U.S. economy picks up speed to 2.5 %

U.S. economic growth picked up speed to 2.5 percent in the third quarter of this year, reduction of recession, but experts held that the economy was confronted with a slew of domestic and international challenges.

The growth rate of the real gross domestic product (GDP) in the June-September period was the best quarterly performance since the start of this year, a welcome relief for the world's largest economy, which was on the edge of a double-dip recession for the first half of the year.

The growth speed was in line with economists' expectations and was a big acceleration from the revised 1.3 percent growth rate in the second quarter.

Katharine Abraham, a senior White House economist, said "We are, nonetheless, at a fragile moment in the world economy, and cannot afford to do anything to undermine our economic recovery," on Thursday in a White House blog article.

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Barack Obama: All U.S. troops will be pulled out of Iraq

U.S. President Barack Obama ordered a complete withdrawal from the country, almost after nine years the invasion under President George W Bush. About 39,000 US troops remain in Iraq, down from a peak of 165,000 in 2008. He has announced that, “All U.S. troops will be pulled out of Iraq by the end of the year”.

The US and Iraq were in "full agreement" on how to move forward, Mr Obama said, adding: "The US leaves Iraq with our heads held high."

"That is how America's military efforts in Iraq will end."

According to the Department of Defense, there have been 4,408 American military deaths in Iraq ever since March 2003. Mr Obama spoke at the White House following a video conference with Iraqi Prime Minister Nouri Maliki.

He promised assistance and "a strong and enduring partnership" with Iraqi government. The US declared the end of its combat mission in Iraq in 2010. The deadline for complete troop withdrawal by end of 2011 was set during former President George W Bush's term in office.

However, the issue of a full pullout had been the subject of an ongoing debate. Iraqi leaders had wanted 5,000 US troops to remain in a training capacity. But those trainers would not have received immunity from prosecution under Iraqi law.

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Obama sells jobs plan in Silicon Valley

President Barack Obama is on the road selling his jobs plan and his re-election hope to plugged-in networkers in Silicon Valley and about the country.

He was to appear Monday at a town hall-style event hosted by the career-focused social networking site LinkedIn to pitch his nearly $450 billion jobs proposal as he travels from end to end California scooping up campaign cash.

The town hall, the White House's latest effort to meld old-school campaigning with new media capabilities, will allow Obama to take questions from LinkedIn users online as well as a live spectators at the Computer History Museum close to the company's headquarters in Mountain View, Calif.

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Tax the rich, Obama says; class warfare, says GOP

Drawing clear battle lines for next year's elections, a aggressive President Barack Obama on Monday demand that the richest Americans pay higher taxes to help cut soaring U.S. deficits by more than $3 trillion he promise to veto any effort by congressional Republicans to cut Medicare reimbursement for the elderly without raising taxes as well.

"This is not class warfare it's math," Obama declared, anticipate Republican criticism, which was quick in coming "Class conflict isn't leadership," House Speaker John Boehner said, in Cincinnati.

Obama's speech marked a new, challenging stance toward Republicans after months of cooperation that many Democrats complain produced too many concessions even as the plan stands little possibility of passing Congress, its populist pitch is one that the White House believes the public can support.

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Obama to propose $1.5 trillion in new tax revenue

President Barack Obama's proposal to decrease long-term deficits with $1.5 trillion in new taxes is less an opening bid in a compromise than it is an opening salvo in a struggle to draw sharp contrasts with congressional Republicans.

Obama's proposal is aimed predominantly at the wealthy and come just days after House Speaker John Boehner ruled out tax increases to lesser deficits it also comes amid a clamor in his own Democratic Party for Obama to take a tougher stance next to Republicans and while the plan stands little chance of transient Congress, its populist pitch is one that the White House believe the public can support.

The core of the president's plan totals just more than $2 trillion in deficit decrease over 10 years it combine the new taxes with $580 billion in cuts to compulsory benefit programs, as well as $248 billion from Medicare.

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White House worried about Solyndra default

White House officials discussed the political ramifications of a likely default by a troubled solar energy company that received more than $500 million in federal loans, recently released emails show.

Emails released Thursday night show that Obama administration confidentially worried about the effect of a default by Solyndra Inc on the president's re-election campaign.

"The optics of a Solyndra default will be bad," an representative from the Office of Management and Budget wrote in a Jan 31 email to a senior OMB official, "The timing will possible coincide with the 2012 campaign season heating up."

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House probing $528M loan to failed solar company

House Republicans questioned Wednesday whether the White House hurried approval of a half-billion-dollar loan guarantee for a now-bankrupt solar panel manufacturer just the once cited as the kind of renewable energy company worthy of federal stimulus money.

Solyndra Inc. was a major presence in Washington and spends millions of dollars on lobby there, particularly about the Energy Department's loan assurance program and its executive raised thousands of dollars for Obama and Democrats in Congress.

The collapse of the Fremont, Calif.-based company once touted by President Barack Obama ultimately left taxpayers on the fastener for $528 million, raising questions if the loan was hurried to accommodate a company event in September 2009 that featured Vice President Joe Biden.

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Obama to propose $300 billion to jump-start jobs

The economy weak and the public seething, President Barack Obama is predictable to propose $300 billion in tax cuts and centralized spending Thursday night to get Americans working again, Republicans offered Tuesday to compromise through him on jobs but also assailed his plans in progress of his prime time speech.

In effect, Obama will be hitting cleanup on a condensed holiday week, with Republican White House contender Mitt Romney release his jobs proposals on Tuesday and front-running Texas Gov. Rick Perry hoping toward join his presidential rivals Wednesday evening on a nationally televised debate point for the first time.

Lawmakers began returning to the Capitol to tackle legislation on jobs and centralized deficits in an unforgiving political season spiced by the 2012 presidential crusade adding to the mix a bipartisan congressional committee is slated to grasp its first public meeting on Thursday as it embarks on a quest for deficit cuts of $1.2 trillion or more above a decade if there is no agreement, automatic spending cuts will take effect, a view that lawmakers in both parties have said they would like to avoid.

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