Issue link: https://www.epageflip.net/i/37497
4B Daily News – Wednesday, July 27, 2011 WORLD BRIEFING White House threatens to veto GOP debt plan WASHINGTON (AP) — The White House threatened on Tues- day to veto emergency House leg- islation that aims to avert a threat- ened national default, a pre-emp- tive strike issued as Republican Speaker John Boehner labored to line up enough votes in his own party to pass the measure. Boehner faced criticism from some conservatives in advance of an expected vote on Wednesday. The bill would raise the debt limit by $1 trillion while making cuts to federal spending of $1.2 trillion — reductions that conserv- atives say aren’t enough. The measure also would estab- lish a committee of lawmakers to recommend additional budget savings of $1.8 trillion, which would trigger an additional $1.6 trillion increase in the debt limit. The White House objects to the requirement for a second vote before the 2012 elections. Analysts think the US will avoid a default NEW YORK (AP) — Could the U.S. lose its top credit rating even if a deal is reached to raise the debt limit? Market analysts and investors increasingly say yes. The outcome won’t be quite as any minute. Instead, Delta Force police officers made the 25-mile journey by car — they have no helicopter — then had to be rescued by a civilian craft when their boat broke down as it tried to navigate a one-minute hop to the island. It took police more than 90 minutes to reach the gunman, who by then had mortally wounded 68 people. Breivik immediately dropped his guns and surrendered, having exceed- ed his wildest murderous expec- tations. Apples in every scary as a default, but financial markets would still take a blow. Mortgage rates could rise. States and cities, already strapped, could find it more difficult to borrow. Stocks could lose their gains for the year. ‘‘At this point, we’re more con- cerned about the risk of a down- grade than a default,’’ said Terry Belton, global head of fixed income strategy at JPMorgan Chase. In a conference call with reporters Tuesday, Belton said the loss of the country’s AAA rating may rattle markets, but it’s ‘‘better than missing an interest payment.’’ Even with a deadline to raise the U.S. debt limit less than a week away, many investors still believe Washington will pull off a last-minute deal to avoid a cata- strophic default. Washington has until Aug. 2 to raise the country’s $14.3 trillion borrowing limit or risk missing a payment on its debt. President Barack Obama and Congressional Republicans have failed to reach an agreement to raise the debt ceiling and pass a larger budget-cutting package. Politicians have tied raising the debt limit and spending cuts together. But at least one credit rating agency has already made it clear that unless that agreement includes at least $4 trillion in bud- get cuts over the next decade, the country’s AAA rating could be lost. Right now, the proposals under discussion cut around $2 trillion or less. Standard & Poor’s warned ear- lier this month that there was a 50- 50 chance of a downgrade, if Con- gress and President Obama failed to find a ‘‘credible solution to the rising U.S. government debt bur- den.’’ S&P said it may cut the U.S. rating to AA within 90 days. Pass- ing a $4 trillion agreement could prevent a downgrade, S&P said. Norway police delay called ’unforgivable’ OSLO, Norway (AP) — When Anders Behring Breivik launched his assault on the youth campers of Utoya Island, he expected Norway’s special forces to swoop down and stop him at Happy Meal NEW YORK (AP) — An apple a day may keep the doctor away. But when you put it in a Happy Meal, it might help keep regulators at bay too. McDonald’s on Tuesday said that it would add apple slices and reduce the portion of French fries in its children’s meal boxes begin- ning this fall, effectively taking away consumers’ current choice between either having apples with caramel dip or fries as a Happy Meal side. The move by McDonald’s, which has become a leader in moving from just burgers and fries to more nutritious fare like oatmeal and salads, comes as fast food chains face intense scrutiny from health officials and others who blame the industry for childhood obesity and other health-related problems. 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