The slowing U.S. economy is leading to higher budget deficits for this year and next year as President George W. Bush will acknowledge when he presents his 2009 fiscal spending plan which amounts to $3 Trillion. The fiscal spending plan aims to boost military funding while freezing many of his domestic programs.

President Bush is expected to project approximately $400 Billion in budget deficit for the years 2008 and 2009. This amount is twice the $163 Billion shortfall which was recorded in 2007. The budget deficit will be inherited by the incoming U.S. president who will assume office in 2009.

World politics keeps abreast with the upcoming U.S. Presidential Elections and is hungry for relevant information, which is quite understandable with the United States being a pillar of world economy. Much of what is happening in the U.S. whether political, economic or social affects much of the affairs of nations around the world which often lends to the country’s image of imposing its will and domination on smaller economies.

Much of the world attention centers on the numerous candidates and the policy stands they present on various issues that range from economic to technology and health care. The stand of the next U.S. President will surely dictate the country’s international policies, which may either strain or relax world political ties.

Hollywood certainly seems to love Barack Obama. From Oprah (who unarguably holds a lot of clout for her daily viewers) to Samuel L. Jackson, Ben Affleck and Scarlett Johansson, tinseltown’s stars are going all out in their campaign for their favorite US presidential candidate. And now comes music videos by will.i.am, singer of The Black Eyed Peas, called “Yes We Can” and “We are the Ones” that are based on Obama’s speeches.

The songs, that were originally released in YouTube and Dipdive.com, feature cameos by several celebrities who support Barack Obama. It is now being promoted as a viral video on Obama’s campaign website. “Yes We Can” even won an Emmy for Best New Approaches in Daytime Entertainment, and won a Webby Award for will.i.am as “Artist of the Year”. Check out more about the songs in Wikipedia.

Unfortunately, some people aren’t thinking. With the US recession, international shortage of food, plummeting real estate values and the hiking oil prices (predicted to reach $5.00 per gallon), US President George W. Bush set aside these priorities and decided to add additional funding for the Iraq war. It seems like this is in fact the President’s priority since he disbursed a whopping total of $162.5 billion for the Iraq war alone. The money is good until the mid of 2009 since this is the due date of the troops’ comeback to Uncle Sam.

Some people just won’t give up, eh?

Photo taken from http://www1.istockphoto.com

Since there are two Democrats running for the US election, both of them have been seen pounding on each other ever since day 1. Obama and Clinton have both been criticized by the people since all they do is strike each other with arguments that lead sometimes to character assassination. McCain on the other hand, quietly slips through them, creating a clean name for himself, without stepping on both.

Recent polls of Reuters, a world-renowned broadsheet and up-to-date news deliverer, included in their website a poll that allows people to “vote” for their desired President. McCain is leading to both Democrat Presidents but between Obama and Clinton, Obama leads the race.

Photo taken from http://www.independentvoice.org

The United States has long been deprived of getting their chickens on the tables of the Europeans. Ten years ago, a ban was imposed on the importation of US chickens in all of EU since it does not comply with some of the rules and regulations EU has set on poultry importation. US poultry exporters use a low concentrated wash on their chickens, something that the EU does not allow.

But to those Europeans who wish to taste American chickens, do not despair. There will be a meeting in June between US and EU officials and just hope that it’ll turn out the way you wanted it to be. If the EU will lift its ban, American economy will surely have a smile on its face as it has penetrated the EU chicken industry.

Photo taken from http://www.sdfttf.com

Dollar depreciation is a reality right now. The phenomenon poses two sides of a coin. Positives are for countries who import products into their own country. With their currencies strengthening against the dollar, they will be able to buy more for the same amount. However, exporters are at a loss since income generate in dollar decreases in value. The depreciation of the dollar affects all countries as it is the most powerful currency and most standardized. Almost all that the US is now, it has the dollar to thank for. A decline in the currency will spell trouble for the US and its superpower hold over the world.