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Fed report: No wrongful foreclosures by banks

From The Huffington Post | A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.

Obama prepared to veto spending bill if necessary

The White House said on Wednesday it strongly opposed a Republican-backed spending bill and said President Barack Obama will veto a bill if it undermines his priorities or national security or curtails drivers of long-term economic growth.

“The unbalanced bill would undermine the nation’s economic recovery and its ability to succeed in a complex global environment,” the White House said in a statement. Get the full story »

Cullerton looks at taxing retirement income

Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it.

The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois’ “outdated” tax system.

W. House: Jobs data shows Obama policies work

White House economist Austan Goolsbee said on Friday the February jobs report showed President Barack Obama’s policies were working to improve the economy, but he said more needed to be done to create jobs.

“We will continue to work with Congress to find ways to reduce spending, but not at the expense of derailing progress in the job market,” Goolsbee said in a statement. Get the full story »

U.S. judge refuses to halt new health care law

A U.S. judge Thursday put on hold his ruling that President Barack Obama’s health care overhaul was unconstitutional, allowing the White House to continue implementing the landmark legislation for now.

But U.S. District Judge Roger Vinson failed to dispel widespread uncertainty about the fate of the highly-politicized health care reform law. He gave the Obama administration seven days to ask an appeals court to quickly review his Jan. 31 ruling and said the law could be declared void if it failed to meet the deadline. Get the full story »

Washington prepares for government shutdown

Washington has started getting ready for a possible government shutdown.

Federal agencies are working on plans for shutting down and deciding how many workers they need to perform essential operations. Get the full story »

Obama chooses CEO group to advise on economy

U.S. President Barack Obama named a group of top corporate executives Wednesday to join a new economic advisory panel, the latest move to boost the economy and reach out to the business community. Get the full story »

High yield may up demand for $3.7B Illinois bond

The cash-strapped state of Illinois will likely offer juicy yields to entice buyers of a $3.7 billion taxable pension bond expected to be sold Wednesday in the municipal-bond market.

According to a term sheet, initial price talk for the longest maturity in the offering, dated 2019, is about 2.40 percentage points above comparable Treasurys, for a yield of about 5.85%. That is about 1.79 percentage point more than comparably rated nine-year debt from cigarette maker Philip Morris International Inc., which traded at 0.61 percentage point above Treasurys on Tuesday. It is also 0.05 percentage point tighter than the initial price target on the deal for that maturity. Get the full story »

Obama to offer infrastructure finance for Brazil

President Barack Obama plans to offer new financing for joint infrastructure projects between U.S. and Brazilian companies when he visits Brazil next month, part of efforts to strengthen ties between the Western Hemisphere’s two biggest economies, sources say. Get the full story »

Moody’s: ‘Almost no chance’ for Obama budget

President Barack Obama’s budget proposal would be “marginally positive” for U.S. credit ratings in the short term, but there is “almost no chance” Congress will pass the plan as it was presented, Moody’s Investors Service said on Monday. Get the full story »

Illinois to sell pension bonds Tuesday, Wednesday

From Bond Buyer | Illinois plans to sell $3.7 billion of taxable general obligation bonds Tuesday and Wednesday, the state said Friday morning.

State AG’s office raises nearly $1B in state revenue

Illinois Attorney General Lisa Madigan’s office says it raised nearly $1 billion in state revenue last year through a variety of litigation and the collection of estate-tax revenues.

Fed’s Evans: Current bond buys may suffice

The U.S. economy still needs the Federal Reserve’s super-easy monetary policy, a top official said on Thursday, but the recovery may be strong enough June that the central bank will not need to extend its current $600 billion bond-buying program. Get the full story »

O’Hare expansion lawsuit to move to trial

By Jon Hilkevitch | United and American airlines’ lawsuit against Chicago over the expansion of O’Hare International Airport will move toward trial after negotiations have so far failed to break an impasse, officials said Thursday.

Both sides on Thursday asked Judge Richard Billik of Cook County Circuit Court to lift a one-week delay on hearing the lawsuit, which seeks to prevent the city from borrowing more money to keep the O’Hare project going.

The delay was intended to give negotiations a chance to resolve major differences over the financing and timing of new runways. Get the full story »

Ill. Senate bill on minimum wage gets more support

A bill that would increase Illinois’ minimum wage by 65 cents this summer is slowly gathering support from Democrat lawmakers from Chicago.

Sen. William Delgado and Sen. Rickey Hendon added their names Tuesday to a growing list of supporters of Senate Bill 1565, which was introduced earlier this month.

The bill would increase the minimum wage by 50 cents, plus the rate of inflation every year, until it is restored to its “historic level” above $10 per hour. Get the full story »