Congress passes major new credit card rules for Obama
Congress sent President Obama a bill with sweeping credit card rules affecting most Americans. The House approved 361-64, the Senate 90-5, with protections against over the limit fees and phone-pay charges. Under-21s face new limits and late payers can regain lower rates after six timely payments.
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Fed projects modest 2009 growth despite jobless rise
The Federal Reserve lowers its 2009 outlook citing a weaker economy with a 1.3 to 2 percent contraction and unemployment nearing 9.6 to 10 percent. Bernanke and colleagues expect a gradual recovery in the latter part of the year as stimulus measures take effect and financial conditions improve. The central bank kept rate near zero and signaled potential further purchases to spur demand.
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Crude Oil Prices Reach Six Month High Before Holiday
Oil prices rose to 62.04 a barrel on the New York Mercantile Exchange after a government report showed a drop in U.S. oil supplies for the second straight week. Earlier in the day prices touched 62.14, the highest since November 11.
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