U.S. expects $1.2 trillion budget deficit in fiscal 2009

Date: Wed, 07 Jan 2009 12:01:08 -0500

U.S. expects $1.2 trillion budget deficit in fiscal 2009

The U.S. government will run a $1.2 trillion budget deficit in fiscal
2009, the Congressional Budget Office says, offering a stark
assessment of the red ink facing the country and the incoming
administration of President-elect Barack Obama.

ECONOMIC REPORT: ADP DATA SHOW 693,000 PRIVATE-SECTOR JOBS LOST IN DECEMBER

U.S. private-sector firms shed 693,000 jobs in December, far worse
than expected, according to the ADP employment index.

MARKET SNAPSHOT: U.S. STOCKS PLUNGE AFTER GRIM JOBS DATA

Stocks decline sharply as another report points to a further
deterioration of the labor market, while metals giant Alcoa announces
job cuts and technology bellwether Intel warns about its outlook.

ALCOA SLASHES JOBS, OUTPUT TO COPE WITH TOUGH ECONOMY

Alcoa Inc. says it is cutting 13,500 jobs, closing plants and further
curbing aluminum output to conserve cash as it battens down for a
lengthy recession.

TIME WARNER SEES NET LOSS IN 2008

Time Warner Inc. on Tuesday said it will incur more
than $25 billion in onetime costs, resulting in a net loss for all of
2008. The company also trimmed its forecast for adjusted operating
income.