June 1st, 2010 at 07:35am
Under Economy Report
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This is the VOA Special English Economics Report.
European Union officials agreed on a debt rescue plan this week. They also got a message from Britain’s new governing parties.
WILLIAM HAGUE: “It was not difficult to agree between us that neither party is in favor of handing any more powers to the European Union.”
That was William Hague, the new foreign secretary. In last Thursday’s elections, the Conservatives won the most seats in parliament but not a majority. So they and the Liberal Democrats have formed Britain’s first coalition government since World War Two.
Gordon Brown resigned late Tuesday as prime minister. His Labor Party held power for thirteen years, the last three under him.
In his place moves David Cameron of the Conservative Party. At forty-three he is Britain’s youngest head of government since eighteen twelve. Nick Clegg of the Liberal Democrats is his deputy.
Their new government will have to deal with Britain’s own debt crisis. The budget deficit is about twelve percent of the economy. David Cameron has promised nine billion dollars in budget cuts as a start. Both parties agreed to make no proposal for Britain to join the sixteen countries that use the euro.
Markets have eased since Monday’s announcement of a nearly one trillion dollar rescue plan. It involves loans, debt guarantees and other support to euro area countries with heavy debts. Some of the money will come from the International Monetary Fund.
Olli Rehn, the E.U. monetary affairs commissioner, said the debt crisis is a serious threat.
OLLI REHN: “This has clearly been a systemic challenge for financial stability in the euro area. It is not an attack on one or another individual member states. It is a threat to financial stability of the euro area and the European Union.”
The crisis in Greece has threatened to spread to other countries and has led to protests and violence over spending cuts. But now, interest rates for borrowing by troubled countries like Greece and Portugal have fallen sharply.
Many people blamed the Greek crisis for the sudden drop in American stock markets last Thursday. It may have played a part. But this week, officials told Congress they were still investigating the causes of the so-called flash crash.
Major stock exchanges have agreed to develop a plan to prevent a disorderly market like that again. The idea is to slow trading in a coordinated way.
The Dow Jones Industrial Average fell nearly one thousand points in minutes, then largely recovered. The plunge renewed debate about the risks of electronic exchanges and high-speed computer trading systems.
And that’s the VOA Special English Economics Report, written by Mario Ritter. I’m Steve Ember.
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February 26th, 2010 at 09:11am
Under Economy Report
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The bill narrowly passed by the House includes a public option, a government-run health insurance plan. Transcript of radio broadcast:
12 November 2009 |
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Correction attached
This is the VOA Special English Economics Report.
A major reform of the American system of health care and insurance has moved farther in Congress than ever before. President Obama wants a final bill passed by the end of the year. But a difficult road still lies ahead.
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| House Speaker Nancy Pelosi after passage of the bill |
Saturday night, the House of Representatives passed a bill with an estimated trillion-dollar price over ten years. The president called the vote historic.
BARACK OBAMA: “The Affordable Health Care for America Act is a piece of legislation that will provide stability and security for Americans who have insurance, quality affordable options for those who don’t and bring down the cost of health care for families, business and our government while strengthening the financial health of Medicare.”
But thirty-nine Democrats voted no, and only one Republican, Joseph Cao of Louisiana, voted yes. The bill passed with just two more votes than required. Republicans say the plan would add to the nation’s debt, raise insurance costs and expand government involvement in health care.
Representative Joe Barton is a Republican from Texas.
JOE BARTON: “So, there is a choice. Bigger government, more mandates, more control, less freedom. Or lower costs, more opportunity, more freedom or more choice. I vote for more freedom.”
The bill aims to provide health coverage to thirty-six million Americans. That would raise the nation’s coverage rate to about ninety-six percent.
The most disputed part of the bill is a “public option” for individuals and small businesses. The government would compete with private plans by offering it own insurance — based on payment rates negotiated with providers.
The House bill would raise taxes on high earners to help pay for the plan. It would also cut four hundred billion dollars from health programs for the retired and poor — money that supporters of the bill say is now being wasted.
Most Americans would have to buy insurance or pay a fine; the government would help the needy. All but the smallest businesses would have to offer insurance for their workers or pay a tax. Some small businesses could receive tax credits to help with their costs.
Insurance companies could not deny or cancel coverage for people with pre-existing conditions. And the industry would lose its protection from anti-competitive laws.
Now, Harry Reid, the Democratic majority leader, is working to produce a health care bill in the Senate. Two bills passed by committees must be combined into one. If that passes, then a compromise would be needed with the House version.
But there is strong resistance in the Senate to a public option. Also, the Senate proposals would not require employers to provide coverage, but would offer tax credits to those that do.
And that’s the VOA Special English Economics Report, written by Mario Ritter. I’m Steve Ember.
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Correction: An earlier subheadline over this story overstated opposition to a “public option” by saying the idea had “little support” in the Senate.
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