So far this year, 25 states have ended the extended benefits that allowed the long-term unemployed to continue getting benefits. With more states ending the program, it might appear that the economy is improving. But in some state, it just shows things haven't gotten that much worse.
Republican Mitt Romney told the Detroit News, that if he's elected president, he would make sure the government sells its stake in General Motors — even if it's for a loss. Romney says President Obama is delaying the sale to avoid an embarrassing loss to taxpayers. A White House spokesman said Romney isn't credible on the auto industry since he opposed the bailout that rescued GM and Chrysler.
Spanish factory and mine production had its worst month in more than two years — dropping by more than 8 percent. Spain is in its second recession since 2009, and eurozone nations are concerned its troubled banks might need a capital boost. This anxiety is causing headaches for banks in Germany. Six German banks had their credit ratings cut by Moody's Wednesday.
Austerity measures aimed at curing Europe's debt crisis have thrown a number of eurozone countries into recession. The threat of default in Greece, and in even larger countries like Spain, rattled U.S. financial markets. President Obama recently said the troubles in Europe are casting a shadow over the U.S. economy.
If you own a home in the U.S., if you have a mortgage, you can deduct the interest you pay on that mortgage from your taxes. It's a popular, well-entrenched policy. But according to one policy adviser in Washington, "the mortgage-interest deduction ... makes no sense."
A report in the Wall Street Journal says Apple may soon replace Google's popular Maps app as the iPhone default with its own mapping application. The move has broad implications for the multibillion-dollar smartphone market.
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