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President Obama announces compromise to avoid default

President Barack Obama announced Sunday evening that he and congressional leaders had agreed upon a plan to avoid the U.S. going into default, with the deadline for a deal looming just days away. In a press conference at the White House, however, he warned that the deal still had to…

Auto industry could lead U.S. economic recovery: survey

DETROIT (Reuters) – The auto industry could lead an economic recovery in the United States, according to a recent survey by audit, tax and advisory firm KPMG. Auto executives plan to do more hiring and more capital spending than executives in any other sector in the next year, according to…

Debt deal offers only small blessings for economy

WASHINGTON (Reuters) – The tentative deal to avoid a crushing debt default is at best a mild relief for the U.S. economy that nearly stalled in the first half of the year and has yet to show signs of any realistic pickup. The plan for $2.4 trillion in spending cuts…

Obama unfurls deal to avert U.S. default

President Barack Obama announced an 11th-hour deal with Congress to avert an unprecedented default on US debt payments, which would have sown chaos across the global economy. With just two days left before the United States would run short of cash, Obama and his Republican foes said after round-the-clock negotiations…

Iraq death toll for July second highest in 2011

Deadly violence in Iraq declined slightly in July from the previous month but still marked the second-highest death toll for the year, data published on Monday showed. The latest figures come days after a US watchdog warned that Iraq was a more dangerous country than a year ago ahead of…

Soaring demand spotlights secret NY gold hoard

If there’s one place a James Bond villain — or even some actual governments — would love raiding today, it’s the basement of a somber building in lower Manhattan: the world’s biggest gold vault. Gold prices hit a record $1,632.8 an ounce Friday, reflecting a nervous rush by private and…

Black Caucus, progressives to oppose debt deal

“The leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default,” President Barack Obama said in a brief statement to the press Sunday night at the White House. Just because Obama has House Speaker John Boehner (R-OH) and Senate Majority Leader…

BREAKING: Obama, congressional leaders strike deal to avoid debt default

President Barack Obama settled on a plan with congressional leaders to avoid debt default, announced just past 8:30 p.m. Sunday night. Senate Republican Leader Mitch McConnell, in a floor speech, reassured Congress that there was a plan in place. A vote is planned to take place Monday. “There is now…

Dozens of AK-47 rifles stolen from CA Army base

Twenty-six AK-47 rifles and a Dragunov rifle were stolen from a supply warehouse at Fort Irwin, an Army base in California’s Mojave Desert, the LA Times reported. Officials are offering a $10,000 reward for information about the plundering, which occurred July 15 but was only disclosed to the media late…

Herman Cain wins Denver GOP straw poll by landslide

Republican presidential hopeful and former Godfather’s Pizza CEO Herman Cain dominated the straw poll at Denver’s Western Conservative Summit Sunday, taking 48 percent of the vote, Politico reported. Cain garnered 246 ballots of the 508 cast, while the next runner-up, Texas Gov. Rick Perry (who has not officially declared his…

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