Word: congressed
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...Members of the New York, L.A. and D.C. groups are actual movie critics, the employees of local (and a few national) newspapers and magazines - which means they should probably be petitioning Congress for a bailout. ("Senator, if we don't get money and job security right now, it could have a disastrous impact on American blurb-writing. Adjectives like riveting, blistering and unforgettable, not to mention all our cherished W's - warm, winsome, winning, wonderful - could simply disappear. And all that prose is produced right here...
...appearances could hardly have been more deceiving than they were Wednesday on Capitol Hill. Late in the day, the House of Representatives passed by a wide margin of 237-170 a bill to give General Motors and Chrysler $14 billion in emergency loans from a green modernization fund that Congress created earlier this year. (Ford is in better shape and has not asked for short-term emergency assistance.) But behind the scenes, things looked pretty dire for the Big Three's hopes of a rescue...
...October, Congress passed a law that said banks who held Fannie Mae and Freddie Mac preferred shares, which were essentially rendered worthless when the government took over the two large mortgage guarantors, can count the loss on that investment as a regular business loss, not an investment loss. The Federal Government has estimated the change will save banks as much as $3 billion in tax payments this year. Improved Tax Break on Foreign Operations...
Starting in January, the National Credit Union Administration (NCUA) will tap a $41.5 billion pot of money approved by Congress in September to feed liquidity into corporate credit unions faced with mounting losses on securities tied to home loans and other lending. Corporate credit unions act as banks to retail credit unions, which are the institutions consumers interact with. In addition, the plan provides $2 billion for retail credit unions to cut interest rates on mortgages held by homeowners struggling to make payments. All of the funding is structured as loans and is due to be paid back. (See TIME...
...change negotiations can be a depressing experience - maximum rhetoric expended on minimum accomplishment. In Poznan the atmosphere seems even bleaker. For one thing, economic catastrophe has made it harder for leaders to justify cutting carbon. A recent study by the Government Accounting Office (GAO), the independent investigative arm of Congress, sharply criticized the Clean Development Mechanism, the U.N. body that oversees the Kyoto Protocol's carbon-trading practices. The GAO found that carbon offsets - whereby a company in a rich nation pays for a carbon-reducing project elsewhere in lieu of cutting emissions itself - were at best a "temporary solution...