Word: deficits
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...pound plunged 2% against the dollar in a few hours. Britain clings to a nostalgic sense of its place in the world as a top-tier global economic power. It's still the world's sixth largest economy, but other numbers are not so flattering. Britain's budget deficit - ?178 billion, according to the Treasury - is the largest as a proportion of GDP among G-7 nations. Unemployment stands at 2.46 million, a rate of 7.8%. That's not as bad as some pundits predicted, but the ranks of the long-term unemployed have swelled to levels not seen since...
This all adds to the daunting challenges facing Britain's next government. Its first priority will surely be to get the economy out of the emergency room. The parties disagree on the speed and severity of action needed to cut the British deficit, but all accept that there must be reductions in public expenditure. Inevitably such cuts will hit the nation's most deprived communities hardest. And it is in such communities that the social consensus that underpins Britain's democracy is fracturing...
...three biggest credit-rating agencies raising concerns that the scale of debt puts Britain at significant risk of default. That might seem to raise the mortifying prospect of another British Prime Minister going cap in hand to the IMF. Ironically, the IMF backs Labour's more cautious approach to deficit reduction, warning in February that stimulus packages needed to be maintained "well into 2010 for a majority of the world's economies." (See pictures of the City of London...
After trading the first two sets, Harvard orchestrated a comeback in the third set, recovering from a late six-point deficit to take the lead and the momentum heading into the fourth...
...gaps in unemployment and health coverage for some of the most desperate Americans and bureaucratic nightmares costing millions of dollars for the necessary paperwork to retroactively apply benefits. Bunning and Coburn both make a valid point: it is hypocritical of Dems to not practice what they preach on the deficit, and this would be the fifth unpaid bill to pass thus far this year. But making the point on the backs of the most needy is probably the wrong way to go about it. Especially when it underscores Democrats' complaints about GOP obstructionism on even the most pressing of issues...