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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