HONOLULU (AP) ― President Barack Obama will cut short his traditional Christmas holiday in Hawaii, planning to leave for Washington on Wednesday evening as he and lawmakers consider how to prevent the economy from going over the so-called “fiscal cliff.” Obama was expected to arrive in Washington early Thursday, the White House said Tuesday night. First lady Michelle Obama and the couple’s two daughters will remain in Hawaii.In the past, the president’s end-of-the-year holiday in his native stat

Fiscal cliff: Grand bargain unlikely as tax increases, spending cuts loom

WASHINGTON (AP) ― Senators bickered Sunday over who’s to blame for lurching the country toward a year-end “fiscal cliff,” bemoaning the lack of a deal days before the deadline but bridging no differences in the debate. With the collapse Thursday of House Speaker John Boehner’s plan to allow tax rates to rise on million-dollar-plus incomes, Sen. Joe Lieberman said “it’s the first time that I feel it’s more likely we’ll go over the cliff than not,” meaning that higher taxes for most Americans and

U.S. President pushes for scaled-down ‘fiscal cliff’ deal with hopes for broad bargain seemingly dashed

BERLIN (AP) ― The International Monetary Fund urged the European Union Thursday to step up its efforts to stabilize the bloc’s financial system by swiftly moving toward a fully integrated banking sector. The 27-country group still faces great challenges “with continuing banking and sovereign debt crises”, the IMF said, adding that it needs a comprehensive region-wide solution as its banks are so heavily interconnected. In its first financial stability assessment for the bloc, the IMF welcomed th

Spanish lawmakers passed 39 billion euros' ($52 billion) worth of austerity measures Thursday, prompting fresh protests by demonstrators angry at cuts to pay and public services.The government says the tough cuts in the 2013 budget are needed to fix the public finances of the eurozone's fourth-biggest economy, stricken by the collapse of a construction boom in 2008.After the lower house of Congress dominated by the conservative governing Popular Party voted through the budget, hundreds of demons

FRANKFURT (AFP) ― The European Central Bank said on Wednesday that it will begin accepting Greek bonds as collateral for central bank loans again, at a discount, a move that will give a boost to eurozone banks still holding the risky instruments.“Marketable debt instruments issued or fully guaranteed by the Hellenic Republic and fulfilling all other eligibility criteria shall again constitute eligible collateral for the purposes of Eurosystem credit operations, subject to special haircuts,” the

President Barack Obama and the top Republican in Congress swapped barbed political charges yet carefully left room for further negotiations on an elusive deal to head off year-end tax increases and spending cuts that threaten the U.S. economy.Republicans should “peel off the war paint” and take the deal he's offering, Obama said sharply at the White House on Wednesday. He buttressed his case by noting he had won re-election with a call for higher taxes on the wealthy, then added pointedly that t