By Angela Rodriguez |Staff Writer| During a recent online chat sponsored by Google, President Obama announced his support in retiring the penny and suggested the one cent coin is a “good metaphor” for some of the larger problems facing lawmakers as they seek to reduce the deficit. “I will tell you right now, this will not be a huge savings for government, but anytime we’re spending more money on something that people don’t actually use that’s an example of something we should change,” said Obama in the Google+ Hangout chat. The penny has long been criticized for being costlier to mint than it’s worth. According to the U.S. Mint 2011 annual report, the copper one cent coin costs … [Read more...] about Obama advocates for pushing the penny out of circulation
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Debt ceiling closing in
By Marysol Guzman |Staff Writer| With only a few weeks before automatic federal spending cuts occur, President Barack Obama presented alternative ways to innovate the fiscal plan. The fiscal plan was scheduled to take effect on Jan. 1 but was extended to March 1 of this year. At a press conference last Tuesday, Obama proposed a new package that included different spending cuts, tax increases and tax reforms. Obama said the sequester (larger cuts) will only weaken the economy and possibly even slow down the attempt to recover the country. “We can’t just cut our way up to prosperity. It hasn’t worked in the past and it wont work today,” said Obama. Obama made it clear that the … [Read more...] about Debt ceiling closing in
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