US senators have voted against President Barack Obama’s plan to reduce unemployment, despite six weeks of efforts to reach a compromise with the Republicans, Gazeta.ru reports.
The program worth $447 billion needed 60 out of 100 senators to vote for it. 46 Republicans and 2 Democrats voted against it, some senators did not arrive.
Obama’s program involved benefits and reduction of taxes for parts of the population worth about $270 billion and construction of infrastructure worth $175 billion. A sum of $447 billion was proposed to the Congress in early September.
Economists say the US economic rate could be affected by the program. The country's GDP in 2012 could increase by 0.6%, experts say unemployment could drop by 0.2%.
Standard & Poor’s reduced its rating of 10 Spanish banks, including the largest banks Banco Santander and Banco Bilbao Vizcaya Argentaria (BBVA), from AA to AA-. Forecasts remain negative.
The rating of Banco Sabadell SA and Bankinter SA dropped from A to A-, Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa), Bilbao Bizkaia Kutxa (BBK), Confederacion Espanola de Cajas de Ahorros (CECA),Caja de Ahorros y Monte de Piedad de Zaragoza and Aragon y Rioja (IberCaja).
S&P will also consider changes in the long-term credit rating of Banco Popular Espanol SA, which is currently at A-.
Generally, negative ratings concerned 15 banks.
Experts say the GDP rate was lower than expected.
Fitch reduced ratings of six Spanish banks: Banco Santander from AA to AA-, Banesto – from AA to AA–, BBVA – from AA- to A+, CaixaBank - from A+ to A, and Banco Popular Espanol – from A to BBB+.
The agency also reduced the sovereign rating of Spain from AA+ to AA-. S&P says the rating of Spain is at AA, Moody’s – AA2. All agencies give negative forecasts.
