Daily Political Wire

George Wenschhof

G-7 Meets as World Stocks Slump - The Group of Seven Nations finance ministers are pledging to do whatever is necessary to stabilize financial markets. This comes as a worldwide sell off is taking place following the U.S. credit rating downgrade. Keep an eye on the debt problems of Spain and Italy. Bloomberg.com has more here.

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Geithner Stays Through 2012 - as Republican criticism of the Treasury Secretary increases, Timothy Geithner announced he would stay on through 2012. The White House statement was "President Obama asked Geithner to stay on and welcomes his decision". You can read more here.

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GOP Presidential Candidates to Debate Thursday - in the all important state of Iowa. “Eight candidates have qualified for the debate so far: Mitt Romney, Michele Bachmann, Tim Pawlenty, Ron Paul, Herman Cain, Newt Gingrich, Rick Santorum, and Jon Huntsman. The deadline for meeting the criteria for participating in the debate is 5 p.m. EST on Tuesday, August 9.” - Politico.com has more here.

The Ames straw poll follows on Saturday.

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AFL-CIO Opposes Pending Trade Deals - with South Korea, Colombia and Panama. They will be lobbying members of Congress during their recess this month. They fear the trade agreements, if ratified, will further harm the U.S. economy that is struggling to create jobs. TheHill.com has more here.

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