GOP revises debt limit plan to avert shutdown
House GOP leaders move to raise the borrowing cap by attaching a GOP priorities wish list including blocking Obamacare and backing the Keystone XL pipeline. They offer tea party objc for using a temporary funding bill to pressure the Senate while Obama refuses to negotiate.
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Fed keeps bond buys at 85 billion as growth slows
The Federal Reserve surprised markets by keeping its monthly 85 billion dollar bond purchases unchanged, citing dimmed growth outlook over the last three months. Chair Ben Bernanke noted job market conditions remain below ideal while the Fed said the economy is growing moderately and indicators have improved. Stocks rose to record highs after the policy release and the two day meeting. The move aims to keep long term borrowing costs low to support spending and growth.
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