AP - President-elect Barack Obama implored Congress to "act boldly and act now" on Thursday to fix an economy growing perilously weaker, and leading lawmakers set an informal goal of mid-February for enacting tax cuts and government spending that could cost as much as $1 trillion.
Reuters - Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers avoid foreclosure, lawmakers said on Thursday.
AP - President-elect Barack Obama's proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn't do much to stimulate the economy or create jobs. Senators from both parties agreed that Congress should do something to stimulate the economy. But Democratic senators emerging from a private meeting of the Senate Finance Committee criticized business and individual tax cuts in Obama's stimulus plan.