$1.9T raise in debt limit
proposed by Senate Dems
Senate Democrats Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion. The unpopular bill would prevent a first-time default on obligations. The hike in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress.
Chrysler recalling 24,177
vehicles for brake fix
Chrysler Group Llc is recalling 24,177 vehicles because of a defect that could result in brake failure. The recall includes 2010 models of Chrysler Sebring, Dodge Avenger, Dodge Nitro, Jeep Commander, Jeep Grand Cherokee and Jeep Liberty and 2009 and 2010 models of Dodge Ram pickups. Chrysler said the problem was discovered in inspections and it had no owner complaints or reports of injuries. Owners will be notified starting this month. Chrysler will replace faulty or missing parts for free.
New York Times plans fee
for full Web site access
The New York Times said yesterday it will charge readers for full access to its Web site starting in 2011, a risky move to draw more revenue online without losing advertisers that want the biggest possible audience. The Times said it will use a metered system, allowing free access to a certain number of articles, then charging for additional content. The fee and number of articles for free were not disclosed. Subscribers to the printed Times would still have free access to the Web site.
New York Fed chief warns
against more oversight
The head of the Federal Reserve Bank of New York said Wednesday the nation's central bank must be allowed to operate independently and free of increased oversight by Congress. William Dudley said dividing oversight of banks between several government agencies, as some have proposed, would lead to "communication breakdowns" and a "failure to connect the dots." There is an effort in the Senate to strip the Fed of some authority over banks. Critics say the Fed for years had failed to spot warning signs of a looming economic disaster. But Dudley said proposals to audit the Fed's monetary policies would create larger problems for the economy.
Amazon.com to offer bigger
cut to self-publishers
Amazon.com Inc. said Wednesday it will start offering in June do-it-yourself authors and publishers a bigger cut of book sales on its Kindle e-reader - but with strings attached to keep prices down for consumers. Amazon said it will offer users of its e-book self-publishing program, the Kindle Digital Text Platform, royalties on book sales of 70 percent after delivery costs, which are less than 6 cents per book. Authors will be able to earn $6.25 per copy on a book that sells for $8.99, rather than the old rate of $3.15. A book's list price must fall between $2.99 and $9.99 and be at least 20 percent below the lowest price of the physical edition of the book. It also has to sell on Amazon for the same price, or less, as it does with competing book sellers.From wire reports