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Consumer Corner: Foreclosure settlement no magic bullet for economy
WASHINGTON, Oct. 14 (UPI) -- The U.S. Treasury announced Thursday the statutory debt ceiling of $7.4 trillion has been reached.
In a letter to Senate Majority Leader Bill Frist, Treasury Secretary John Snow said, "Given current projections, it is imperative that the Congress take action to increase the debt limit by mid-November, at which time all of our previously used prudent and legal actions to avoid breaching the statutory debt limit will be exhausted."
Treasury had been warning over the past few weeks that the federal government will be reaching its debt limit by mid-October.
Democrats have strongly opposed increasing the ceiling, and House member John Spratt, D-S.C., said Thursday the fact that the limit was reached "is the latest in bad fiscal news resulting from Republican mismanagement of the budget."
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| Additional Business News Stories | |
PORTLAND, Maine, Feb. 13 (UPI) --
So-called tar sands oil from Canada is "much, much worse" for the environment than conventional crude oil, a Maine environmental advocate said.
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SAINT-LAURENT, Quebec, Feb. 13 (UPI) --
The Canadian coast guard has picked Thales Canada for the supply and installation of helicopter tracking systems aboard 22 aircraft and 17 ships.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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