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G-20 Refuses To Back US Push On China’s Currency
The Associated Press reports: “Leaders of 20 major economies on Friday refused to back a U.S. push to make China boost its currency’s value, keeping alive a dispute that raises fears of a global trade war amid criticism that cheap Chinese exports are costing American jobs. A joint statement issued by the leaders including President Barack Obama and China’s Hu Jintao tried to recreate the unity that was evident when the Group of 20 rich and developing nations held its first summit two years ago during the global financial meltdown. But deep divisions, especially over the U.S.-China currency dispute, left G-20 officials negotiating all night to draft a watered-down statement for the leaders to endorse.”

Obama Arrives In Japan For Second Economic Summit
The Associated Press reports: “President Barack Obama has arrived in Japan to attend a regional economic summit. It is the fourth and final stop on the president’s 10-day, four-country economic and goodwill tour of Asia. The president will spend Saturday and Sunday participating in meetings of the Asia-Pacific Economic Cooperation forum. The group of 21 economies is taking steps to create a sprawling Pacific-wide free trade zone.”

Biden’s Day Ahead
Vice President Biden will hold a Recovery Act Implementation Cabinet meeting at 11:30 a.m. ET. He will meet with senior advisers in the afternoon.

Republicans Seek Dem Allies In Health Care Fight
Politico reports: “Newly empowered congressional Republicans plan to chip away at the health care reform law next year – and they’re hoping a handful of at-risk or moderate Senate Democrats will help them out…West Virginia Gov. Joe Manchin won a Senate seat vowing to repeal ‘the bad parts of Obamacare,’ and Republican aides say they’ll hold him to it. Republicans are also eyeing Ben Nelson of Nebraska, Jim Webb of Virginia and Jon Tester of Montana – Democratic senators in red or reddish states who will face the voters in 2012.”

Many Political Newcomers Joining Congress
The New York Times reports: “The new class of lawmakers will contain the highest number of members with no experience of elective office in decades, likely since 1948, when there were 44 such House members elected, according to Gary C. Jacobson, a professor of political science at the University of California, San Diego, and probably above 1952, when there were 34 such members. In 1994, the last big citizen revolution led by Republicans, there were 30 political-novice House members elected. (The numbers will fluctuate slightly as unresolved races settle.)”

Chamber Watch: Business Group ‘Central’ to GOP Gains
Roll Call reports: “The U.S. Chamber of Commerce dramatically expanded the 2010 House field for Republicans by battering their Democratic opponents early on with hard-hitting television ads, a new post-election analysis by a union-backed group shows. ‘The U.S. Chamber of Commerce played a central strategic role in a coordinated effort to elect Republicans in this fall’s elections,’ the new U.S. Chamber Watch study concludes.”

Bernanke’s Relationship With GOP Deteriorating Over Fed Decisions
The Hill reports: “The Federal Reserve’s decision to pump $600 billion into the economy has further politicized the central bank and brought it into conflict with resurgent House Republicans. The attacks and counter-attacks have further complicated life for Ben Bernanke, the Federal Reserve’s chairman who narrowly won a second term earlier this year after a tough Senate debate.”

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