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More Debt Ceiling Options, Less Time
With less than 11 days until the August 2nd deadline, Congress is considering no less than five plans to raise the debt limit and lower the deficit.
House Minority Leader Nancy Pelosi (D-CA) offered the latest plan Friday afternoon, comprising of $1.5 trillion in spending cuts, but not including new taxes or entitlement reform.
According to TalkingPointsMemo, Pelosi outlined her plan to a small gathering of bloggers and reporters, saying Democrats are “willing to bite the bullet and make serious cuts in discretionary spending.”
“hat’s a non-revenue path. I don’t like it at all but it doesn’t go near our entitlements,” Pelosi reportedly said.
The emergence of yet another plan is the latest sign negotiations are dangerously fracturing.
Congress must not only increase the debt limit by August 2 to ensure the government can meet its obligations, but it must also address the growing federal deficit to meet the demands of the credit rating agencies.
Tags: Debt, Debt Ceiling
NFL Owners Take Big Step to Ending Lockout
Its possible the NFL will be open for business again in a matter of days. League owners approved a proposed 10-year labor agreement this evening, and the 4-month lockout will be over if the players follow suit, reports USA Today. Its not exactly a cinch, however, at least from what anonymous NFLPA officials are telling Sal Paolantonio of ESPN. “We are not happy here,” says one.
The lockout has resulted in one definite casualty: NFL chief Roger Goodell announced that the Aug. 7 Hall of Fame preseason game will be canceled no matter what. See the Bleacher Report for how the “free agent frenzy” might sort itself out once the lockout ends.
Tags: Lockout
Nalco execs could get millions post-Ecolab merger
Today’s Headlines 7/20/2011
- Nalco execs could get millions post-Ecolab merger
- Northern Trust plans layoffs overseas as revenue sags
- Boeing wins share of American plane order
- Citadel wants E*Trade to consider selling itself
- Ariel Investments’ N.Y. hire sets firm on international course
- Insider Savor gets McCormick Place food service deal; board awards Hyatt expansion contract
View All of Today’s News Headlines
— The executive management of Nalco Holding Co. could walk away with nearly $38 million in stock payouts following Ecolab Inc.’s $8-billion acquisition of the Naperville-based industrial water treatment company.
The acquisition news sent Nalco shares shooting up more than 24% to $35.86 in afternoon trading.
Chairman and CEO Erik Fyrwald and former Chief Financial Officer Bradley Bell would take home most of that, according to the change in control agreements outlined in company filings with the U.S. Securities and Exchange Commission.
Mr. Fyr
Tags: Get Millions, Merger, Nalco Execs
Analyst Calls Human Genome Sell-off “overdone”
BOSTON — In a note to investors Friday, Leerink Swann analyst Joseph Schwartz said that the current sell-off of shares of Human Genome Sciences was “overdone.” Investors pushed down shares of the biotech group by almost 8% to $21.28 Friday on concerns that quarterly sales of the company’s new lupus drug Benlysta were weaker than expected. “We believe today’s Human Genome stock weakness is overdone, misplaced and likely a knee-jerk reaction to the headline ‘miss’ last night after the close,” wrote Schwartz. “In fact including $1.2 million stocking, as some companies would report the numbers, Benlysta sales actually beat expectations. We think the numbers going forward are very achievable and would use weakness as buying opportunity,” Schwartz added.
Tags: Human Genome, Overdone
America’s Future: Mail Delivery Just 3 Days a Week
We live in the age of instant communication, thanks to Skype, Twitter, smartphones, and three-day-a-week mail delivery? That could be our odd reality in as few as 15 years, according to Postmaster General Patrick Donahoe. In comments made to USA Today, Donahue explains that the Postal Service is anticipating an $8.3 billion loss this year. “On Sept. 30, I wont be able to pay my bills,” he says, adding that he wants to see reduced service, and he thinks Congress may finally be willing to give up Saturdays … as a start.
Americans have been checking the mailbox six days a week since the 1800s, and Congress mandated that delivery schedule in 1983. But Donahoe thinks Congress is ready to OK just five-day service, a move that would save an estimated $3.1 billion annually; Democratic Sen. Tom Carper has introduced legislation that would allow Donahoe to make the cut to five. Whats next? “At some point, well have to move to three” days of mail delivery each week, says Donahoe, perhaps in as little as 15 years.
Tags: Mail Delivery, Week
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