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A federal budget containing the largest single-year spending cuts in US history was grudgingly passed by Congress on April 14. The cuts, amounting to US$38.5 billion, will be implemented until the end of the financial year on September 30, 2011. President Barack Obama hailed the budget agreement as a victory. He said: “This is an agreement to invest in our country’s future while making the largest annual spending cut in our history.”
Steel manufacturer BlueScope is exaggerating the impact of a carbon price said the April 9 Sydney Morning Herald. “Last month BlueScope said a carbon price of $25 a tonne would wipe $300 million to $400 million off its bottom line but analysts at Deutsche Bank quickly pointed out that ignored compensation," SMH journalist Paddy Manning said. “Based on BlueScope's 2009-10 emissions of 12.2 million tonnes, they calculated the company's carbon liability in 2012-13 would be about $30.5 million, or 7.4% of its forecasts for the company's net profit after tax."

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