Receive Breaking News updates as they occur
WASHINGTON (AP) — With Congress scheduled to recess in a week, the Senate Veterans Affairs Committee's chairman is offering to scale back a Senate-passed bill to improve health care services for veterans.
The International Monetary Fund on Thursday chopped its 2014 forecast for global economic growth to take into account weakness early in the year in the United States and China, the world's two biggest economies. The IMF warned that only some of the factors leading to the reduction were temporary, and said richer nations in particular faced the risk of economic stagnation unless they do more to boost growth through deeper reforms, such as investing in infrastructure or changing tax laws. In an update to its World Economic Outlook report, the IMF said the global economy should expand 3.4 percent this year, 0.3 percentage points below what it predicted in April. "Robust demand momentum has not yet emerged despite continued very low interest rates and easing of brakes to the recovery, including from fiscal consolidation or tight financial conditions," the IMF said, adding that all major advanced economies would do well to keep policy rates low for now.