WASHINGTON (AP) — With an August deadline looming, the House is poised to act on a bill that would temporarily patch over a multibillion-dollar pothole in federal highway and transit programs while ducking the issue of how to put them on a sound financial footing for the long term.
McLEAN, Va. (AP) — President Barack Obama said Tuesday he supports temporary measures to keep federal transportation aid flowing to the states and to keep construction crews on the job, while he also pressed Congress for a more permanent solution to the longstanding shortfall in funding for road and bridge-building projects.
By Howard Schneider and Michael Flaherty WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said U.S. labor markets are far from healthy and signaled the Fed will keep monetary policy loose until hiring and wage data show the effects of the financial crisis are "completely gone." Despite strong recent jobs reports and other signs of continuing recovery, Yellen emphasized in testimony to the Senate Banking Committee that she won't conclude the economy has recovered until wages start rising and discouraged workers return to the labor force. In its latest semiannual report to Congress, the Fed did cite unease about some aspects of U.S. securities markets, taking the unusual step of singling out biotechnology and social media stocks for their "stretched" valuations.