Say at the end of 2012, Congress can’t strike a budget deal and we reach the dread “fiscal cliff.” Taxes go up, spending gets slashed. Would the U.S. economy fall into recession? The Congressional Budget Office sure thinks so . But Ryan Avent wonders why the Federal Reserve couldn’t just step in. Read full article > >

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Why can’t the Fed just prevent the ‘fiscal cliff’?

President Obama, speaking at the Air Force Academy graduation, described keeping the armed forces strong in the wake of tight budgets and the end of two wars.

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Military Will Withstand Cuts, Obama Says

Tax hikes and spending cuts set to take effect in January would suck $607 billion out of the economy next year, plunging the nation at least briefly back into recession, the nonpartisan Congressional Budget Office said Tuesday. Read full article > >

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CBO: Taxmageddon would throw U.S. back into recession

As Congress debates whether to trim the food stamps budget as part of the massive Farm Bill reauthorization, lawmakers might want to consider this striking statistic from a new W.K. Kellogg Foundation survey : Three-quarters of Americans say they support a national program that would double Supplemental Nutrition Assistance Program (or food stamp) benefits at farmers markets. Read full article > >

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Americans eat more fresh foods than they did five years ago

Budget airline Ryanair reports record annual profits of £406m, up 25% on the year, as fare rises help to offset a sharp rise in fuel costs.

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Ryanair reports record profits

France's new Socialist government is already causing ripples throughout a Europe struggling to balance government budgets without making ordinary people's lives miserable, but it has created a completely different problem in the Middle East.

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Arabs giggle over French PM’s name

President Hollande plans to ‘balance his budget’ quicker than the UK, David Cameron has said ahead the pair’s first face-to-face talks.

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PM backs Hollande deficit plans

CICERO, N.Y. — Rep. Ann Marie Buerkle (R-N.Y.) is exasperated as she concludes her opening remarks and reaches for a piece of paper on the podium. “I don’t know who was handing out this literature,” she says, “but I think we’ve got to talk about this a little bit.” Read full article > >

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Ryan budget still an issue in congressional races

The rise in California’s projected budget deficit, from $9.2 billion in January, is forcing state officials to propose a new series of midyear cuts in already battered programs.

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Huge New Shortfall Predicted in California Budget

Europe has seen austerity, and it doesn’t work. With governments across the continent slashing their budgets, unemployment in the 17-nation euro zone hit 10.9 percent in March , its highest level since the euro was first minted in 1999. Eleven European countries — including a couple that are not in the euro zone but have nonetheless inflicted austerity on themselves, such as Britain — are officially in recession . Read full article > >

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Europe finds austerity a tight fit

The president of the European Central Bank warned governments that opting for the “easier road” of raising taxes to balance budgets would not solve Europe’s problems.

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European Central Bank Leaves Interest Rate Unchanged

Rep. Jim Cooper (D-Tenn.) believes it is time the sex life of the screwworm got its due. On Wednesday afternoon, Cooper rose to the defense of taxpayer-funded research into dog urine, guinea pig eardrums and, yes, the reproductive habits of the parasitic flies known as screwworms–all federally supported studies that have inspired major scientific breakthroughs. Together with two House Republicans and a coalition of major science associations, Cooper has created the first annual Golden Goose Awards to honor federally funded research “whose work may once have been viewed as unusual, odd, or obscure, but has produced important discoveries benefiting society in significant ways.” Read full article > >

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Why ‘the sex life of the screwworm’ deserves taxpayer dollars

Officials from the European Commission are expected to propose a controversial 6.8% increase to the EU’s budget for 2013.

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EU to propose 6.8% rise to budget

The bulk of the £9.8bn the NHS spends on diabetes each year is wasted – and the disease could cost it a sixth of its entire budget by 2035, says a report.

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NHS ‘wastes billions on diabetes’

The nonpartisan government accountability group Cause of Action has asked the acting director of the Office of Management and Budget to perform a government-wide audit to determine whether agencies are abiding by whistleblower protection laws. Read full article > >

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Group seeks audit on whistleblowing