Economy

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U.S. government close to debt ceiling

The U.S. Treasury Department said Wednesday it expects to hit the government’s debt ceiling by the end of February, putting pressure on Congress to raise the limit from its current level of $12.4-trillion (U.S.). Read More Here

(SBJ) – State revenue drop leads to $74M in spending cuts

The continued drop-off in state general revenue collections has led to additional spending restrictions this year, the state budget office said Tuesday. Read More Here

(Bloomberg) – U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis

The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time. Read More Here

(WATimes) – Largest-ever federal payroll to hit 2.15 million

The era of big government has returned with a vengeance, in the form of the largest federal work force in modern history. Read More Here

(MSNBC) – No help in sight, more homeowners walk away

About 5.1 million will own a home valued below 75 percent of what is owed Read More Here

(WorldNetDaily) – The Crisis Is Not Over

Readers ask if the financial crisis is over, if the recovery is for real and, if not, what are Americans’ prospects. The short answer is that the financial crisis is not over, the recovery is not real, and the U.S. faces a far worse crisis than the financial one. Here is the situation as I understand it: Read More Here

(RawStory) – Children lead way in record New York homelessness

Kariana, aged three, has a lonely existence in the New York homeless shelter her parents moved into last year. Lonely, but not alone — there are nearly 16,000 children just like her. Read More Here

(Yahoo) – Reports: AIG to pay out $100 million in bonuses

American International Group Inc. is set to pay out about $100 million in a fresh round of bonuses to employees of its financial products division, the unit whose risky bets helped sink the company leading to a $180 billion government bailout, according to reports published Tuesday. Read More Here

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