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Obama: Deficit Problems ‘solvable’

WASHINGTON, Aug. 8 (UPI) — President Obama said the U.S. deficit problems were “imminently solvable” and that he hoped the credit downgrade would spur Washington to act. Standard and Poor’s downgraded the U.S. credit rating Friday from AAA to AA+ because “they doubted our political system’s ability to act,” Obama said in a statement. “The […]

Israel Seeks ‘strategic Reach’ For Navy

HAIFA, Israel, Aug. 8 (UPI) — Israel seeks to build up its navy, partly to counter the Iranian ballistic missile threat, with missile-firing submarines and two other warships. Israel’s military planners said the country will purchase three more missile-firing submarines from Germany and build two corvettes that could be armed with the first naval version […]

Downgrade Weighs Down Confidence

WASHINGTON, Aug. 8 (UPI) — Consumer confidence in the U.S. economy fell in reaction to the downgrade of the country’s credit rating, the Rasmussen Consumer Index indicates. At 61.5, the index was down 3 points since Standard & Poor’s downgraded the federal government’s credit rating from triple-A to AA-plus, Rasmussen Reports said Monday. Seventy percent […]

S&P Lowers Israel’s U.S.-backed Bonds

NEW YORK, Aug. 8 (UPI) — All U.S.-guaranteed sovereign bonds issued by Israel were downgraded one notch Monday, Standard & Poor’s rating services said. “This rating action is in line with the rating action on the United States of America that took place on Aug. 5, 2011,” Standard & Poor’s said in a statement on […]

Oft-delayed Dreamliner Finally Rolls

EVERETT, Wash., Aug. 8 (UPI) — The Boeing 787 Dreamliner, which had been delayed for years and overran its budget by millions of dollars, finally rolled on the runway in Everett, Wash. Boeing said it would deliver the 787 to Japan’s All Nippon Airways next month in Tokyo, CNN reported Sunday. “We are rolling out […]

S&P Lowers Fannie Mae, Freddie Mac Ratings

WASHINGTON, Aug. 8 (UPI) — Standard & Poor’s downgraded ratings on mortgage giants Fannie Mae and Freddie Mac Monday, saying the decision was tied to its U.S. credit rating downgrade. “The downgrades of Fannie Mae [the Federal National Mortgage Association] and Freddie Mac [the Federal Home Loan Mortgage Corp.] reflect their direct reliance on the […]

Geithner To Remain As Treasury Secretary

WASHINGTON, Aug. 8 (UPI) — U.S. Treasury Secretary Timothy Geithner has told President Obama he plans to stay in his job through the fall of 2012. Geithner has been battling the U.S. economic crisis since 2007, first as a Federal Reserve official then as Treasury secretary, and had considered leaving after Congress raised the debt […]

Fannie Mae Posts More Big Losses

WASHINGTON, Aug. 6 (UPI) — Fannie Mae posted a $2.9 billion net loss for the second quarter and has now had losses in 15 of the last 16 quarters, U.S. officials said. The government-backed mortgage agency will ask the U.S. government for another $2.8 billion in bailout funds after it makes its quarterly dividend payments […]

Gold, Silver Lose Luster

NEW YORK, Aug. 5 (UPI) — Gold futures settled lower Friday on the Comex division of the New York Mercantile Exchange but still finished up for the week. Gold fell $7.20, or 0.4 percent, to $1,651.80 an ounce. However, for the week, gold prices gained 1.3 percent as investors worried about whether the global economy […]

Bell Boeing Submits New Osprey Proposal

PATUXENT RIVER, Md., Aug. 5 (UPI) — The Bell Boeing V-22 Osprey program has submitted a proposal to the U.S. government for a second multiyear contract to produce the aircraft. Work on the V-22 under the first award, which runs to fiscal year 2012, is on-time and under budget the company said. Under that contract, […]

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