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An America drowning in red ink is the land of the free no more
Topic - Cristobal Montoro
Stocks closed lower after the Federal Reserve's economic update failed to give investors much to get excited about.
Spain's finance minister insisted again Wednesday that the country does not need a full-blown bailout, even as the country's sky-high borrowing costs remained at dangerous levels.
Spain's prime minister appealed Tuesday for European leaders to push toward greater fiscal unity — a step that would allow its troubled banks to get direct financial help — while a top government official warned that the country's high borrowing costs meant it faced increasing trouble accessing credit markets.
Spain's Parliament approved the new conservative government's first austerity measures Wednesday, which aim to rein in the country's swollen deficit with euro8.9 billion ($11.5 billion) in spending cuts.
Spain's government will approve further deficit-reduction measures this week, on top of the bombshell euro15 billion package of tax hikes and spending cuts they announced only days ago, ministers said Monday.
Montoro said the administration of Prime Minister Mariano Rajoy predicts the Spanish economy will expand by 1 percent in 2014 after a punishing recession lasting years.(AP Photo/Andres Kudacki, File)
Montoro has told a business newspaper Expansion on Thursday Dec. 26, 2013 that the government plans to cut income taxes for low-income Spanish families in 2014 but that citizens in higher income brackets won't get the same windfall until the country's economy emerges from a prolonged crisis.