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United States Reduces Some Military Assistance to Egypt

Christine Lagarde, the International Monetary Fund’s managing director, spoke fearfully about the disruption and uncertainty, warning on Sunday of a “risk of tipping, yet again, into recession” after the fitful recovery from 2008. The reaction of world markets and the Dow Jones on Monday could provide the necessary jolt to Senate leaders, who represent the last, best chance for a resolution after talks between US President Barack Obama and Republican leaders of the House of Representatives collapsed. US futures were down sharply on Monday, as light trading was expected during a holiday. Earlier, trading in Asia was muted, with markets in Tokyo and Hong Kong closed for holidays. At issue are two normally routine pieces of legislation that have become entangled in disputes over Obama’s health care overhaul and overall government spending. Congress’ failure to pass a bill temporarily funding the government led to the partial shutdown, the first in 17 years. And if Congress doesn’t approve a separate measure increasing the debt ceiling – the amount of money the government is allowed to borrow – the Obama administration says it will not be able to pay its bills, risking default. On Sunday, Democratic Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell spoke by phone but failed to agree on a deal to raise the $16.7 trillion debt limit. They also could not agree on a plan to reopen a government that shut down on Oct. 1 after conservative Republicans aligned with the tea party movement demanded that Obama defund his 3-year-old health care overhaul law. Reid and McConnell – five-term senators hardened by several budget disputes and years of negotiations – remain at an impasse over yet another source of fiscal fighting: the automatic, across-the-board spending cuts known as sequestration that took effect earlier this year, as part of a previous high-stakes budget deal.

Median household income is back to 1989 levels, and some scholars argue that the era of rapid economic growth and rising living standards is a thing of the past. So, should you bet on America? Are the things that ail the American economy passing problems that make it easier to buy into the nations future growth at a discount? Or are they more fundamental problems that arent going away anytime soon? As Ezra Klein put it, is America a bubble? For investors, this is a practical question: How much of your portfolio should be invested in the shares of U.S. companies, and U.S. Treasury bonds, as opposed to overseas investment options? For all of us, its the core question that will determine whether Americas best days lie ahead. Here at the latest Wonkblog Crowdsourced discussion, leave your comment on whether America is a good investment despite it all. Come back early and often to upvote the comments you find most compelling.

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US default looming, no solution in sight

(NYSE: TEVA) is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world’s leading generic drug maker, with a global product portfolio of more than 1,000 molecules and a direct presence in about 60 countries. Teva’s branded businesses focus on CNS, oncology, pain, respiratory and women’s health therapeutic areas as well as biologics. Teva currently employs approximately 46,000 people around the world and reached $20.3 billion in net revenues in 2012. Teva’s Safe Harbor Statement under the U. S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements are based on management’s current beliefs and expectations and involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to develop and commercialize additional pharmaceutical products, including our ability to develop, manufacture, market and sell biopharmaceutical products, competition for our innovative products, especially COPAXONE(R) (including competition from innovative orally-administered alternatives, as well as from potential purported generic equivalents), competition for our generic products (including from other pharmaceutical companies and as a result of increased governmental pricing pressures), competition for our specialty pharmaceutical businesses, our ability to achieve expected results through our specialty, including innovative, R&D efforts, the effectiveness of our patents and other protections for innovative products, decreasing opportunities to obtain U.S. market exclusivity for significant new generic products, our ability to identify, consummate and successfully integrate acquisitions, the effects of increased leverage as a result of recent acquisitions, the extent to which any manufacturing or quality control problems damage our reputation for high quality production and require costly remediation, our potential exposure to product liability claims to the extent not covered by insurance, increased government scrutiny in both the U.S. and Europe of our agreements with brand companies, potential liability for sales of generic products prior to a final resolution of outstanding patent litigation, our exposure to currency fluctuations and restrictions as well as credit risks, the effects of reforms in healthcare regulation and pharmaceutical pricing and reimbursement, any failures to comply with complex Medicare and Medicaid reporting and payment obligations, governmental investigations into sales and marketing practices (particularly for our specialty pharmaceutical products), uncertainties surrounding the legislative and regulatory pathways for the registration and approval of biotechnology based products, adverse effects of political or economical instability, corruption, major hostilities or acts of terrorism on our significant worldwide operations, interruptions in our supply chain or problems with our information technology systems that adversely affect our complex manufacturing processes, any failure to retain key personnel or to attract additional executive and managerial talent, the impact of continuing consolidation of our distributors and customers, variations in patent laws that may adversely affect our ability to manufacture our products in the most efficient manner, potentially significant impairments of intangible assets and goodwill, potential increases in tax liabilities, the termination or expiration of governmental programs or tax benefits, environmental risks and other factors that are discussed in our Annual Report on Form 20-F for the year ended December 31, 2012 and in our other filings with the U.S.

Teva Announces FDA Approval of Generic TOBI(R) in the United States

Kerry told journalists that the United States has been having constant conversations regarding the way forward in Egypt and that the interim government fully understands the U.S. commitment to the success of the Egyptian government. And by no means is this a withdrawal from our relationship or severing of our serious commitment to helping the government meet those goals, Kerry added. In addition, were going to continue to support areas that directly benefit the Egyptian people education, private sector development, he added. We want to make sure that the road map results in a constitution that recognizes universal human rights, that respects minorities, that brings people to the table in an inclusive way, and ultimately results in free and fair elections, Kerry said. In his discussions with the interim government, Kerry said, the Egyptian leaders have insisted that is exactly the road map they are on and intend to achieve. He added that the United States is holding back a certain amount of assistance that is not relevant to the immediate needs of the government or for security. The reduction in some assistance follows the ouster of President Mohamed Morsy in July and a crackdown on several political groups, including the Muslim Brotherhood. The United States is withholding delivery of four F-16 fighter jet aircraft, tank kits for the M1A1 main battle tank, Harpoon anti-ship missiles and 10 Apache attack helicopters, a senior U.S. administration official said at an October 9 background briefing in Washington. The United States also is postponing the joint U.S.-Egyptian military exercise Bright Star. A senior U.S. official said the amount of the cash transfer, which is direct budget support to the Egyptian government, that is being withheld is $260 million.