Obama planning ways to rein in budget deficit
WASHINGTON: Slowing tax revenue and a historic bailout of the U.S. financial system will send the budget deficit soaring toward $1 trillion this year, President-elect Barack Obama said yesterday, and the red ink stands to get substantially deeper if Obama wins approval of a giant economic stimulus plan. Even if the package of spending and tax cuts helps restore the nation's immediate economic health, Obama said, the government is likely to be left with "trillion-dollar deficits for years to come" unless policymakers "make a change in the way that Washington does business." An economic adviser said the president-elect plans to unveil "major initiatives" designed to eventually bring the deficit under control as part of his first budget proposal.
Richardson donor also gave to Obama
WASHINGTON: A prominent businessman whose political donations ended New Mexico Gov. Bill Richardson's hopes of a place in the Obama administration also was a supporter of the president-elect. David Rubin gave $26,200 to the Democratic Party on Sept. 19 and $2,300 to Barack Obama's campaign on Sept. 30, according to records filed with the Federal Election Commission. In February, Rubin gave an additional $1,000 to Obama's campaign. Rubin and his company donated $100,000 in 2003 and 2004 to the political committees of Richardson. The contributions came both before and after Rubin's company won a state contract in New Mexico to help finance $1.4 billion for highway and transportation projects. On Sunday, Richardson withdrew from consideration as commerce secretary amid a grand jury investigation of the donations.
Indian statement on attack rankles Pakistan
ISLAMABAD, Pakistan: Pakistan forcefully denied yesterday a suggestion by India's prime minister that official Pakistani agencies were involved in November's attacks in Mumbai and said that leveling such accusations posed "grave risks" to the region. In the weeks since the three-day rampage by gunmen in India's commercial capital, the two sides have made alternately conciliatory and bellicose comments. Yesterday's statement by Indian Prime Minister Manmohan Singh was the closest India has come to accusing the Pakistani government of links to the attacks, which the Indians blame on a Pakistan-based militant group.
Member of Iraqi leader's political party slain
