Federal deficit falls to lowest level in years
The Treasury reports October through December deficit at 80.4 billion dollars the smallest first three month shortfall since 2002 amid 8.2 percent higher tax revenue and 0.7 percent spending growth. December shows a surplus of 44.5 billion dollars the largest for the month.
MENTIONED IN THIS ARTICLE
Washington, D.C
Treasury Department
Treasury
Congressional Budget Office
CBO
Bush
Congress
December Retail Sales Show Holiday Spending Burst
Consumers rushed to buy flat screen TVs and electronic gadgets in December boosting 2006 year end figures. Commerce Department reports a 0.9 percent rise in retail sales beating 0.7 percent forecast. Data hints at improved consumer confidence and potential economy rebound after a slow year.
MENTIONED IN THIS ARTICLE
Washington, D.C
Commerce Department
Resilient Consumers Hold Up Retail Sales
Moody's Economy.com chief economist Mark Zandi notes consumer resilience despite a severe housing crunch as retail sales show surprising strength.
MENTIONED IN THIS ARTICLE
Mark Zandi
Moody’s Economy.com
House Democrats push Medicare drug bargaining bill forward
The House passed a bill directing the Health and Human Services secretary to negotiate drug prices for Medicare beneficiaries. The 255-170 vote fell short of a veto override margin and now faces the Senate. Democrats frame it as aiding seniors while Republicans warn of government price setting. The AARP welcomed the vote as Merck cautions against changes that could restrict access.
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D.C
House
Congress
Senate
Secretary of Health and Human Services
Ers
Jo Ann Emerson
Missouri
Steny Hoyer
Maryland
Ron Lewis
AARP
William Novelli
Merck & Co
Democrats plan to cut student loan interest rates
House Democrats propose a five year plan to cut subsidized loan rates from 6.8 to 3.4 percent for need based loans. The measure costs just under 6 billion and would offset the deficit by trimming lender subsidies and raising lender fees.
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Washington, D.C
House Democrats
Congress
Congressional Budget Office
George Miller
D-Calif
House
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