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That’s the primary recommendation of an annual report by the U.S.-China Economic and Security Review Commission. The panel advises Congress on the national security implications of the relationship between the world’s two biggest economies.

It is proposing that Congress broaden the mandate of a committee chaired by Treasury Secretary Timothy F. Geithner that screens foreign investment proposals.

China already accuses the U.S. of discriminating against its companies, although analysts say American firms face bigger obstructions investing in China. Chinese investment in the U.S. is still comparatively low but has risen sharply in recent years and is set to hit record levels in 2012.

HEALTH CARE

Liberal think-tank outlines substantial Medicare cuts

Trying to prevent a raid on health care programs in upcoming budget talks, a think tank close to the White House on Wednesday released a plan for significant savings, mostly from Medicare.

Medicaid and the new health care law are largely spared from cuts in the blueprint from the liberal-leaning Center for American Progress. Instead, it targets Medicare service providers, from the pharmaceutical industry to hospitals and nursing homes. Higher-income Medicare recipients also would face increased monthly premiums for outpatient and prescription coverage.

CENSUS

Fuller picture of poverty: 49.7M poor people in U.S.

A different way of calculating America’s poor by taking into account medical costs and work-related expenses finds a higher total than the government’s official count.

This measure is aimed at providing a fuller picture of poverty. It found there are 49.7 million poor people in the country — or 16.1 percent of the population. That compares with the 46.2 million, or 15 percent, as reported in September in the U.S. Census Bureau’s official count.

According to the newly developed measure, those more likely to live in poverty are people 65 or older, urbanites and Hispanics — the result of medical expenses and higher living costs in cities.

California had the highest share of poor people, followed by Arizona and Florida. In the official tally, it is Mississippi, New Mexico and Arizona.

PENTAGON

Four-star general demoted in travel, spending scandal

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