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...Last Thursday, the Senate Finance Committee approved a bill, by a 20-1 vote, that would allow the Treasury to take action against China by lowering its standard for identifying currency distortion. Under existing law, the Treasury has had to prove that China intended to manipulate its currency. Under the bill, the Treasury would issue a report every six months on countries that maintain exchange rates that are "fundamentally misaligned" to the market value of their currencies, regardless of whether or not the government intended it for trade advantage. The bill also enables the Treasury to levy penalizing duties...

Author: /time Magazine | Title: Congress Takes On China | 7/27/2007 | See Source »

...Thursday, the Senate Finance Committee approved by a vote of 17-4 legislation to continue funding for S-CHIP, the federal program that has successfully insured over seven million of America's poorest children since it began in 1997 - funded by increased taxes on cigarettes, cigars and other tobacco products. The higher taxes would fund SCHIP coverage for an additional 3.3 million children...

Author: /time Magazine | Title: Big Tobacco's Newest Headache | 7/23/2007 | See Source »

...Republican. "We know that there is no such thing as a safe cigarette," Enzi said in a release. "Proposals to have FDA regulate tobacco are a misguided attempt to force a deadly product into the regulatory structure developed for drugs and devices - products which do have health benefits." Enzi Thursday introduced his own legislation to "cap and trade" tobacco products in order to shrink U.S. use of tobacco products to 2% of the population over 20 years...

Author: /time Magazine | Title: Big Tobacco's Newest Headache | 7/23/2007 | See Source »

...case to life in prison. Since then, efforts to secure their release have advanced so quickly that Sarkozy has accepted an invitation by Libyan leader Muammar Ghaddafi to visit the country - probably as an additional stop, on Wednesday, to an Africa trip Sarkozy had set to begin upon Thursday. But Elysée officials have since confided it would be unseemly for Sarkozy to meet Ghaddafi before the six Bulgarian nations were freed, raising expectations that Madame Sarkozy and the French presidential jet still present in Libya were set to fly the medics out by day's end Tuesday. French...

Author: /time Magazine | Title: Behind Sarkozy's Libya Coup | 7/23/2007 | See Source »

...Thursday, more than 500 people braved the rain in the tiny town of Sunapee (population 3,355), about 45 miles north of Manchester, to hear Obama speak at an ice cream social. Obama timed his remarks with the weather perfectly: the driving rain relented as he began to speak and resumed literally as his car door was shutting...

Author: /time Magazine | Title: Obama Says Iraq Has 'Distracted' Us | 7/20/2007 | See Source »

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