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• Obama Budget to Project $901 Billion Deficit in Fiscal 2013
  President Barack Obama will project a deficit of $901 billion next year when he submits his fiscal 2013 budget to Congress on Feb. 13, according to two administration officials.The forecast is based on the assumption Congress accepts all the White House s policy...
• Budget Deficit Drops to $27 Billion in January
  The budget deficit fell sharply in January compared to a year earlier, as an improving economy lifts income tax revenue.
• Fed's Pianalto Says Housing Is ‘Significant Headwind’ to Economy
  Federal Reserve Bank of Cleveland President Sandra Pianalto said weakness in the housing market is an impediment to U.S. growth and that foreclosures have become a national crisis. Housing market issues pose a significant headwind to our economic recovery, Pianalto said...
• Beyond Chinese New Year, a Bear Lurks
  Trying to track China's economic course during the Lunar New Year can leave analysts howling at the moon. January auto sales tumbled, yet oil imports were the third highest on record. A measure of factory activity picked up, but trade data was weak. A closer examination of...
• Philadelphia Fed Economists: Jobless Rate to Slip but Growth Will Slow
  Economists in a survey see the U.S. unemployment rate falling much faster this year than previously expected, an improvement in the jobs market that could help President Obama's re-election chances.
• Consumer Mood Turns Darker on Income Fears
  Americans turned less optimistic about the economy in early February on worries about falling income even as their outlook on the jobs market rose to a record high, a survey released on Friday showed.
• Trade Gap Widens More Than Expected as China Deficit Hits Record
  The U.S. trade deficit widened slightly more than expected in December, and the bilateral trade deficit with China last year soared to a record high $295.5 billion.
• Bankruptcy Lawyers: Student Loans May Be 'Next Debt Bomb for US'
  Student loans are swelling so much that they could threaten the country's financial sector in a manner similar to the mortgage meltdown of a few years ago, warns a report by the National Association of Consumer Bankruptcy Attorneys.
• Energy Agency Cuts Oil Demand Forecast on Weak Global Growth
  Global oil demand will grow by less than 1 percent in 2012, the International Energy Agency (IEA) said on Friday, cutting its oil growth demand forecast for a sixth consecutive month due to a weak global economy.
• Democrats Said to Propose Six-Week Cut in Jobless Benefits
  Congressional Democrats offered a proposal to Republicans that would reduce maximum U.S. unemployment benefits by six weeks, according to a Democratic aide.
• Fed Buying Doesn’t Depend on Data, Morgan Stanley’s Peters Says
  The Federal Reserve is likely to start a new round of bond buying whether or not the U.S. economy continues to show signs of strength, according to Morgan Stanley s Gregory Peters.
• Thirty-Year Mortgage Rates Match Record Low of 3.87%
  Rates for 30-year U.S. mortgages held at the lowest level on record as fewer Americans sought loans for home purchases.
• Consumer Comfort Index in U.S. Climbs to Highest Level in a Year
  Consumer confidence in the U.S. climbed last week to a one-year high, spurred by improving employment opportunities and a rally in the stock market.The Bloomberg Consumer Comfort Index rose to minus 41.7 in the period to Feb. 5 from minus 44.8 the previous week.
• Postal Service Loses $3.3 Billion, Warns of Cash Drain
  The U.S. Postal Service is reporting quarterly losses of $3.3 billion, hurt by declining mail volume and mounting costs for future retiree health benefits.
• China Inflation Spike Threatens Policy Easing Expectations
  China's annual inflation spiked to a consensus-busting 4.5 percent in January as spending jumped during the Chinese Lunar New Year holiday season, breaking a five-month softening trend and forcing a market rethink of policy easing expectations.
• Moody's Zandi: Failure to Extend Payroll, Jobless Deals Would Hurt GDP
  Failure to extend a payroll tax cut and unemployment benefits would be a significant drag on the U.S. economy, Moody's Analytics chief economist Mark Zandi has told Congress.
• Government: Jobless Claims Fall to Near 4-Year Low
  New U.S. claims for unemployment benefits unexpectedly fell last week, a government report showed, further evidence the labor market was gaining traction.
• Gasoline Tops $3 a Gallon in All 50 States
  Gasoline prices are averaging over $3 a gallon in all 50 states for the first time since Dec. 15, according to AAA data.
• Tax Foundation: Payroll Tax Cuts Do Little For Economy
  Payroll tax cuts won't stimulate the economy but corporate income tax cuts will, a Tax Foundation study finds.
• Zell: Govt Hurts Housing Recovery With Mortgage 'Moral Hazard'
  Government intervention in the housing sector is doing more harm than good and is actually hurting recovery instead of helping it, says real estate mogul Sam Zell.
• Obama Refi Plan Would Hit Pensions While Easing Mortgage Payments
  Like many homeowners, Vicky Kovari and her husband want to refinance their mortgage. A lower interest rate would save them hundreds of dollars a month and it would cost them, too.That s because like many Americans, Kovari also owns mortgage bonds through her retirement...
• Energy Takes Twice as Much Income for Half of US Households
  Energy costs for U.S. households will almost double this year from 2001, consuming a fifth of the annual income for half of American homes, according to a study by a utility group that opposes limits on coal use.The American Coalition for Clean Coal Electricity, which...
• Pentagon Oil Spending May Snarl Efforts to Trim $490 Billion
  The U.S. military s appetite for oil may snarl efforts to pare defense spending by about $490 billion in the next decade.The Pentagon, the world s single largest consumer of energy excluding countries, spent $17.3 billion on petroleum in fiscal 2011, a 26 percent increase...
• Bernanke-Led Economy Proves Critics Clueless About Fed Policies
  The numbers are proving Federal Reserve Chairman Ben S. Bernanke s critics wrong.More than a year after Republicans from House Speaker John Boehner of Ohio to presidential candidate Ron Paul of Texas warned that the Fed s second round of asset purchases risked a sharp...
• Mortgage Applications Jump on Strong Refi Demand
  Applications for U.S. home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes...

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