Senate Approves Tax Bill

The Senate has overwhelmingly passed a sweeping tax package that would save millions of Americans, including the rich, from higher taxes. The legislation reduces Social Security payroll taxes and extends jobless benefits for another 13 months. It also adds almost $1 trillion to the deficit.

Reports Show Greater Business, Consumer Confidence Is the economic recovery beginning to take hold?

Summers Gives His Final SpeechLawrence Summers defended the Obama administration's economic policies in his final speech as the top White House economics advisor. He also gave a thumbs up to President Barack Obama's tax-cut compromise, saying experts broadly agree the economy would get a boost from it. "An extension of unemployment insurance, a payroll tax holiday, refundable tax credits and business expensing. That's why independent estimates of job creation over the next year or two are being revised up," he said. Even so, Summers warns Washington must address the ballooning deficit, calling it a potential "tax on our future."

U.S. Trade Deficit RisesThe U.S. trade deficit fell to its lowest level in nine months, because of growing exports. The falling dollar and an increasing demand for American goods overseas pushed up exports to their highest level in more than two years. In October, the trade deficit stood at $38.7 billion. Sales of American-made machinery, farm products and autos fueled the growth in exports.

House Rejects Tax CompromiseHouse Democrats have voted to block floor debate on President Barack Obama's tax deal with Republicans. House Speaker Nancy Pelosi says Democrats want to make changes to the plan before bringing it to the floor for a vote. It's not clear what those changes are, or whether Republicans will support them.

Hackers Defend WikiLeaksThe WikiLeaks saga of disclosed classified documents and the arrest of its founder has now spread to the business community. MasterCard's Web site suffered severe technical problems today, in what could be retaliation for the company pulling the plug on its relationship with WikiLeaks. An Internet group operating under the label "Operation Payback" claimed responsibility for the MasterCard problems in a message on Twitter.

President Obama Defends Compromise on Taxes

It’s a deal: Millions of out-of-work Americans will continue to get unemployment benefits. That's something the Democrats want. In exchange, all Americans, including the wealthiest, will get their Bush-era tax cuts extended for another two years. That's something Republicans want.  

Retailers Report a November BoostGenerous discounts lured shoppers into stores last month, giving retailers a big boost heading into the holiday season. Abercrombie and Fitch, Macy's and Limited Brands, which owns Victoria's Secret, all reported stronger-than-expected gains in November. Sales at stores open for more than one year were up six percent on average, according to Thomson Reuters. That's more than double what analysts had been expecting.

The Fed Names NamesThe Federal Reserve has named names. As required under the Dodd-Frank financial reform bill, the Fed released details about the banks that accessed more than $3 trillion in emergency aid during the financial crisis. They include Bank of America, Citigroup, Goldman Sachs and J.P. Morgan. They were just a few of the financial institutions cited in the more than 21,000 transactions. The nation's central bank created eight lending programs to stabilize the financial industry. Many of the programs have now ended.

President, GOP Leaders Meet The only sure thing in life these days in Washington is talk of deficits and taxes. Washington publicly addressed these two contentious issues today, but didn't take any concrete steps on either subject.First, those soon-to-expire Bush era tax cuts: President Barack Obama and Republican congressional leaders met at the White House to discuss their differences about extending them.