Week In Review

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This week the 2012 race for the presidency finally hit the ground running, with Republican candidates hitting the campaign trail, and President Obama going on a three-day jobs creation bus tour in the Midwest. A majority of Americans say jobs and the economy are the most important issue in the country, according to recent polls. And Starbucks CEO Howard Schultz urged business leaders to refuse to donate to any political campaigns until elected officials in Washington come up with a workable plan to control deficits. On Wednesday President Obama announced an encouraging initiative to invest $510 million over the next three years in biofuel industry to provide an alternative to foreign oil for powering commercial and military ships and jets. The Pentagon warned of the dangers to national defense should $500 billion in additional cuts in defense spending be automatically triggered in the event the deficit Super Committee fails to reach an agreement on cuts, or if Congress rejects whatever proposal the Super Committee arrives at. Addressing this issue, Secretary of State Hillary Clinton and Defense Secretary Leon Panetta urged raising taxes in order to ease the impact.

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