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NEWS
January 18, 2013 | By Michael A. Memoli, This post has been updated, as indicated below.
WILLIAMSBURG, Va. - House Republicans announced Friday that they will vote next week to authorize a temporary extension of the debt limit, pushing off a politically unpalatable fight in the hopes of extracting further spending cuts from Democrats in a new budget deal. The new offer, announced at the conclusion of a three-day retreat, represents a modification of the Republican leadership's previous demand that any debt limit increase, temporary or otherwise, must include equivalent spending reductions.
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NEWS
October 10, 2013 | By Kathleen Hennessey and Christi Parsons
WASHINGTON -- President Obama likely would sign legislation allowing the government to continue borrowing to cover obligations in the short term, even if it is not coupled with a measure reopening the government, a White House spokesman said Thursday. “He wants Congress to do both. He wants Congress to fulfill both of its responsibilities,” White House spokesman Jay Carney told reporters. “If Congress takes action without partisan strings attached, that would be a good thing.” Later asked if Obama would sign a debt-limit bill without an accompanying spending bill, Carney said, “yes.” The comments came hours after House Speaker John Boehner (R-Ohio)
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BUSINESS
March 26, 1996 | BARBARA MURPHY
DDL Electronics announced it has successfully refinanced its short-term debt to provide working capital for a company it acquired earlier this year. The refinancing, accomplished through three deals totaling about $10 million, replaces $7 million of short-term debt incurred in connection with the acquisition of SMTEK Inc. on Jan. 12. After financing costs and interest reserves, the funds provide more than $2 million of working capital for SMTEK.
BUSINESS
October 10, 2013 | By Walter Hamilton and Andrew Tangel
The stock market staged its best rally of the year as lawmakers inched toward a deal that would temporarily stave off a government debt default. The Dow Jones industrial average surged 323.09 points after congressional Republicans proposed increasing the U.S. debt limit through Nov. 22. That would remove the immediate threat of a default that had loomed over the global economy. After the market closed, President Obama reportedly rejected the Republican plan because it would not end the partial shutdown of the federal government that began last week.
NEWS
June 28, 1995 | GREG JOHNSON, TIMES STAFF WRITER
One of the most important pieces in Orange County's financial restructuring puzzle fell into place Tuesday as U.S. Bankruptcy Judge John E. Ryan approved a plan that allows the county to delay payment on nearly $800 million in short-term debt and avoid immediate default.
BUSINESS
August 15, 2007 | From Times Wire Services
There was no break in the bad news for battered credit markets Tuesday as jitters rose over problems with short-term debt: Sentinel Management Group Inc., an Illinois-based cash management firm for commodity trading companies, froze client withdrawals from its $1.5-billion fund after saying that credit market turmoil made it impossible to trade certain securities without incurring losses.
BUSINESS
March 22, 2002 | From Bloomberg News
General Electric Co. tried Thursday to defuse a growing controversy over its GE Capital financial arm, while attacks on the company continued. On Wall Street, GE's shares fell $1.35 to a one-month low of $37.45 one day after Bill Gross, manager of the world's biggest bond fund, said he would no longer own the conglomerate's short-term debt because he believes the company is too heavily leveraged. Gross, chief bond investor at Newport Beach-based Pacific Investment Management Co.
BUSINESS
August 7, 1995 | From Bloomberg Business News
Taiwan's financial system, rocked by two scandals last week, is braced for more trouble and a possible run on short-term debt this week. The main stock index of the Taiwan Stock Exchange on Saturday plunged 4.9% to a 19-month low of 4823.86 amid the possible threat to financial stability. The index has lost 32% this year in the worst performance among the world's stock markets.
BUSINESS
September 24, 2009 | Tom Petruno
Investors' desperation for decent income played into California's hands this week as the state wrapped up its mammoth sale of $8.8 billion in short-term debt. The offering drew bids totaling $9.23 billion as institutional investors fought Wednesday to get the relatively little that was left over after individual investors snapped up most of the securities. Institutions such as mutual funds bid for $2.59 billion of the notes but will get only $2.16 billion because the state is filling all the $6.64 billion in prior orders from individuals.
NEWS
January 18, 2013 | By Michael A. Memoli, This post has been updated, as indicated below.
WILLIAMSBURG, Va. - House Republicans announced Friday that they will vote next week to authorize a temporary extension of the debt limit, pushing off a politically unpalatable fight in the hopes of extracting further spending cuts from Democrats in a new budget deal. The new offer, announced at the conclusion of a three-day retreat, represents a modification of the Republican leadership's previous demand that any debt limit increase, temporary or otherwise, must include equivalent spending reductions.
NEWS
April 17, 2012 | By Joe Bel Bruno
Investors poured back into U.S. stocks on Tuesday, with the Dow Jones industrial average surging more than 200 points after a strong batch of earnings reports and an improving economic picture in Europe. With a few hours left in the trading day, major U.S. indexes were up more than 1.5%. The blue-chip Dow index rose 198.14, or 1.5%, to 13,119.67, and the broader Standard & Poor's 500 index jumped 21.40, or 1.6%, to 1,390.98. The Nasdaq composite notched its best performance in more than three weeks, rising 57.83, or 1.9%, to 3,046.22.
NEWS
July 20, 2011 | By Michael A. Memoli
The White House signaled Wednesday that President Obama could accept a short-term deal to raise the debt ceiling, but only if it appeared lawmakers were close to an agreement on a significant deficit reduction plan. The hope of such a "grand bargain" was revived Tuesday by the so-called Gang of Six senators, who outlined a deal that would achieve nearly $4 trillion in deficit reduction in the next decade through spending cuts, entitlement reform and an overhaul of the tax code. But Congress must act to raise the debt ceiling by Aug. 2, and the plan discussed in the Senate Tuesday was just a framework, not specific legislation that could take weeks to move through Congress.
NEWS
July 13, 2011 | By Lisa Mascaro, Christi Parsons and Peter Nicholas
President Obama abruptly left debt negotiations with congressional leaders Wednesday after a top Republican said there was no longer time to engage in the large-scale deficit-reduction discussions the White House seeks as part of a vote to raise the nation's debt ceiling. Rep. Eric Cantor (R-Va.), the House majority leader, told the president instead that Congress should consider a series of debt-ceiling votes based on the first series of spending cuts that have been identified. Talks could continue to identify additional cuts for subsequent votes, he proposed.
NEWS
July 11, 2011 | By Michael A. Memoli, Washington Bureau
President Obama on Monday vowed not to sign a short-term debt-ceiling increase, saying lawmakers have a unique opportunity to agree to a significant deficit-reduction package and pressuring Republicans to negotiate in good faith. At a news conference hours before negotiators are set to return to the White House for more talks, the president said it was time for Washington leaders to "eat our peas" -- and use the debt pressure to agree to what has been termed a "grand bargain. " "If each side takes a maximalist position, if each side wants a hundred percent of what its ideological predispositions are, then we can't get anything done.
BUSINESS
November 19, 2010 | By Tom Petruno, Los Angeles Times
California was forced to boost interest rates on $10 billion in short-term debt it sold Thursday, another sign of the turmoil racking the municipal bond market. Although investor demand for longer-term munis showed signs of rebounding after plunging in the last few days, some potential buyers said they feared another wave of selling ? led by individual investors shocked by their recent losses in muni bond mutual funds. But for now, the surge in yields on many tax-free bonds "is definitely turning heads" of buyers, said Joe Lee, a muni trader at De La Rosa & Co. in Los Angeles.
BUSINESS
May 16, 1992 | JAMES M. GOMEZ, TIMES STAFF WRITER
DVI Health Services Corp. said Friday that it has raised more than $15 million on Wall Street to pay off short-term debt and position itself for expansion of its outpatient operations. The company, which also provides financing to other outpatient facilities for medical equipment, offered 1.52 million shares of common stock Thursday on the New York Stock Exchange. The offering price was $10 a share. The stock closed Friday at $9.88, down 12 cents. Chicago Corp. and W.I.G.
BUSINESS
September 24, 2009 | Tom Petruno
Investors' desperation for decent income played into California's hands this week as the state wrapped up its mammoth sale of $8.8 billion in short-term debt. The offering drew bids totaling $9.23 billion as institutional investors fought Wednesday to get the relatively little that was left over after individual investors snapped up most of the securities. Institutions such as mutual funds bid for $2.59 billion of the notes but will get only $2.16 billion because the state is filling all the $6.64 billion in prior orders from individuals.
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