Word: crunch
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...importing about one-tenth of its refined petroleum needs. With no clear indication of when America may return to full refining capacity, and with no extra refining capacity anywhere else in the world, the U.S. thirst for oil products has created a new global petroleum crunch. Already spare European supplies have been sent to the U.S. where they can attract a premium. That would seem to lock in relatively high prices at pumps on both sides of the Atlantic for months to come. How did we get in this mess? After all, it's not as if oil companies...
...formidable Cullen. (Facing the Finance Minister in Parliament, says Key, "is like playing Andre Agassi at tennis every week. It improves your game enormously.") In a TVNZ studio, during a debate between eight economics spokesmen, Cullen is itching to get involved, like a burly rugby breakaway hoping to crunch a small ball carrier if he would only dare to come his side of the ruck. Perky, motor-mouthed Cullen hints at Key's hidden agenda to cut public services and reprise the scorched-earth policies of former financial warriors Roger Douglas and Ruth Richardson; he scoffs when Key claims...
...word for the menu at Bootsie, Winky & Miss Maud in Washington, where Owner-Chef Bob Green beguiles illustrious visitors like Sandra Day O'Connor with fresh pickled trout Hemingway; New England baked stuffed clams; Philadelphia submarines; winter cabbage leaf stuffed with sausage, rice and cashew nuts; and mocha butter crunch pie. One favorite here is the $5 meal consisting of peanut-butter-and-jelly sandwich, all the milk you can drink and half a dozen Toll House cookies. Notes Green: "To be really authentic we even have Marshmallow Fluff for those who want it." Similarly, there is a Southwest-Mexican...
...care centers, which have become an essential part of American life in an era of two-career families, are a striking example of how the insurance crunch may soon affect the lives of many unwary citizens. Operators fume that allegations of child abuse at a handful of centers have spooked insurers into indiscriminately canceling liability policies or demanding giant premiums. Mission Insurance Group, the chief provider of coverage for day-care centers, abruptly pulled out of the business last year. The handful of insurers that will still write day-care policies insist either on specifically excluding claims for damages arising...
...drop in interest rates has helped ease the U.S. budget crunch because it now costs the Government less to borrow money. New 30-year Treasury bonds are currently paying 7.95%, compared with 11.86% for those issued a year ago. Data Resources calculates that the decline in borrowing rates will help reduce the cost of interest payments on the nearly $2 trillion national debt by about $5 billion, to $143 billion this fiscal year. In a report issued earlier this month, the Congressional Budget Office projected a drop in the federal deficit from a record $212 billion in fiscal...