At a hearing before the bipartisan deficit-cutting panel on Tuesday, the head of the Congressional Budget Office managed to short-circuit partisan bickering over the debt by laying out some facts: Trimming around the edges is not going to be enough to slash the deficit this fall, Doug Elmendorf warned.
The nation's poverty rate rose last year to 15.1 percent, the highest level in 17 years, according to new data from the Census Bureau. The agency's latest poverty report, released Tuesday, shows that the median income dropped last year by more than 2 percent to about $49,445.
The tornado that destroyed nearly one-third of the city took out homes, schools and businesses. To mitigate the ongoing impact on the local economy, business owners and the area's Chamber of Commerce are finding ways to re-energize the local market.
Bank of America says it will eliminate 30,000 jobs over the next few years. Officials say the cuts could save the bank as much as $5 billion. The Charlotte-based bank is trimming costs to deal with mortgage losses, mounting lawsuits and a stock price that has shed half its value in just 12 months.
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