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Fed officials not attached to dual mandate

One thing's for sure: no one at the Federal Reserve is leaping out of their chair to defend the central bank's mandate to ensure full employment from proposals it focus solely on delivering price stability.

Healthcare repeal postponed

The vote on repealing the Obama healthcare reform law, originally slated for this week in the House of Representatives, has been postponed, due to the shootings in Arizona Saturday morning that killed six people and seriously wounded U.S. Rep. Gabrielle Giffords, D-AZ.

The United States Stuck in 2011 Catch 22

The United States and its leaders are stuck in their own Catch 22. They need the economy to improve in order to generate jobs, but the economy can only improve if people have jobs. They need the economy to recover in order to improve our deficit situation, but if the economy really recovers long term interest rates will increase, further depressing the housing market and increasing the interest expense burden for the US.

Deficit reduction critical says IMF's Lipsky

A top IMF official warned on Saturday that the United States must start down a budget deficit-cutting path relatively soon or face crushing debt service costs as interest rates rise.

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BP and Transocean shrug off scathing oil spill report

Shares in BP Plc and Transocean shrugged off a scathing report from U.S. Presidential panel which blamed the United States' worst ever oil spill on risky decisions the companies made.

Obama renominates MIT economist Diamond for Fed Board

President Barack Obama on Wednesday renominated economist and Nobel laureate Peter Diamond to the Federal Reserve Board, sticking with a pick that has already been thwarted by Senate Republicans twice.

China says yuan not main cause of Sino-U.S. trade imbalance

The yuan exchange rate is not the main cause of the trade imbalance between China and the United States, the Chinese Foreign Ministry said on Thursday.

BP and firms made risky decisions before spill: report

BP and its partners made a series of cost-cutting decisions that ultimately contributed to the oil spill that ravaged the Gulf of Mexico coast over the summer, the White House oil spill commission said on Wednesday.

BP, firms made risky decisions before spill: report

Healthcare battle begins

House Republicans wasted no time in going after President Obama’s healthcare reforms of 2010.

White House Press Secretary Robert Gibbs.

Gibbs will leave White House

Robert Gibbs, President Obama’s press secretary is leaving the White House. He will depart some time after the President’s State of the Union address on Jan. 25, the administration said today.

Republicans take over U.S. House, dilute cuts

Republicans scaled back plans for deep cuts in U.S. government spending as they took power in the House of Representatives on Wednesday, diluting a key promise that helped them to victory in November's election.

Obama looks for Economic Policy Adviser as Larry Summers heads back to Harvard

Professor returns to teach at the Kennedy School of Government after spending two years as Assistant to the President for Economic Policy and Director of the White House National Economic Council (NEC).

Fed sees fairly high bar for stopping bond buys

The Federal Reserve felt at its December meeting that the U.S. economy still needed help despite signs of strength, according to minutes released on Tuesday that showed little appetite to trim bond-buying plans.

Fed: Economy still weak despite improvements

Federal Reserve officials in December felt the U.S. economic recovery was still weak enough to warrant monetary support despite growing signs of strength, Fed meeting minutes released on Tuesday showed.

BP shares hit 6-month high after Shell bid report

Shares in oil major BP hit a six-month high on Tuesday after reports rival Royal Dutch Shell considered a takeover bid, and that economic damages from its oil spill will be lower than forecast.

House Republicans wield the power of committees

To the victor go the spoils. The GOP retook the House of Representatives in the November elections and, on Wednesday, they will officially take control, with each House member – all 242 Republicans and 193 Democrats -- taking the oath of office and Rep. John Boehner, R-OH, being sworn in as Speaker.

Wall Street leaps in first session of 2011

Wall Street stocks surged more than 1 percent as the new trading year kicked off on Monday and the rally of late 2010 resumed on encouraging signs about the economic outlook and a seasonal effect.

World leaders promise better economy, more jobs in 2011

Hope, despair, promises and more promises. World leaders have spelled out their intent, or say an 'action plan' for the coming year. Note them all, some merely possible, some probably intricate others perhaps a bunch of lies.

Website aims to be Facebook for gays in military

After nearly two decades of hearing don't ask, don't tell, gay U.S. military men and women are now hearing, do ask, do tell, and even, find a friend from a new social network website, Out Military.

Federal judge okays $3.4 bln Cobell Settlement

The federal judge in the Washington District of Columbia has granted preliminary approval to a long-running and highly contentious $3.4 billion Cobell Settlement - a move that could end the class action litigation over the mismanagement of trust fund assets for hundreds of thousands of Native Americans.