Large cuts to the budget will take effect in January if Congress doesn't agree on a spending and tax plan. The White House has said it'll work with lawmakers to avoid the so-called "fiscal cliff," but experts predict a long budget battle. Host Michel Martin speaks with economics reporter Sudeep Reddy and NPR Senior Business Editor Marilyn Geewax.
The cases — charging that China unfairly subsidizes auto parts and slaps high duties on U.S.-made cars — come as Republican rival Mitt Romney argues that President Obama has let too many jobs go overseas.
Russ Wasendorf Sr., the founder of an Iowa brokerage firm, is expected to plead guilty to embezzlement charges Monday. Wasendorf, of Peregrine Financial Group, has signed a plea agreement with federal prosecutors admitting to bilking 24,000 investors out of at least $100 million.
Over the weekend, Yahoo announced it would buy employees the smartphone of their choice as long as it is not a BlackBerry. It will pick up the tab --- with a data plan — for the brand new iPhone 5 and the yet-to-be-released Windows Phone 8.
The Obama administration reportedly will file a complaint against China at the World Trade Organization in Geneva Monday. The case charges China subsidizes its cars and auto parts — giving it an unfair trade advantage over U.S. auto manufacturers.
Average prices for regular gasoline in the U.S. have risen about 50 cents a gallon since July. But as the summer driving season ends and demand declines, prices likely will begin to fall. By November, the national average is expected to be around $3.50 a gallon.
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