Puerto Rico, the island territory of U.S. is in the crisis due to its surmounting debt. Governor Alejandro Garcia Padilla repeated the island's debt will lead to moratorium.
US President Barrack Obama has finally disclosed the 2017 US budget details. Never to shy away from what he deems right, even in the last year of presidency, he has included his long-term liberal plans that have been widely criticized by the Congress. The highlighted ones are his global climate change initiative, fee levied on crude oil, and enhanced medical care for cancer patients and drug addicts.
President Obama has rolled out a new set of regulations that lifts the Cuban trade embargo to a certain extent. The relaxed rules allow easy facilitation of trade, travel and finance between the two governments, a move taken to end the age-old cold war between them. While the embargo cannot be lifted completely unless Congress gives their consent, the Obama administration is convinced that this is a step in the right direction for improving the condition of the island.
The US congress is in session to finalize a new budget deal before the current US House Speaker, John Boehner steps down for retirement starting this Friday, October 30th.
The fight between Pay-television companies and major US broadcasters, and TV over Internet startup Aereo would most likely see intervention from the US government, according to a report on Investors Business Daily today.
Industry executives and academics said mandatory budget cuts or sequestration have led to job losses and could eventually undermine the competitiveness of the US in the global economy, a Reuters report said.
The legislation passed by the US Senate and Congress included fund allocations to cover fund reliefs to back payments of veteran soldiers.
An impending economic crisis could have happened to Americans should US Congress and the government had not arrived at a debt ceiling agreement.
Global ratings agency Fitch ratings was confident that the US government would be able to fulfill its debt payments even if no agreement would be passed after October 17.
The US Congress had one more day left before ending the budget stalemate as risks were dramatically increased in the first US government shutdown.
Orders for US manufactured goods declined in August which showed a possible sign of companies holding back their investments due to uncertainties in US government spending.
A waging battle on budget between Democrats and Republics was held last October 1 that was seen to threaten a government shutdown.