Debt bill set for vote as White House urges compromise

A Republican deficit reduction plan headed to a lock vote in Congress on Thursday and the White House urged divided lawmakers to clinch a compromise agreement to head off the risk of a debt default by the world's largest economy.

President Barack Obama's priority was to "lift the cloud and create sure that the United States does not default," White House spokesman Jay Carney said, five days earlier than an August 2 deadline for raising the government's borrowing limit.Partisan deadlock among Republicans and Democrats over how best to reduce the U.S. deficit, and over what period, has barren an agreement so far to allow the raising of the $14.3 trillion debt ceiling.

A failure to raise the debt limit by August 2 could trigger a crippling defaulting that would shake the global financial system and might tip the United States back into recession.While most analysts hope a default will be avoid by an eleventh-hour deal, the risk remains for a destructive downgrade of the United States' top-notch credit rating, a move about that would raise U.S. borrowing costs and rattle global investors.

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White House threatens to veto Boehner's House plan

The White House threatened on Tuesday to veto emergency House legislation with the intention of aims to avert a threatened national defaulting, a pre-emptive strike issue as Republican Speaker John Boehner labored to line up sufficient votes in his own party to pass the measure.

Boehner faced criticism from a little conservative in advance of an expected vote on Wednesday.The bill would raise the debt limit by $1 trillion even as making cuts to federal spending of $1.2 trillion — reductions with the purpose of conservatives say aren't enough.

The measure also would establish a committee of lawmakers to advise additional budget savings of $1.8 trillion, which would trigger an additional $1.6 trillion enlarge in the debt limit.The White House objects to the condition for a second vote before the 2012 elections.

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Explosion rocks gov't HQ in Oslo; 1 dead but PM OK

A powerful blast tore open more than a few Oslo buildings including the prime minister's office on Friday. One person was reportedly killed and several were injured, as the explosion shattered windows and coated the street by means of documents.

Prime Minister Jens Stoltenberg is protected, government spokeswoman Camilla Ryste told The Associated Press, although it was unclear whether that meant he be uninjured. Norway's public broadcaster, NRK, said single person was confirmed killed.

There was no immediate word on the reason of the blast. NRK showed video of a blackened car lying on its side amid the debris.Most of the windows in the 20-floor highrise be blown out, and the bottom floor appeared to be gutted. Nearby offices were as well heavily damaged and evacuated, including those housing some of Norway's most important newspapers and news agency NTB.

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Potential opening for long-term debt deal

One of the most influential Republican operatives on Thursday give conservatives in Congress a loophole on their "no tax" pledge that can keep prospects alive for a long-term U.S. deficit reduction deal.Grover Norquist, the originator of Americans for Tax Reform and godfather of a "no tax" pledge that most Republicans in Congress have signed, tell the Washington Post editorial board that allow the Bush tax cuts to expire would not constitute a violation of with the purpose of promise.

He later told MSNBC television he would oppose any modify to the 2001 and 2003 Bush-era cuts to personal income taxes, but there were ways to technically not break the pledge."There are certain things you can do technically and not break the pledge but that the general public would clearly recognize as a tax increase," Norquist told MSNBC television.

Norquist's stance appeared to be a shift from his previous location and it could be a game-changer in negotiations among the White House and Congress to raise the debt limit before America runs out of currency to pay its bills on August 2.It could make it easier to craft the "grand bargain" that includes a deficit decrease plan as well as an increase in the debt ceiling. Republicans have demanded deep spending cuts earlier than raising America's borrowing limit, but talks have broken down as Democrats insist taxes be a division of the agreement.

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Obama calls Democratic leaders to White House

President Barack Obama summoned top Democratic lawmakers back on the way to the White House Wednesday to resume negotiations on prevention a potentially crippling government default, as attention focused on a original bipartisan budget plan emerging in the Senate.

The White House also indicated Obama would be eager to sign a short-term debt limit increase — something he's opposed — if it's merely a stop-gap measure to permit time for a broader plan to get into place, something that likely couldn't be ended by the Aug. 2 deadline to increase the government's borrowing limit.

Obama's meeting with House and Senate Democratic leaders, designed for mid-afternoon Wednesday, marked a partial resumption of talks that ruined last week after five days straight of Obama huddling with lawmakers from both parties, with small progress to show for it. Republican officials said they expected a meeting among GOP leaders and the president later in the day.

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Goldman profit misses badly, rattles Wall Street

Goldman Sach Group Inc rattled investors with salary that fell far short of analysts' estimates because of sharp declines in trading revenue.Goldman, one time Wall Street's largest bond trading house, reported its sixth consecutive quarterly turn down in that business, making bond trading less important than its traditionally low-margin equities trading business.

Its fixed income, currency and commodities trade revenue fell 53 percent beginning a year earlier to $1.6 billion, far worse than analysts had estimated. Compared to the initial quarter, FICC revenue was down 63 percent.

"What it makes me wonder is, what happened? Did they drop market share? It seems like Goldman and Morgan Stanley cannot compete with the large commercial banks," said Chris Whalen, an analyst who covers bank stocks intended for Institutional Risk Metrics, based in Los Angeles.

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Rupert Murdoch humbled by hearing in hack scandal

Rupert Murdoch was humble Tuesday by a committee of lawmakers who grill one of the world's most powerful media moguls and his son on their position in a phone-hacking scandal that has embroiled a few of Britain's top politicians, police and journalists.

Appearing frail and confused, the elder Murdoch at initial seemed repentant — he banged his hands on the table and said the day was the the majority humble of his life — but he became increasingly flustered at what time committee members peppered with him questions, often turning to his son James for answers.

In a tense question-and-answer session by means of lawmakers, Murdoch, 80, said he was "shocked, appalled and ashamed" at the hack of the phone of a murdered schoolgirl through his now-shuttered News of the World tabloid. He said he have seen no evidence that victims of the Sept. 11, 2001 terror attack and their relatives be targeted by some of his papers.

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Obama 2012 campaign breaks goal, records

The campaign to re-elect President Barack Obama thought on Wednesday it raised $86 million from April to June, exceeding its $60 million quarterly goal and eclipsing Republican White House contenders.

Obama's 2012 campaign said it received donations from additional than 552,000 people, with what it called "more grassroots hold at this point in the process than any campaign in political history."

In keeping with Obama's 2008 winning strategy of tapping little donations, 98 percent of donations in the second quarter were $250 or less, by means of an average donation of around $69, campaign manager Jim Messina thought in a video to supporters.The figures confirm that Obama, a Democrat who raised a record $745 million in cash throughout 2008, has started the 2012 race as the cash leader despite doubts about the U.S. economy and criticism from some fellow Democrats that he has slanted to the right in U.S. debt talks.

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Bernanke: Fed would supply more stimulus if needed

Federal Reserve Chairman Ben Bernanke thought Wednesday that the central bank is prepared to provide additional incentive if the current U.S. economic lull persists.Delivering his twice-a-year economic statement to Congress, Bernanke laid out three options the central bank would consider.

Bernanke said the Fed could launch an additional round of Treasury bond buying, the third such effort since 2009. It could cut the notice paid to banks on the reserves they hold as a way to encourage them to lend more.The Fed could also be extra explicit in spelling out just how long it planned to keep rates at record-low levels. That would give investors assurance about the Fed's efforts to carry on supporting the economy.

Stocks jumped after Bernanke signaled the Fed's willingness to take extra steps to boost the sluggish economy. The Dow Jones industrial regular rose 150 points, or 1.2 percent, in morning trading and broader index gained.

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Ex-Cameron aide arrested in UK hacking scandal

Prime Minister David Cameron's former connections chief and an ex-royal reporter were arrested Friday in a phone hacking and police corruption scandal that has previously toppled a major tabloid and rattled the cozy relationship among British politicians and the powerful Murdoch media empire.

The 168-year-old muckraking tabloid News of the humankind was shut down Thursday after being engulfed by allegations its journalists paid police for in sequence and hacked into the phone messages of celebrities, young murder victims and still the grieving families of dead soldiers. Its last publication daytime is Sunday.

The hacking revelations horrified both normal Britons and advertisers, who pulled their ads en masse. News International, the British limb of Rupert Murdoch's News Corp., killed the paper in hopes of saving its 12 billion pound ($19 billion) deal to take in excess of satellite broadcaster British Sky Broadcasting. But the British government on Friday signaled the agreement would be delayed as a result of the crisis.

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Lousy jobs number complicates debt deal for both Obama and GOP

June's woefully underwhelming augment in jobs is a climactic twist in the negotiations between President Obama and congressional Republicans more than federal borrowing, government debt and America's financial future.Best-case scenario, it's a Michael Bay twist: dramatic, explosive, but it all mechanism out in the end.Worst case, we're look at M. Night Shyamalan: quite jarring, and potentially very scary.

The Labor Department's report Friday morning that the financial system added just 18,000 net jobs last month, or roughly six figures under the consensus forecast from economic analysts, immediately hardened conservatives' and liberals' beliefs concerning why the recovery continues to sputter and what it needs to kick into gear. That hardening, and the political pressure with the intention of will ratchet up the length of with it, is the unwelcome twist in the endgame negotiations over raise the federal debt ceiling.

Whether his economic advisers acknowledge it or not, Obama now have got to confront new and persuasive evidence that he has, once again, overestimated the power of the recovery. The White House has said for months that the economy was past the point of needing additional help from the government, even as gas price rose and sapped consumer spending, and Japan's earthquake disrupted global trade. The president has mimicked Republicans in occupation for government belt-tightening, even as the public part steadily sheds jobs, including 39,000 more in June.

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Obama cites progress in deficit reduction talks

The White House is counting on Republican lawmakers to hold new tax revenues as part of an overarching plan to reduce long-term deficit and pave the way to add to the government's borrowing authority. White spokesman Jay Carney thought Wednesday that President Barrack Obama is confident that there are adequate lawmakers from both parties to support a deal that would reduce the debt by as more than $2 trillion over the next 10 years with expenses cuts and tax increases.

Republican leaders include been adamant in public statement that they will oppose any tax hikes."The president believes, we believe, that there are adequate members of both parties in both houses who support the idea that a big deal has to be impartial and therefore include spending cuts in the tax code," Carney said, employing a saying White House officials use to describe ending tax loopholes and tax subsidies for convinced taxpayers and corporations.

The assertion reinforced and extended on Obama's comments Tuesday that back-channel talks with congressional leaders last weekend shaped new progress in advance of a White House session Thursday on deficit reduction. While suggesting progress, Carney said no ending deal should be expected from Thursday's meeting.

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UK phone hacking targets more slain schoolgirls

Britain's tabloid phone hacking scandal conquered the airways Wednesday as it swelled to allegedly involve extra not there schoolgirls and the families of London terror victims. Lawmakers held an emergency debate, companies hastily pull their ads and the prime minister demanded two new inquiries.

News International, the British linchpin of Rupert Murdoch's international News Corp. media empire, was under intense pressure owing to its News of the World tabloid, which has admitted hacking into the phones of celebrities but at the moment stands accused of possibly interfering with police investigations into missing girls who were establish murdered.

The News of the World had supposedly hacked into the cell phone of missing 13-year-old Milly Dowler in 2002, deleting messages and generous her parents and police false hope that the girl was still alive.Milly had been abducted and murdered, and the look for for her transfixed Britain at the time.

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Strauss-Kahn faces new sexual assault complaint

A French novelist will file a protest on Tuesday accusing Dominique Strauss-Kahn of attempted rape, her lawyer said, raising the view of a new sex assault investigation starting just as the U.S. case alongside the former International Monetary Fund chief falters.

The announcement threw Strauss-Kahn's legal position in his home country into question, and injected fresh uncertainty into a national debate concerning whether he will be able to return to his political job and enter the 2012 presidential race.

Strauss-Kahn went on the offensive alongside his French accuser Tuesday evening,saying through his legal team that he designed to file his own criminal complaint of slander against her. The sexual assault case alongside Strauss-Kahn in New York was badly weakened last week by prosecutors' publicly expressing worries about the credibility of the hotel maid who accused him of forcing her to execute oral sex.

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Jury begins deliberating in Casey Anthony trial

Jurors began deliberating Monday in the Casey Anthony murder trial after inquiry prosecutors argue the woman killed her 2-year-old daughter Caylee since the toddler interrupted her carefree partying and love life. Prosecutors in their rebuttal final argument earlier Monday said the defense's assertion that Caylee's death was an "accident that snowballed out of organize" makes no sense.

Anthony's attorneys say the girl drown in the family's pool. They have said Anthony panic and that her father, a former police officer, determined to make the death look like a homicide by placing duct tape over the child's mouth and dumping the body in a few nearby woods. George Anthony has denied that.

Prosecutor Jeff Ashton told the jurors that no one makes an not guilty accident look like a murder."That's absurd. Nothing has been accessible to you to make that any less absurd," Ashton said. He also spent significant time remind the jurors about the forensic confirmation that he says links Anthony to her daughter's death, as well as the smell and chemical signature of decomposition in her car.

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