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Top economy stories of 2011 These events, people and ideas shaped our discussion of the global and U.S. economies this year.
The budget and debt ceiling debates
The debate over fiscal issues was fiery this year: It brought us to the brink of a government shutdown, threatened to throw America into default and was the source of intense partisan bickering on Capitol Hill. Here, President Obama and House Speaker John Boehner meet at the White House in an attempt to negotiate a deal. With payroll tax cuts set to expire in February and the George W. Bush-era tax cuts set to run out later in 2012, this issue will continue to be dominant next year.
Jewel Samad
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AFP/Getty Images
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Fallout from the wrangling over the debt ceiling
The difficulty leaders had in reaching a bipartisan agreement had at least two key consequences: For one, it prompted Standard & Poor's to downgrade the U.S.'s credit rating. (More on that later.) But it also prompted a strong wave of discontent American citizens, who gave Congress their lowest approval ratings ever. Here, members of the group No Labels hold a rally in Washington to urge Congress and the president to find a bipartisan solution to the fiscal crisis.
Jacquelyn Martin
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AP
S&P downgrades the U.S.'s credit rating, setting off a wild week in the markets
On Aug. 5, 2011, Standard & Poor's for the first time downgraded the United States's pristine AAA credit rating, a move that made stock markets around the world plunge. The week that followed was the most volatile on Wall Street since the height of the financial crisis almost three years earlier, with markets swinging between steep gains and losses.
Stan Honda
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AFP/Getty Images
Financial upheaval roils Greece
Protesters are seen through smoke from a tear gas canister thrown by riot police in Athens.
Petros Giannakouris
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AP
Italy's debt crisis intensifies
After Greece received its second bailout, the focus of Europe's debt crisis shifted to Italy, which was teetering on the brink of financial disaster. As it did in Greece, the debt crisis toppled the country's premier, with Mario Monti taking over for Silvio Berlusconi.
Andrew Medichini
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AP
European leaders act to stem the continent's debt crisis
Through a series of summits, European leaders -- most prominently German Chancellor Angela Merkel and French President Nicolas Sarkozy -- aimed to develop rules and policies to remedy the crisis. Their most recent plan calls for mandatory limits on budget deficits among debt-laden European governments.
Jan-Paul Pelissier
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AP
Unemployment continues to threaten the U.S. economic recovery
The most recent figures from the Bureau of Labor Statistics put the nation's unemployment rate at 8.6 percent after hovering around 9 percent for most of the year. Voters have cited the economy and jobs as the issue they are most concerned with as they cast their ballots in the 2012 election, so look for policymakers and candidates to stay focused on this in the new year. Pictured here is Maxine Thomas, who has been struggling since she lost her job last fall. Her electricity was shut off by the utility company in June when she fell behind on her bill.
Michael S. Williamson
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The Washington Post
The Federal Reserve launches "Operation Twist"
In September, the Fed announced that it would move $400 billion worth of assets from short-term to long-term securities, a move that it hoped would help boost the stalling economic recovery. Federal Reserve Chairman Ben Bernanke is pictured.
Jason Reed
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Reuters
The housing market continued to struggle
Despite record-low mortgage rates, home-buying remained depressed in 2011. Furthermore, most cities saw a year-over-year decline in home prices. According to the Case-Shiller home price index, Washington and Detroit were the only metropolitan areas that saw home prices rise.
Steven Senne
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AP
Occupy Wall Street movement puts the spotlight on inequality
What began as a small group of protesters taking to the streets outside the New York Stock Exchange has grown into a global movement that highlights discontent with the growing wealth gap. Here, Occupy Wall Street protesters reach Times Square after a march up Seventh Avenue in New York.
John Minchillo
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AP
State and municipal budgets face crises
Strapped for cash, many state and local governments faced fiscal challenges this year. The most prominent example was in Wisconsin, where Gov. Scott Walker's bill that would have sharply curtailed collective-bargaining rights faced a serious backlash from unions and public-sector employees. In November, Jefferson County, Ala., filed the biggest municipal bankruptcy in history. States including Washington, New York and New Jersey struggled to deal with low tax revenues. Here, protesters gather at the State Capitol in Madison, Wis.
Andy Manis
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AP
A sex scandal rocks the IMF
It may not have been a story that directly affected the global economy, but Dominique Strauss-Kahn's sexual assault scandal certainly had the business and economic community talking. Strauss-Kahn was forced to resign as head of the International Monetary Fund after allegations surfaced that he had sexually assaulted a maid in his New York hotel room. The case was later dismissed after the alleged victim's story began to unravel. In this photo, Strauss-Kahn leaves a police station in New York where he was being held.
Craig Ruttle
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AP
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