Removing fiscal measures immediately “would nip the [U.S.’] nascent economic recovery in the bud,” an adivser of President Barack Obama said. Christina Romer, head of the White House Council of Economic Advisers, supported further fiscal measures such as fiscal relief for state and local governments, and expansion of emergency benefits for the long-term unemployed, AP reports. Meanwhile, U.S. Senator John Kerry urged Congress to act quickly to pass the Healthy, Hunger-Free Kids Act of 2010. The legislation will renew funding for federal child nutrition programs administered by the Department of Agriculture.
Secretary of State Hillary Clinton said that the national debt of U.S., which now stands at USD13 trillion, is threatening U.S. security and influence in the world. The U.S. “cannot sustain this level of deficit financing and debt without losing our influence, without being constrained in the tough decisions we have to make,” Clinton said in remarks on a new U.S. policy framework focused on security.
Corruption undermines democracy and the rule of law, and puts development, stability and markets at risk, according to U.S. Attorney General Eric Holder. The U.S., since 2004, has prosecuted 37 different corporations on foreign bribery-related charges and levied criminal penalties in excess of USD1.5 billion, Holder said May 31 in remarks at the Organization for Economic Cooperation and Development. He called on emerging economies such as China, India and Russia to join the Anti-Bribery Convention, a pact administered by OECD.