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WASHINGTON — President Barack Obama's choice to become U.S. ambassador to China embraced several criticisms of that country Tuesday, agreeing that China wants to dominate Asia and is a regular violator of human rights. Speaking at his Senate confirmation hearing, Sen. Max Baucus said he wants to help the U.S. build a more equitable economic relationship with China while encouraging the Asian giant to act responsibly as it emerges as a global power. "I have become a firm believer that a strong geopolitical relationship can b...
WASHINGTON (AP) — The House has passed a bill to extend middle-class tax cuts while letting those for the wealthy expire, even as talks continue on extending the cuts for everyone. The bill is a political maneuver to satisfy Democratic supporters who oppose extending tax cuts for the wealthy. Even if the bill passes the House, it has no chance in the Senate, where Democrats need Republican support to pass a tax bill. Sweeping tax cuts enacted under former President George W. Bush expire at the end of the year. A small b...
The retirement savings and assets of an entire generation of Americans are stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable t o t h e S o c i a l S e c u r i t y Administration. It's time to start cashing them in. For more than two decades, Social Security, the federal pension system, collected more money in payroll taxes than it paid out in benefits — billions more each year. Not anymore. This year, for the first time since the 1980s, when Congress last o...