Tim Geithner tells Obama: I'll stay in job
August 7th, 2011
03:28 PM ET
3 years ago

Tim Geithner tells Obama: I'll stay in job

NEW YORK (CNNMoney) - Treasury Secretary Tim Geithner is staying put, the Obama administration announced Sunday.

"Secretary Geithner has let the president know that he plans to stay on in his position at Treasury," a Treasury spokeswoman said in a statement.

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Filed under: Tim Geithner • Treasury
Former New York Gov. Carey dies at 92
August 7th, 2011
03:20 PM ET
3 years ago

Former New York Gov. Carey dies at 92

(CNN) - Former New York Gov. Hugh Carey, who led efforts to pull the city of New York back from the brink of bankruptcy in 1975, died Sunday at age 92, Gov. Andrew Cuomo announced.

Carey won the first of his two terms in 1974, after serving seven terms in Congress. By the following spring, the largest U.S. city was facing default, and then-President Gerald Ford refused to intervene.
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Filed under: New York
Axelrod laments 'tea party downgrade'
August 7th, 2011
12:57 PM ET
3 years ago

Axelrod laments 'tea party downgrade'

(CNN) - President Barack Obama's chief re-election strategist on Sunday blamed Standard & Poor's downgrade of the United States' credit rating on tea party conservatives who made raising the federal debt ceiling a political issue.

"This is essentially a tea party downgrade," David Axelrod told the CBS program "Face the Nation." "The tea party brought us to the brink of a default."
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Filed under: David Axelrod • Debt • Deficit • Tea Party movement
Agency officials say U.S. parties must compromise on deficit reduction
August 7th, 2011
11:02 AM ET
3 years ago

Agency officials say U.S. parties must compromise on deficit reduction

Washington (CNN) – Top Standard & Poor's officials said Sunday that the downgraded credit rating for the United States was both a call for political consensus on significant deficit reduction and a warning of possible further credit problems down the road.

The comments followed Friday's downgrade of the U.S. credit rating to AA+ from the top rank of AAA. It was the first time in history the nation was rated below AAA.

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Filed under: Debt • Deficit • Economy
S&P targeted by top economic voices
August 7th, 2011
10:40 AM ET
3 years ago

S&P targeted by top economic voices

Washington (CNN) - Two top financial voices from different sides of the aisle voiced outrage on Sunday over Standard & Poor's downgrade of the United States’ credit rating, but disagreed on whom to put the blame.

Steve Forbes, CEO of Forbes, Inc. and a former Republican presidential candidate called S&P's downgrade from AAA to AA+ Friday, "an outrageous move" given that the government can still pay the interest and principal on its bonds.
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Filed under: Economy • Larry Summers • Steve Forbes • TV-State of the Union
Gov. Brown warns of tough 2012 fight
August 7th, 2011
09:00 AM ET
3 years ago

Gov. Brown warns of tough 2012 fight

(CNN) - California Gov. Jerry Brown said the United States is at a crossroads and faces a potentially “calamitous” election in 2012.

As demonstrated by the recent debate in Washington over the debt ceiling, the United States will decline if Democrats and Republicans are unable to compromise, Brown said in an interview broadcast Sunday on CNN’s “State of the Union.”
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Filed under: 2012 • California • Debt • Deficit • Jerry Brown • TV-State of the Union
State of the Union Early Bird for August 7, 2011
August 7th, 2011
05:36 AM ET
3 years ago

State of the Union Early Bird for August 7, 2011

(CNN)-It's early, and State of the Union is bringing you the best of the morning headlines to go with your cup of coffee.

On our radar:  A downgraded U.S. credit rating, the threat of cyber attacks, and the latest in Syria.

Check out what we're reading, and watch the show today at 9am/12pm ET with our economic panel:  Former Treasury Secretary Lawrence Summers and Forbes CEO Steve Forbes.
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Filed under: TV-State of the Union