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...York Fed has engaged both sides in several of these disputes and believes it can resolve the problems, says the Fed official. The second potential reason for the TALF shortfall is fear of retroactive penalties from Washington. "There's nervousness about the possibility of retroactive action by Congress," says a government official...
...Back in 1983, when Social Security last faced deficits, Congress approved a set of Social Security reforms that included a graduated hike in the payroll tax and an increase in the retirement age. Thanks to those changes, payroll-tax receipts surpassed benefits in 1985, and the system has been operating at a surplus ever since. The money has been invested in Treasury securities that the Social Security system is supposed to live off in the future. In the meantime, it has provided a significant boost to the federal bottom line for almost 25 years. No more...
...March, Vice President Joe Biden told a summit of Latin American leaders that "it's difficult to tell a constituency while unemployment is rising, they're losing their jobs and their homes, that what we should do is in fact legalize [undocumented workers] and stop all deportation." Congress is similarly disinclined to tackle the controversies of reform this year, so the near future of illegal immigration will ride on millions of decisions like the one facing Margarito...
...August 2007 to May 2008. At that rate, their number would be halved in five years. Because the drop-off predated the worst of the recession, the report argued, the decline showed that the get-tough policies passed at the end of the Bush Administration were working. Members of Congress like Republican Representative Tom Feeney of Florida were on hand for a press conference with the report's authors. He celebrated the end of "perverse incentives" that had kept illegal immigrants in the U.S. "Obviously," Feeney said, "illegals are getting the message." (Watch TIME's video "Blocking the Border Fence...
...South Africa Zuma's Path to Power Cleared South African prosecutors have dropped corruption charges against African National Congress leader Jacob Zuma, ending an eight-year legal saga in which Zuma was accused of accepting bribes to impede an investigation into a multibillion-dollar arms deal. The decision to drop the charges comes just two weeks before the country's presidential election, clearing the way for a near certain victory for Zuma. Members of the Democratic Alliance, South Africa's main opposition party, are demanding a judicial review, accusing prosecutors of "buckling to political pressure." Zuma, who had long called...