidents,” LaHood said. “This is absolutely unacceptable. The American public trusts us to run a safe system.”

The results of a study on how fatigue affects controllers will soon be published and the FAA may make changes. But LaHood insisted controllers had to “take personal responsibility” for the safety of aircraft over the U.S., and they should not make irresponsible shift changes which will make them tired and put passengers at risk. He said all the controllers involved in the incidents had been suspended, and could ultimately be sacked. The National Air Traffic Controllers Association, a labor union representing controllers in the U.S., said the FAA had their “full support” in implementing the new steps to tackle fatigue.

Saturday, May 13, 2017

Despite the White House’s initial assertion that Federal Bureau of Investigation (FBI) Director James Comey was dismissed Tuesday over mishandling the Hillary Clinton email case, United States President Donald Trump on Thursday told NBC that “this Russia thing” was among his reasons, mentioning Comey’s repeated claims that he, Trump, was not being investigated. He also accused Comey of “showboating” and said “the FBI has been in turmoil.”

James Comey was leading an investigation into the Trump campaign’s alleged ties to Russia and possible Russian involvement in the 2016 US presidential election that placed Trump in power. The official reason given for his dismissal, overly harsh treatment of then-presidential candidate Hillary Clinton, was met with skepticism from politicians and the press.

President Trump also told NBC’s Lester Holt that, despite statements to the contrary by Vice President Pence and Sean Spicer, recommendations from deputy attorney general Rod Rosenstein did not have anything to do with his decision, which he made before receiving Rosenstein’s memo. “Regardless of recommendation I was going to fire Comey. Knowing, there was no good time to do it[…] And, in fact, when I decided to just do it, I said to myself, I said: ‘You know, this Russia thing with Trump and Russia is a made up story, it’s an excuse by the Democrats for having lost an election that they should’ve won.'” He went on to express regret that firing Comey might prolong the investigation and said Comey had told him that he, Trump, was not under investigation when asked.

Trump told NBC that he had asked Comey if he, Trump, were under investigation, to which Comey had replied in the negative. While it is not illegal under U.S. law for President Trump to ask if he is under investigation, former U.S. Department of Justice spokesperson Matthew Miller described it as “completely inappropriate” and pointed out that Comey would not be allowed to answer under Department rules.

Deputy White House Press Secretary Sarah Huckabee Sanders disagreed with Miller’s assessment. “I don’t see it as a conflict of interest and neither do many of the legal scholars who’ve been commenting on it over the last hour.” She did not elaborate on the reference to legal scholars.

While some sources have said Comey requested more resources for the Russia investigation only days before being fired, one of his associates told news outlets this was not true and the investigation had no shortage of resources.

In his interview with Holt, President Trump affirmed that his campaign had no connections to Russia.

Four candidates for Comey’s position were scheduled to be interviewed today: a lawyer named Alice Fisher, an appeals court judge named Michael Garcia, Senator John Cornyn of Texas, and Andrew McCabe, who is currently serving as acting director of the FBI. McCabe has promised to “vigorously and completely” continue the Russia investigation and to tell Congress if any pressure is brought to bear to stop it.

Friday, May 15, 2009

American automobile manufacturer General Motors (GM) announced plans Friday to shut down about 1,100 of its dealerships, in an effort to evade bankruptcy and lower its expenditures.

GM’s move comes a day after Chrysler, another U.S. car maker, released a list of 789 dealerships that it was closing. Unlike Chrylser, GM will not publicly announce the dealerships that it intends to shut down. Instead, dealerships whose franchises won’t be renewed after October of next year will receive a private letter telling them of the decision.

At the moment, GM has 6,246 dealers in the U.S. It intends to reduce that number to 3,605 by the end of 2010. GM said the dealerships that were to be closed are “underperforming and very small sales volume U.S. dealers.”

“They’re dealerships that are in most cases hurting, losing money, and in danger of going out of business anyway,” said GM’s sales, service, and marketing vice president in a telephone conference. “It’s a move that people could argue should have been taken years ago but this leadership team had no choice but to do it today.”

The dealers that are to be closed represent 18% of the firm’s dealership network, but only 7% of GM’s 2008 revenue.