Washington Day Ahead: Employment Data Set Stage for Jobs Speech
The Labor Department’s report today on August unemployment sets the stage for President Barack Obama’s speech next week to a joint session of Congress on proposals to spur economic growth and create jobs.
TOP GOVERNMENT STORIES
Supercommittee Pits Lobbying Firms’ Clients Against One Another
The bipartisan congressional supercommittee charged with finding $1.5 trillion in budget savings is leaving Washington lobbying firms in a quandary, seeing their clients pitted against one another in a competition for government cash.
$52 Steaks on Menu as AT&T Feted Lawmakers During T-Mobile Push
AT&T Inc. feted lawmakers at Washington restaurants offering $52 steaks and a $15 “Lobbyist’s Libation” made of gin and cucumber puree as the company sought U.S. approval to buy T-Mobile USA Inc.
U.S. Budget Office Sees 9 Percent Unemployment Through Election
President Barack Obama will be running for re-election next year with the unemployment rate likely stuck at 9 percent and the recovery still getting its footing, his budget office forecast yesterday.
Israel ‘Excessive’ in ‘Legal’ Block of Gaza Flotilla, UN Says
Israel’s effort last year to stop a flotilla of ships from reaching the Gaza Strip was legal, though the way it was carried out was “excessive and unreasonable,” the United Nations said in a report.
AT&T Said to Misread U.S. Signals Before T-Mobile Deal Blocked
On the morning of Aug. 31, AT&T Inc. Chief Executive Officer Randall Stephenson said in a television interview that he expected his company’s bid for T-Mobile USA Inc. to get government approval by the first quarter of 2012.
Firefighters’ Union to Join Labor Efforts in Congressional Races
The national firefighters’ union reversed course and is planning to support federal candidates, joining the U.S. labor movement in putting up cash to influence next year’s elections for Congress and the White House.
SAIC’s Revenue Outlook Cut May Be Harbinger for Defense Firms
SAIC Inc., the Pentagon’s 10th- largest contractor last year, lowered its revenue forecast for the year by as much as $500 million in what may be a sign of what’s ahead for U.S. defense services providers.
Obama Re-Election Threat Spurs Search for New Ideas on Housing
President Barack Obama and his aides are increasingly worried that the ongoing housing crisis is undermining an economic recovery and could become an obstacle to his re- election.
Defense Budget’s $178 Billion in Savings May Be Mostly Illusory
Even as the Pentagon braces for leaner budgets, the $178 billion in savings it had already proposed are largely illusory, according to a Bloomberg Government study.
China Buries Obama’s Solar-Power Ambitions With $34.4 Billion
The Obama administration’s $535 million bet on Solyndra Inc.’s solar technology failed in the face of China’s much larger investment in renewable energy.
TODAY ON BLOOMBERG TV:
Former American International Group Inc. Chairman Harvey Golub appears at 8:14 a.m. to discuss jobs; Barclays Capital Chief U.S. Economist Dean Maki appears at 9:14 a.m. to discuss jobs; National Economic Council Director Gene Sperling appears at 9:35 a.m. to discuss jobs; Vermont Democratic U.S. Representative Peter Welch appears at 11:45 a.m. to discuss flooding in his state; former Federal Reserve Governor Alan Blinder appears at noon to discuss jobs; Stanford University professor Edward Lazear appears at 12:30 p.m. to discuss jobs; Moody’s Analytics Inc. Chief Economist Mark Zandi appears at 3:12 p.m. to discuss jobs.
WHITE HOUSE
President Barack Obama heads to Camp David for the Labor Day weekend.
REPORTS
The Labor Department will report on August employment and the jobless rate at 8:30 a.m.
HIGHLIGHTS FROM U.S. NEWSPAPERS
U.S. Set to Sue Banks Over Mortgage Securities, N.Y. Times Says
More than a dozen large banks may be sued by the U.S. Federal Housing Finance Agency for misrepresenting the quality of mortgage securities sold at the height of the housing bubble, the New York Times said.
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