"Buy American" meets formidable challenge(3)
2009-02-17 11:06:24 [ Big Normal Small ]     Comment
U.S. Senate retains "Buy American" provision in stimulus plan

WASHINGTON, Feb. 4 (Xinhua) -- The U.S. Senate on Wednesday chose to retain "Buy American" provision in its roughly 900-billion-dollar economic stimulus plan despite of criticism from the nation's major trade partners and warnings of an international trade war.

With a vote of 65-31, the Senate rejected an amendment by Republican Senator John McCain which would have stripped the stimulus package of the provision.

Study: "Buy American" provisions bad for jobs, worse for reputation

WASHINGTON, Feb. 3 (Xinhua) -- The "Buy American" provisions approved by the House together with the 819-billion-dollar stimulus package would violate U.S. trade obligations and damage its reputation, with very little impact on jobs, a new study said on Tuesday.

"The negative job impact of foreign retaliation against Buy American provisions could easily outweigh the positive effect of the measures on jobs in the U.S. iron and steel sector and other industries," said the study conducted by Gary Hufbauer and Jeffrey Schott, both economists at the Peterson Institute for International Economics. 

Canada deeply concerned about U.S. "Buy American" policy

OTTAWA, Feb. 2 (Xinhua) -- Canada is greatly worried about a pending U.S. policy barring foreign steel in public projects covered by a stimulus package and officials have been vigorously lobbying their U. S. counterparts to change it.

International Trade Minister Stockwell Day said Monday that the United States had promised to consider Canada's concerns but there is no guarantee the result would be in Canada's favor. 

Obama imposes $500,000 cap on executive pay in bailouts

  WASHINGTON, Feb. 4 (Xinhua) -- The Obama administration on Wednesday imposed a pay cap of 500,000 U.S. dollars for top executives at companies that receive the government bailout money to weather the current financial crisis.

The new rule came out amid rising public fury about huge pay packages for executives at financial companies being propped up by federal tax dollars. 

19 U.S. governors support economic recovery act

  LOS ANGELES, Feb. 3 (Xinhua) -- California Governor Arnold Schwarzenegger joined 18 other governors on Tuesday in voicing support for the American Recovery and Reinvestment Act.

"We are writing to express our support for the American Recovery and Reinvestment Act (ARRA), which passed last week in the House and is under consideration currently in the Senate," the governors said in a letter to President Barak Obama. 

Obama pushes stimulus plan forth as Senate debate continues

  WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack Obama worked hard to push his massive stimulus plan forward on Tuesday as the Senate continued the debate on the over 800 billion U.S. dollar spending bill.

  One day after expressing optimism that action on the massive plan will be finalized soon, Obama Tuesday accepted interviews with all five major U.S. television news outlets -- ABC, CBS, NBC, CNN and Fox News, a move to seek public support. 

Obama says stimulus plan should not send protectionist message

  WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack Obama said Tuesday that the United States cannot send a protectionist message to the rest of the world.

He cautioned Congress that any protectionist provisions that could trigger a trade war should not be included in the final version of the economic stimulus plan. 

Obama nominates Republican senator as Commerce Secretary

WASHINGTON, Feb. 3 (Xinhua) -- U.S. President Barack Obama on Tuesday nominated Republican Senator Judd Gregg as commerce secretary in his cabinet.

If confirmed, Gregg, a senator from New Hampshire in his third term, will become the third Republican Obama enrolled in his cabinet, following Defense Secretary Robert Gates and Transportation Secretary Ray LaHood.

U.S. House passes Obama's economic stimulus plan

WASHINGTON, Jan. 28 (Xinhua) -- The Democratic-controlled U.S. House of Representatives on Wednesday approved President Barack Obama's 819-billion-dollar economic stimulus plan, which melds new spending and tax cuts to jump-start the economy.

The House measure combines roughly 275 billion dollars in temporary tax cuts for both individuals and businesses along with about 544 billion dollars for job-creating investment projects, health industry improvements, expanded aid for the poor and unemployed, and improving education. 

"Buy American" meets formidable challenge

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