BARACK OBAMA

President Barack Obama suffered a defeat in the battle over raising the U.S. debt limit that may have repercussions for his efforts to restore growth to the U.S. economy and win re-election in 2012.

The chaotic and often ugly debt-ceiling talks managed to avert a potential economic catastrophe but inflicted new damage to the political reputations of most of the key players.

President Barack Obama will be celebrating his 50th birthday Wednesday night at Chicago's classy Aragon Ballroom, and he's looking for a specific type of present for the midlife milestone: campaign contributions.

President Barack Obama will fly to his hometown in Chicago on Wed. to celebrate his 50th birthday party at two fundraisers for Democrats.

On Tuesday, President Barack Obama signed a bill to raise the U.S. debt ceiling, preventing the nation from defaulting for the first time in its history.

With more than 14 million people out of work, consumer spending falling by the day, the GDP growth outlook remaining grim and rising inflation denting confidence of ordinary people, a massive spending cut of more than $2 trillion would be the proverbial last straw on the camel's back.

Major stock indexes around the world lost all of their gains on the year and gold hit a record on Tuesday after a deal to raise the U.S. debt ceiling gave no comfort to investors preoccupied with sluggish global growth.

President Barack Obama suffered a defeat in the battle over raising the U.S. debt limit that may have repercussions for his efforts to restore growth to the U.S. economy and win re-election in 2012.

China's central bank governor urged Washington Wednesday to act responsibly to deal with its debt issues, saying uncertainty in the Treasuries market will undermine the international monetary system and hamper global growth.

State governments would have to identify persons forming corporations under legislation that was reintroduced on Tuesday in the Senate, taking aim at shadowy shell companies and anonymous corporate owners.

Just hours ahead of a deadline to avert an unprecedented default, President Barack Obama, without public ceremony, signs a bill that raises the $14.3 trillion debt ceiling and sets in motion a plan to reduce U.S. deficits over 10 years.

Just hours ahead of a deadline to avert an unprecedented U.S. default, Congress approves a bill that raises the $14.3 trillion debt ceiling and sets in motion a plan to reduce U.S. deficits over 10 years.

Will the Obama administration's new goal of 54.5 miles per gallon (mpg) help usher in the electric car era? Or does the internal combustion engine have one more generation left in it?

The U.S.' debt woes still threaten the global economy despite a last-minute deal struck by the White House and political party leaders, China's main official newspaper said on Tuesday, nonetheless adding there was no short-term escape from the dominance of the dollar.

Congress buried the specter of a U.S. debt default by finally passing a deficit-cutting package on Tuesday, but uncertainties lingered over a possible painful downgrade of the top-notch American credit rating.

Here is a rundown of the final actions in Congress on Tuesday as lawmakers try to rush to the White House a deficit reduction deal that also will raise the $14.3 trillion limit on U.S. government borrowing.

The Senate Tuesday easily passed the debt deal bill, 76-24, and immediately sent it to President Barack Obama, who is expected to sign it very soon. When the president does, the world's largest and most-technologically advanced economy will have averted a credit market-constraining default and ended a bitter political chapter.

The U.S. Senate Tuesday voted 74-26 to approve the debt deal bill, and with President Barack Obama's expected signature, the nation will have averted a credit market-constraining default.

Tea Party conservatives scored their biggest political triumph with a debt-ceiling deal that cuts federal spending, but their hardline tactics could risk a voter backlash in the 2012 elections.

Establishing the contours of a massive debt deal consumed all of Congress, but filling in the $1.5 trillion details will be the responsibility of a mere dozen lawmakers.

Congress was poised on Tuesday to grant final approval to a deficit-cutting package that will avert a debt default but may not be enough to prevent a damaging downgrade of the top-notch American credit rating.