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...winning it. Then in 2005, EADS sought to improve its chances of success by allying itself with American partner Northrop Grumman in a new pitch. The pair won the next round of bidding, but that decision sparked a chorus of complaints from U.S. legislators about American contracts (and tax dollars) going to a European business - and it was later overturned in an appeal filed by Boeing. The Pentagon reopened the bidding for a third time earlier this year. But this time, EADS said, the terms of the process "clearly favored" Boeing, prompting its decision to bow out on Monday...
Last week, the Greek government announced a series of painful austerity measures aimed at tackling a budget crisis so serious, it once seemed like the entire country could go bankrupt. Likening the need to drastically increase tax revenues and cut spending to a "wartime situation," the Socialist Prime Minister, George Papandreou, promised to take whatever steps were necessary to ensure the economic viability of the state. On Thursday, the country got a taste of how painful the process will...
...country's European partners that Greece could rein in its ballooning deficit on its own, Papandreou's administration was forced to tack on a second, harsher round of measures. The $6.5 billion package includes cuts in civil servants' salaries, a freeze on pensions and a host of tax increases, including a 2% bump in the value-added tax...
Greece's unions, which had waged only halfhearted protests against the first round of austerity measures, immediately declared war. Over the past week, scattered protests involving tax officials, pensioners, garbage collectors and others have disrupted life in the city. Thursday's strike was the second called by Greece's main unions - representing about half the country's 5 million workers - in less than a week. Flights were halted when air-traffic controllers walked off the job, schools and government offices were shuttered, and public transport was disrupted. (See why Greece's debt crisis threatens the euro...
...described the effect of reconciliation as “catastrophic.” The Republican criticisms are highly disingenuous, however; of the 22 times reconciliation has been used since 1980, 17 were by Republicans. Most notably, the measure was used to pass both of President Bush’s tax cuts—an especially salient example, considering the 2003 tax-cut bill passed only after a tie-breaking, 51st vote cast by Vice President Cheney. Comparatively, the Senate passed its version of the health-care bill with 60 votes in December; if the tax cuts were passed using reconciliation...