GM exits bankruptcy vows faster, leaner new GM
GM completes a rapid bankruptcy exit with Fritz Henderson promising quicker decision making, 8 member executive team, and 20 percent U.S. salaried job cuts by year end 2009. The firm plans more consumer driven vehicles and experiments with eBay auctions while rebuilding cash to repay government loans. Edward Whitacre Jr. notes the extensive challenges faced during restructuring.
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China
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California
Edward Whitacre Jr
May trade deficit narrows to $26 billion in May
The Commerce Department reports the May trade deficit at $26 billion, down 9.8 percent from April and the lowest since November 1999. Exports rise modestly while imports fall for the tenth straight month, signaling a potential rebound in the U.S. economy later this year. Analysts note overseas weakness could slow a full recovery.
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U.S
Ment
House Democrats Push Tax Hike to Fund Health Care Plan
Key House Democrats endorsed a new 1 percent graduated surtax on households earning 350000 or more to help pay for President Obama's health care reform. The proposal, starting in 2011, aims to raise about 540 billion over a decade while tying into Medicare and Medicaid savings and employer fees. The plan faces Senate scrutiny and opposition from some moderate and conservative House members.
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