BARACK OBAMA

The Obama administration's plan to cut more than $1 trillion from the deficit over the next decade relies heavily on so-called backdoor tax increases that will result in a bigger tax bill for middle-class families.

U.S. manufacturing expanded in January at its fastest pace since 2004 but consumers increased their spending only slightly in December, worried by job prospects and the state of the economy.

President Barack Obama pledged on Monday to halve a record 2010 budget deficit by the end of his first term in office, but made tackling double-digit unemployment his immediate priority with a spending plan that risked public ire and a rough battle in Congress.

Citigroup Inc plans to sell or spin-off its $10 billion Citi Private Equity unit in order to cut its debt, Bloomberg reported on Sunday, citing people familiar with the matter.

Oil rose over 2 percent on Monday as stronger U.S. manufacturing data prompted optimism about economic recovery and a weaker dollar helped boost crude demand after oil prices fell to five-week lows on Friday.

The Obama administration on Monday laid out credit provisions for Fannie Mae and Freddie Mac under its fiscal year 2011 budget proposal, but did not deliver a vision for the future of the money-losing mortgage finance giants.

Oil rose on Monday as stronger U.S. manufacturing data prompted optimism about economic recovery and a weaker dollar helped boost crude demand after oil prices fell to five-week lows on Friday.

Wall St rose on Monday after closing its worst month in almost a year as U.S. manufacturing expanded the most in six years and Exxon Mobil Corp beat earnings estimates.

(Corrects to show Morgan Stanley comment on Warner Chilcott in paragraph 11 refers to only one of the company's products)

President Barack Obama has called NASA to cancel the $100 billion program that was to return humans to the Moon by 2020, and focus instead on new space technologies.

President Barack Obama has sent Congress a multi-trillion-dollar spending plan on Monday boosting this year's federal deficit to a record-breaking $1.56 trillion.

President Barack Obama estimated on Monday that the Federal Communications Commission could get a $6.4 billion boost in the next 10 years from the use of airwaves.

JPMorgan Chase and Sempra Energy may carve up commodities venture RBS Sempra, people familiar with the matter said, as pressure on U.S. banks to limit proprietary trading forces JPMorgan to rethink its plans.

Wall St rose on Monday after closing its worst month in almost a year as U.S. manufacturing expanded the most in six years and Exxon Mobil Corp beat earnings estimates.

President Barack Obama on Monday projected the budget deficit would peak at a fresh record in 2010 before easing as he pushes for fiscal responsibility while battling double-digit unemployment.

The White House has dropped projected revenues from a cap-and-trade mechanism to fight climate change from its new budget, an administration official said, bowing to the possibility that the U.S. Congress may not pass it.

Humana Inc reported higher quarterly profit on Monday, in line with Wall Street targets, as improved performance of its Medicare plans for the elderly offset weakness in its plans serving employers.

Oil consolidated around $73 per barrel on Monday, stabilizing after three weeks of falls, with the outlook still clouded by concerns over the prospects for global growth and sluggish fuel demand.

President Barack Obama on Monday projected the budget deficit would soar to a fresh record in 2010, challenging his push for fiscal responsibility while driving to defeat double-digit unemployment.

Stock index futures rose on Monday after Wall Street ended January with its worst month in nearly a year as investors bet that data will show signs the U.S. economy continues to mend.

JPMorgan Chase is rethinking its purchase of RBS Sempra and could pick up only the joint venture's oil operations and all the non-U.S. businesses, a source familiar with the matter said.