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Patrice Hill

Articles by Patrice Hill

Fed sees strong signals but stays course

The Federal Reserve maintained its easy money policies Wednesday, noting that federal budget cuts and the October shutdown continue to weigh on growth and as a result, the economy continues to need support. Published October 30, 2013

Tea Party Sen. Ted Cruz, R-Texas, speaks at a rally at the World War II Memorial in Washington Sunday, Oct. 13, 2013, as Senate leaders have taken the helm in the search for a deal to end the partial government shutdown and avert a federal default. The rally was organized to protest the closure of the Memorial, subsequent to the shutdown, and lack of access to it by World War II veterans who traveled there on Honor Flight visits. (AP Photo/Alex Brandon)

Big business declares war on tea party

The recent fiscal crisis has opened a major rift between the tea party wing of the Republican Party and business groups that traditionally have backed Republicans, with many business leaders now vowing to counter insurgent candidates. Published October 28, 2013

** FILE ** Holly Bryan stocks up on Christmas wrapping paper and other holiday items while shopping for day after Christmas deals at a Target store in Chattanooga, Tenn., Wednesday, Dec. 26, 2012. (AP Photo/Chattanooga Times Free Press, Dan Henry)

Shutdown causes plunge in consumer sentiment

The prolonged federal shutdown sent a key gauge of consumer sentiment plummeting for October to the lowest levels seen since Washington's last "fiscal cliff" crisis in at the end of last year. Published October 25, 2013

** FILE ** In this March 14, 2013, file photo, a crowd of job seekers attends a health care job fair in New York. (AP Photo/Mark Lennihan, File)

Federal Reserve stimulus drawdown likely on hold after jobs report

The Federal Reserve likely will put its plans to start withdrawing stimulus from the U.S. economy off until well into 2014 as a result of a report Tuesday that showed the economy posted only tepid job growth in September, even before the federal shutdown and debt crisis weighed on the economy. Published October 22, 2013

Fitch warns that impasse could threaten AAA credit of U.S.

One of Wall Street's leading credit-rating firms Tuesday afternoon warned that it may downgrade the U.S. credit rating from AAA as a result of the congressional impasse that could force the Treasury Department to hit its borrowing limit on Thursday and could lead to a first-ever default on Treasury securities within days after that. Published October 15, 2013

"If U.S. bond holders decided that they wanted to be repaid rather than continuing to roll over their Treasury investments," the United States could be forced into default within days, Treasury Secretary Jack Lew told Congress last week. (Associated Press)

Next move on U.S. credit rating? 'D' for default

Despite expressing confidence that the U.S. will avoid a default, one top credit rating agency has issued a quiet warning that the nation's AA+ rating will plunge suddenly to a shockingly low D if a political resolution does not come in time to prevent the Treasury from missing a debt payment in the next month. Published October 14, 2013

** FILE ** A Wall Street street sign is pictured in front of the American flag hanging on the New York Stock Exchange in New York. (AP Photo/Mary Altaffer)

Stocks soar on hint of debt breakthrough

Wall Street stocks soared Thursday on signs of a possible breakthrough in the standoff in Washington, with House Republicans proposing a short-term increase in the national debt limit that would prevent a possible default on U.S. Treasury securities for another six weeks. Published October 10, 2013

President Obama nominated Janet Yellen, a loyal lieutenant of Federal Reserve Chairman Ben S. Bernanke, to become the first woman to head the century-old central bank on Wednesday.

Fed future: Janet Yellen to be nominated as Ben Bernanke's replacement

President Obama on Wednesday will nominate Janet Yellen, a loyal lieutenant of Federal Reserve Chairman Ben S. Bernanke and an economist dedicated to improving the nation's job prospects, to become the first woman to head the century-old central bank. Published October 8, 2013

Red states to suffer most in prolonged shutdown: survey

The economies of 15 Republican-leaning states would be among the 25 most hard hit by a prolonged shutdown that leads to a lapse in payment of benefits for seniors, veterans, students and other citizens later this month, according to a new web-based study released Tuesday. Published October 8, 2013

** FILE ** Job seekers wait in line to attend a job fair in Tacoma, Wash., April 27, 2010. (AP Photo/Ted S. Warren)

Shutdown shuts down closely watched jobs announcement

The Labor Department announced Thursday that it will not release its report on the job market in September as scheduled on Friday morning because of the federal budget stalemate that has shut down much of the federal government since Tuesday. Published October 3, 2013

**FILE** A sign marks Wall Street in New York. (Associated Press)

Stocks fall on dire Treasury debt warning

Stocks on all the major indexes fell sharply on Wall Street on Thursday as the lengthening government shutdown showed no signs of ending and the Treasury Department warned of an economic calamity later this month if Congress doesn't act to raise the federal borrowing limit. Published October 3, 2013

**FILE** People fill up the room at the job fair on July 15, 2013, in South Burlington, Vt. (Associated Press)

Government job cuts create a historically slow recession recovery

The biggest downsizing of state and local government in modern history has proved to be a big drag on the U.S. economy since 2009 and a primary reason the four-year-long recovery is more sluggish than other recoveries since World War II, economists say. Published September 17, 2013

Chevron case finds trial lawyer in court after remarks caught on video

It's a precedent-setting court case that is playing out like a soap opera. A celebrity lawyer, triumphant after winning the biggest environmental judgment in history, is in danger of causing his own downfall as he is caught on video appearing to admit to misconduct and fraud — just the latest twist in a high-stakes, decadeslong court battle over oil pollution in the Amazon rain forest. Published September 15, 2013

Supporters of former presidential candidate Andres Manuel Lopez Obrador cheer during a protest against the proposed energy reforms that would allow private companies to explore the country's oil and gas reserves. The proposal requires constitutional changes that strike at the heart of one of Mexico's proudest moments: President Lazaro Cardenas' nationalization of the oil company in 1938.

Mexico could make North America the world leader in oil production

Mexico is poised to join the North American oil revolution as a new government is moving to significantly modify 75-year-old constitutional restrictions against foreign involvement in the oil sector, allowing U.S. firms to go in for the first time and help develop the country's sizable untapped reserves. Published September 12, 2013

** FILE ** In this Aug. 14, 2013, file photo, people check out opportunities during a job fair in Miami Lakes, Fla. (AP Photo/Alan Diaz, File)

Unemployment down to 7.3 percent in August; 169K jobs added

The nation's economy continued to slowly but steadily improve last month, with the unemployment rate declining further to 7.3 percent — the lowest in nearly five years — and businesses adding another 169,000 jobs, the Labor Department reported Friday morning. Published September 6, 2013

An unidentified woman answers questions on a job application at a job fair in Sunrise, Fla., on Tuesday, Jan. 22, 2013. (AP Photo/J. Pat Carter)

Thanks for nothing: Despite promises, blacks lag behind in Obama economy

Having the nation's first black president in office for the past four years has done little to improve the economic lots of black Americans, who experienced greater unemployment than whites during the Great Recession of 2007-2009 and a slower recovery since then. Published August 28, 2013