Obama slams banks, Citicorp Bank plunges 6%
Democrats propose $1.9 trillion increase in debt limit...
WASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.
The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.
Russia diversifies into Canadian dollars; Moving away from USA...
Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.
Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.
Biggest Two Day Drop in Months
Jitters ahead of President Obama's financial reforms and concerns over tighter lending measures to curb inflation in China are weighing on the markets again today. With another round of losses today, the major indices are now sitting at their lowest levels of the new year.
WASHINGTON (AP) -- A surprising jump in first-time claims for unemployment aid sent a painful reminder Thursday that jobs remain scarce six months into the economic recovery.
The surge in last week's claims deflated hopes among some analysts that the economy would produce a net gain in jobs in January and help fuel the recovery.
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