Economic Crisis

The Republican-led House of Representatives on Tuesday rejected the Senate's two-month extension of the payroll tax cut.

No Democrats joined the 229 Republicans voting in favor of rejecting the Senate bill. Seven Republicans joined 186 Democrats in opposing the measure.

The wrangling places an extension of the payroll tax cut in doubt as President Obama, Senate Democrats and House Republicans attempt to position themselves favorably in the minds of voters ahead of the November 2012 elections. more >>

San Francisco is preparing to make history by raising the minimum wage above $10.

According to reports, the raise to $10.24 is set to go into effect on Jan. 1, 2012. Currently the minimum wage, set by the Department of Labor, is $7.25. It has been at that rate since 2009.

San Francisco passed a proposition in 2003 stating that pay rates must go up every year. While many people are pleased with the raise, some small businesses are being hit hard by being required to pay employees more. more >>

Republican and Democratic negotiators in Congress expect to vote on a bill to extend the payroll tax cut by the end of this week.

If an agreement is not reached by the end of the year, the payroll tax cut will expire and American workers will return to paying the full amount, 6.2 percent instead of 4.2 percent with the cut, taken out of their paychecks to pay for Social Security benefits. The impasse between the two sides is on how to pay for the tax cut.

President Obama has been repeatedly reminding his audiences that a year ago this month Congress extended the payroll tax cut without much controversy. That, however, was the 111th Congress. This Congress, the 112th, was put into power through the historic 2010 elections, which saw several incumbent Republicans ousted in the primaries and major defeats for Democrats in the general election. more >>

As the new government of Italian Prime Minister Mario Monti is facing a debt of $2.5 trillion, the country’s center-left parties are asking the Catholic Church to start paying taxes on its bountiful properties that make profit. The church may oblige, sacrificing more than $1 billion annually.

“The Church is willing to review the agreements that extend to the paying of ICI (municipal property tax) on properties belonging to religious institutions,” U.K.’s Daily Mail quoted Cardinal Angelo Bagnasco, leader of the Italian Bishops Conference, as saying.

As per a 1982 law, all church properties, including those having a commercial element, are exempt from taxes. This property tax exemption was extended in 2006. “The current norms are correct in that they recognize the social value of activities carried out by many nonprofits, among them church ones, especially is used for social, cultural or educational reasons,” Cardinal Bagnasco said. more >>

Sarah Palin may not be running for president but she still has the opportunity to help determine which GOP candidate will be challenging Obama one-on-one come 2012. Her supporters have turned their attention from “Wiill Sarah run?” to “Who will Sarah endorse?”

In an interview with Eric Bolling on Fox Business Network’s show Follow the Money, Palin gave the public a glimpse of whom she may give her stamp of approval: Ron Paul.

“You know the endorsement that I’m most interested in?” Palin asked Bolling. “Ron Paul’s, to tell you the truth.” more >>

White House staff flocked on Tuesday to Chicago, where President Obama first sprouted his political roots, seeking to form a tight relationship between the federal government and religious leaders.

They participated in a conference titled “Connecting Communities for the Common Good,” the sixth event of its kind in the country sponsored by the White House Office of Faith-based and Neighborhood Partnerships.

The forum was an all-day event and sought answers to the question of how the government can successfully partner with nonprofit organizations in order to provide for the underprivileged, create jobs, and prevent youth violence. Chicago Mayor Rahm Emanuel and Special Assistant to the President Joshua DuBois, who heads the faith based office, spoke at the event. more >>