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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Jul 14, 2009
Page
10
The federal deficit reached 1 trillion dollars nine months into the fiscal year. June’s shortfall totaled 94.3 billion, pushing the year-to-date gap near 1.1 trillion amid recession driven spending and faint tax receipts. Analysts warn higher rates and dollar risk as deficits grow.
Traders push the Dow up 185 points on Monday after Meredith Whitney upgrades Goldman Sachs and urges confidence in Bank of America. The rally reflects rising bank profits, with Goldman and peers JPMorgan Chase and Citigroup set to report second quarter results amid cautious optimism.
CIT Group Inc shares fell nearly 23 percent after heavy Friday losses amid talk of U.S. government help. Geithner expressed confidence in authority to address the crisis while CIT pursues talks on near term liquidity and possible participation in the FDIC TLGP program to raise capital.
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