Debt talks stall as Obama presses for a passable plan
President Obama and congressional leaders, split over debt reduction, urged fresh ideas to avert a default by Aug. 2. Republicans demand tax-free cuts larger than any debt limit increase, while Democrats seek tax hikes on the wealthy and spending cuts. Both sides warn of economic danger if no deal emerges.
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Murdoch empire hit by fresh hacking accusations in UK
Rupert Murdoch's media empire faces new claims that two more British newspapers hacked for payoffs and privacy violations. Accusations include accessing Gordon Brown's bank data and stealing medical records of his ill baby, with editors allegedly paying royal guards for info. The fallout challenges News Corp hierarchy, threatens the BSKyB deal, and heightens political tension with Prime Minister Cameron as Sky News spin-off and anti monopoly review loom.
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Minnesota shutdown sparks pay debate across state government
As Minnesota’s government remains shut down into week two, thousands of state workers go unpaid while lawmakers' pay continues. Gov. Mark Dayton and Senate GOP leaders have declined checks, but many lawmakers still receive salaries. 14 senators refuse pay while other officials, including the House speaker, continue to collect. The impasse halts road projects, park operations, and state services with little negotiation progress.
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Markets End Lower Across Benchmarks On Monday
Dow slides 151.44 to 12505.76 while Nasdaq falls 5719 to 2802.62 and the S&P 500 dips 24.31 to 1319.49. Bond yields edge up and commodities swing with corn down 4.25 cents to 6.33, soybeans up 0.50 to 13.47, wheat down 16 cents to 711, oil off $1.05 to 95.15.
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