Budget Set to More Than Triple US Deficit
Early indications are that President Barack Obama’s upcoming budget will increase the US deficit to $1.75 trillion from last year’s $455 billion. The plan is also expected to show how Obama intends to cut the US deficit in half by 2013. More
US Initial Jobless Claims Rise
Unemployment claims made by first-time claimants rose unexpectedly last week increasing by 36,000 to a total of 667,000 new claimants for the week ending February 21. This is the highest single-week new claimant total since 1982 and brings total US unemployment to 5.112 million. More
RBS Loses £24.14 Billion
The Royal Bank of Scotland lost £24.14 billion ($34.4 USD billion) on its yearly operations marking the largest single-corporation loss in British history. The bank has announced a massive restructuring program centered on the off-loading of much of its international business. More
GM Suffers $9.6 B Loss for Fourth Quarter
General Motors burned through $6.2 billion on its way to losing $9.6 billion for the fourth quarter making yearly losses a whopping $30.9 billion. Revenue for the quarter fell from $46.8 billion in 2007 to $30.8 billion. More
