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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…

Lawmakers close to deal to avoid default

WASHINGTON (Reuters) – Lawmakers were close to a last-ditch $3 trillion deal on Sunday to raise the U.S. borrowing limit and assure jittery financial markets that the United States will avoid a potentially catastrophic default. The tantalizing possibility of an agreement raised hopes that a weeks-long partisan brawl over cutting…

Debt deal could spur Wall Street relief rally

NEW YORK (Reuters) – A deal involving up to $3 trillion in deficit cuts over a decade that would let U.S. lawmakers raise the U.S. borrowing limit and avoid default could spur a relief rally in Wall Street stocks and a rise in U.S. government yields on Monday. Senate Democratic…

Jim Cramer accuses Obama of creating ‘tremendous fear’ and ‘panic’

After explaining all of the terrible things that would happen if the U.S. debt ceiling was not raised, CNBC’s Jim Cramer said Sunday that all the “fear” and “panic” had actually been caused by President Barack Obama. “Now we’re talking about a recession,” Cramer told NBC’s David Gregory. “We will…

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