Obama pushes tax hikes to fund jobs bill in clash with GOP
President Obama proposed paying for a $447 billion jobs plan with tax increases including reducing charitable deductions for the wealthy. He challenged Republicans to support the bill while defending it in the Rose Garden with police officers and teachers present. Boehner criticized the plan as partisan and urged bipartisan efforts to spur job growth. The White House sent the legislation to Capitol Hill and Obama vowed to push for the full package or parts if needed.
MENTIONED IN THIS ARTICLE
Washington
Barack Obama
Congress
White House
Obama
Capitol Hill
House
John Boehner
Boehner
Brendan Buck
America
Jobs plan splits leaders of strapped states
The plan proposes 130 billion dollars in aid to state and local governments to fund transportation schooling public safety payrolls and housing repairs. Governors like Democrat Jerry Brown of California praise the plan while Republican leaders express skepticism about ongoing costs and future funding stability. Florida Kansas and other states would receive billions with impact varying by unemployment rates foreclosure activity and local budgets.
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Jefferson City
Barack Obama
Obama
Congress
California
Jerry Brown
Missouri
House Budget Committee
Ryan Silvey
David Adkins
Council of State Governments
Florida
Rick Scott
Kansas
Sam Brownback
U.S
Bank of America to cut 30,000 jobs in cost crash
Bank of America plans the largest U.S. layoff this year, trimming about 30,000 positions or 10 percent of its workforce in consumer units to save about 5 billion annually by 2014. Investors have questioned liquidity amid mortgage losses and capital doubts as the bank battles a confidence crisis and mounting liabilities.
MENTIONED IN THIS ARTICLE
Bank of America
U.S
Charlotte, N.C
Market closes with mixed gains and losses across indices
Monday saw the Dow rise to 11,061.12, the Nasdaq at 2,495.09, and the S&P 500 at 1,162.27. Bonds eased slightly with the 30 year at 3.24%. In commodities, Corn added 9 cents to 7.46, Soybeans fell 30.75 cents to 13.96, Wheat slipped 7.25 cents to 8.03, and Oil gained 95 cents to 88.19.
MENTIONED IN THIS ARTICLE
Dow Industrials
S&p 500
Treasury
Chicago
Kansas City
New York
Market fear over Greek default hits European and US stocks
Fear of Greece default and possible euro exit spurred declines in European markets led by banks and hit US shares before late recovery. German talks of an orderly bankruptcy and Greece’s bailout dependence rattled investors, with Stoxx 50 dipping 2.6 percent and banks like Deutsche Bank and Societe Generale dropping. The slump threatened global growth as Europe’s recession risks could shave demand for American exports.
MENTIONED IN THIS ARTICLE
London
Greece
Germany
Europe
Angela Merkel
United States
Marc Ostwald
Monument Securities
Deutsche Bank
BNP Paribas
France
Societe Generale
U.S
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