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Posted on: Monday, 21 July 2008, 00:00 CDT
Paulson: 'It's going to go on for a while' WASHINGTON, July 20 (UPI) -- U.S. Treasury Secretary Henry Paulson Sunday said the economic slowdown will go on for a while but the economy is fundamentally sound.
Appearing on CBS' Face the Nation, Paulson said what he called the housing correction was at the heart of the overall slowdown. He said the other major issues are turmoil in capital markets and high oil prices, which he said will prolong the slowdown.
It's going to go on for a while and we're going to be in a period of slow growth for a while, he said.
However, Paulson said the U.S. economy has very strong long-term fundamentals.
I think it's going to be months that we're working our way through this period, he said. This is a very manageable situation.
Paulson said the U.S. banking system is safe and sound, noting that there have been five bank failures this year, compared with more than 80 during the S&L crisis of the late 1980's and early '90s. However, he acknowledged the list of troubled banks will likely grow.
Of course the list is going to grow longer given the stresses we have in the marketplace, given the housing correction, but again, it's a safe banking system, he said.
Mullen: Timeline consequences 'dangerous' WASHINGTON, July 20 (UPI) -- The chairman of the U.S. Joint Chiefs of Staff said Sunday an Iraq withdrawal timeline could have dangerous consequences.
Appearing on Fox News Sunday, Adm. Mike Mullen said the so-called time horizon being contemplated in negotiations between Washington and Baghdad doesn't speak to timetables. He said he wasn't sure how quickly Iraq would be able to assume command and U.S. troops could be removed.
Well, I think -- I'm not yet able to put an exact time line on it, per se, Mullen said. I think the strategic goals of having time horizons are ones that we all see, because eventually we would like to see the U.S. forces draw down and eventually all come home.
When asked about a timeline for withdrawing all combat troops in two years, Mullen said the consequences could be very dangerous in that regard.
I'm convinced at this point in time that coming -- making reductions based on conditions on the ground are very important, he said.
Mullen said the time horizons under discussion do not involve dates or goals for troop withdrawals.
This right now doesn't speak to either time lines or timetables, based on my understanding of where we are, he said.
Mullen said if conditions he saw in Iraq when he was there last week continue to improve, we should be in a position to start bringing our troops home.
News mag stands by Maliki story quotes BAGHDAD, July 20 (UPI) -- Iraq says Prime Minister Nouri al-Maliki was mistranslated but Der Spiegel Sunday stood by its report that he backs Barack Obama's U.S. troop withdrawal plan.
The German news magazine reported Saturday that Maliki, in an interview, said U.S. troops should leave Iraq as soon as possible, as far as we are concerned.
U.S. presidential candidate Barack Obama talks about 16 months, Maliki was quoted as saying. That, we think, would be the right time frame for a withdrawal, with the possibility of slight changes.
Maliki stressed that he was not endorsing Obama, the likely Democratic presidential nominee.
A spokesman for Maliki Saturday issued a statement through the U.S. military in Iraq, saying the comments were misunderstood and mistranslated. The statement did not specify how Maliki's remarks had been mistranslated, The New York Times reported.
The Iraqi statement came after U.S. embassy officials in Baghdad called Maliki's office, The Washington Post said Sunday. The officials made the call to voice concern over the Der Spiegel quotes and to seek clarification, White House spokesman Scott Stanzel told the Post.
Taliban leaders said to meet in Pakistan MINGORA, Pakistan, July 20 (UPI) -- Fifty commanders of a Taliban chapter in Pakistan spent two days going over their strategy to combat the government, a spokesman said.
Muslim Khan told the English-language Pakistani newspaper Dawn the military leaders of the Swat district of Pakistnof Tehrik-i-Taliban Pakistan met at an undisclosed location Friday and Saturday to discuss their war strategy should government security forces launch an operation in the northwest district.
Local Taliban chief Maulana Fazlullah presided over the conclave, Khan said in a telephone interview.
The Taliban official rejected the provincial government's claim that a would-be suicide bomber had been arrested in Swat. He said the detainee was a mentally retarded youth who has nothing to do with (the) Taliban movement.
Source: United Press International
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