Debt panel taps Hensarling Camp Upton for panel duties
Boehner selects Rep Jeb Hensarling to co chair a new bipartisan deficit reduction panel alongside Rep Dave Camp and Rep Fred Upton. Senate picks Sen Jon Kyl Pat Toomey Rob Portman to the panel to seek at least 1.2 trillion in spending cuts over a decade before Thanksgiving.
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Dow sinks as markets resume sell-off on European debt fears
The Dow Jones industrial average fell 519.83 points to close at 10,719.94 as investors dumped stocks amid ongoing debt concerns in Europe and a Federal Reserve pledge to keep rates ultra low for two more years. The decline marks a sharp retreat after a brief earlier rally and marks the ninth steepest daily drop.
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Europe
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Fed
Deficit tops $1T for third straight year
The Treasury said the deficit through July reached 1.1 trillion dollars marking a third consecutive year above 1 trillion. Spending rose 2.4 percent while revenue climbed 8 percent, with unemployment at 9.1 percent.
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United States
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