BARACK OBAMA

Obama sees $40 billion savings in spending reforms

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President Barack Obama on Wednesday will order a crackdown on waste and cost overruns in U.S. government procurement that he estimates will save up to $40 billion a year, an administration official said.

Obama sees economic hope as aides promote budget

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U.S. President Barack Obama expressed confidence on Tuesday his economic reforms would work as senior officials began lobbying Congress to support the administration's jaw-dropping budget proposal.
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Dow ends under 7,000, S&P tests 700 on AIG fallout

U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system.
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AIG fallout pushes Dow under 7,000, S&P tests 700

U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system.
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Freddie Mac CEO Moffett quits after six-month stint

Freddie Mac on Monday said Chief Executive Officer David Moffett is quitting just six months after being named to the post as the government forced the No. 2 mortgage finance company into conservatorship.
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HSBC looks to raise $18 billion

British banking giant HSBC will try to raise $18 billion to quell investor concerns as a worsening global economy punished famed investor Warren Buffet's Berkshire Hathaway with a 96 percent plunge in profits.
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HSBC looks to raise $18 bn, Buffett hit by crisis

British banking giant HSBC will try to raise $18 billion to quell investor concerns as a worsening global economy punished famed investor Warren Buffet's Berkshire Hathaway with a 96 percent plunge in profits.
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Ethanol boom-bust scares off investors: analyst

Investors burned by the recent boom and bust in the U.S. ethanol industry will be wary of pouring money into plants for the next generation of biofuels without more stable returns, a J.P. Morgan analyst said on Friday.
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Obama-Biden green jobs strategy commitment remains firm

Vice President Joe Biden, along with several Department Secretaries in the Obama Administration gave their firm support today to President Obama’s strategy for creating green jobs to bolster the U.S. economy as part of the recently passed economic stimulus package.
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Bank fear sends S&P to worst-ever start to a year

U.S. stocks fell and the S&P 500 marked its worst-ever start to a year on Friday, after the government said it will take a large stake in Citigroup's common shares, fanning fears it will increase its role in other major banks.
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Obama sets Iraq deadline, unveils new strategy

President Barack Obama said on Friday he would pull U.S. combat troops out of Iraq in 18 months as he unveiled a new strategy that stressed diplomacy and engagement with foes like Iran and Syria.
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Financial worry and GDP weigh on stocks

Stocks dipped on Friday as a move by the U.S. government to take a large stake in common shares of embattled Citigroup fanned fears it will take a bigger role in overseeing some troubled major banks.
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Russian bomber neared Canada before Obama visit

Canadian fighters scrambled to intercept an approaching Russian bomber less than 24 hours before U.S. President Barack Obama's visit to Ottawa last week, Canadian Defense Minister Peter MacKay said on Friday.
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Regional ministers seek donor help for Zimbabwe

Southern African finance ministers agreed on Friday to push for donor help to rebuild Zimbabwe from economic collapse, and put the initial need at $2 billion, South Africa's foreign minister said.
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American reaction mixed on Obama budget

Many Americans applauded the spending plans and tax breaks set out in President Barack Obama's record budget, while others questioned the yawning deficit it would entail.
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U.S.' Citi stake to rise in conversion deal: source

The U.S. government will commit to holding a common equity stake of up to 30-40 percent in Citigroup in a deal that will see most of the group's board replaced, a person familiar with the transaction said on Friday.
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America's Debt Growth May Double Unexpectedly

The U.S. debt held by the public may grow nearly twice as fast over the next two years than previously expected after President Barack Obama today unveiled his spending priorities to add trillions of dollars to the federal budget, including help for the financial industry and job generation through government programs.
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Obama makes 'green' energy a Federal budget priority

President Barack Obama expects that the government will begin receiving $15 billion a year starting in 2012 from the auction of carbon pollution permits to support the development of renewable energy technologies as his administration emphasizes the need to build an economy powered by clean and safe energy.

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