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Financial News
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Senate Majority Leader Harry Reid said he won't renegotiate an extension of payroll tax cuts and unemployment coverage unless the House first approves a short-term bipartisan version the Senate has overwhelmingly approved. House Republicans strongly oppose that bill.Earlier in the day, House Speaker John Boehner, R-Ohio, told reporters that he expects the House to reject the Senate bill Monday evening and then request talks."This is a question of whether the House of Representatives will be able to fulfill the basic legislative function of passing an overwhelmingly bipartisan agreement in order to protect the economic security of millions of middle-class Americans," Reid said in a written statement.The Senate passed a two-month extension of the payroll tax cut and unemployment benefits on Saturday with overwhelming support from senators of both parties and the backing of Obama. [Read the full article]
When the gifts from Grandma are unloaded and holiday travel is over, the typical American household will have spent $4,155 filling up this year, a record. That is 8.4 percent of what the median family takes in, the highest share since 1981.Gas averaged more than $3.50 a gallon this year, another unfortunate record. And next year isn't likely to bring relief.In the past, high gas prices in the United States have gone hand-in-hand with economic good times, making them less damaging to family finances. Now prices are high despite slow economic growth and weak demand.That's because demand for crude oil is rising globally, especially in the developing nations of Asia and Latin America. But it puts the squeeze on the U.S., where unemployment is high and many people who have jobs aren't getting raises.The trap has caught Michael Reed of Charlotte, N.C. He hasn't been able to find work since he lost his computer-support job in 2009. [Read the full article]
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