AP - President Barack Obama is voicing unwavering opposition to extending Bush-era tax breaks for the nation's wealthiest families even for a year or two, drawing a sharp contrast with Republicans eight weeks before the November elections.
AP - The lead BP PLC investigator is saying that eight separate failures had to occur for the company's deepwater well to unleash the largest offshore oil spill in history.
AFP - US President Barack Obama Wednesday threw down the gauntlet to Republicans on the economy, as the lagging recovery and crippling unemployment threaten Democrats with a mid-term election meltdown.
AP - Suddenly, the race for Chicago mayor is on. Mayor Richard M. Daley has thrown the competition for the city's top job wide open by announcing he won't run for a seventh term, ending 21 years of token opposition and prompting speculation about who's next in line to lead the nation's third largest city.
Time.com - Florida Senate candidate Charlie Crist fights flip-flopping charges as the GOP's Marco Rubio surges ahead in some polls and the Democrats' Kendrick Meek appeals to the left
Reuters - BP shifted much of the blame for a rig blast that led to the United States' worst-ever oil spill onto its contractors Transocean and Halliburton.
AP - Shares in BP PLC tracked slightly higher after the release of an internal report on the disastrous oil spill in the Gulf of Mexico that deflects much of the blame onto rig owner Transocean Ltd. and contractor Halliburton Co.
AP - Oil giant BP PLC laid much of the blame for the rig explosion and the massive Gulf of Mexico spill on itself, other companies' workers and a complex series of failures in an internal report released Wednesday before a key piece of evidence has been analyzed.
AP - A 49-year-old American woman who lived in the southern Spanish city of Seville was killed, cut up into pieces and thrown into a river, police said Wednesday.
Reuters - President Barack Obama will push billions of dollars in new business tax incentives and spending on big construction projects on Wednesday, as he tries to convince a balky Congress to pass measures intended to spur the economy and create jobs.
AP - Smithfield Foods Inc. says higher selling prices for pork and improvement in hog market prices helped it return to a profit in its fiscal first-quarter.
Reuters - Stock index futures rose on Wednesday tracking a turnaround in European stocks and ahead of comments from the Federal Reserve on the state of the economy.
AP - The leader of a small Florida church that espouses anti-Islam philosophy said Wednesday he was determined to go through with his plan to burn copies of the Quran on Sept. 11, despite pressure from the White House, religious leaders and others to call it off.
Reuters - Women's clothing retailer Talbots Inc posted a higher-than-expected quarterly profit as tighter inventory management boosted its margins, but its shares fell as sales missed Wall Street forecasts.
AP - House Republican Leader John Boehner onWednesday proposed a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before a deep recession took hold of the economy.
Reuters - No. 2 U.S. tax-preparer Jackson Hewitt Tax Service Inc posted a narrower-than-expected quarterly loss, as a drop in total expenses offset the decline in revenue.
AP - Suddenly, the race for Chicago mayor is on. Mayor Richard M. Daley has thrown the competition for the city's top job wide open by announcing he won't run for a seventh term, ending 21 years of token opposition and prompting speculation about who's next in line to lead the nation's third largest city.
AP - Swisscom AG announced Wednesday it will buy all outstanding shares in its Italian telecoms unit Fastweb SpA, which has been rocked by a money-laundering probe, for a total of euro256 million ($326 million).
AFP - Suspected members of an Islamist sect have attacked a prison in northern Nigeria and fought a fierce gun battle with authorities, with one guard saying nearly all inmates escaped.
AP - Shares in BP PLC moved higher on Wednesday ahead of the release of the company's internal report on the disastrous oil spill in the Gulf of Mexico and after a credit ratings agency upgrade.
AP - Two suspected U.S. missile strikes hit militant targets in northwestern Pakistan on Wednesday, officials said, bringing to six the number of such attacks in the region in less than a week. At least 10 suspected members of a group attacking NATO forces in Afghanistan were killed.
AP - About 800 inmates escaped a federal prison holding Muslim extremists in northern Nigeria during a sunset attack by gunmen who are believed to be members of a radical sect, a police official said Wednesday.
AP - Five years ago, Lebanese thronged the streets of Beirut to protest Syrian control over their country in a movement that quickly ended decades of military domination.
McClatchy Newspapers - WASHINGTON — President Barack Obama on Wednesday will propose $300 billion in accelerated or expanded tax breaks for business, a jolt of cash that he says would jump-start hiring and help revive the nation's economy.
The Atlantic Wire - President Barack Obama says he will not extend Bush-era tax cuts for the
wealthy, which are scheduled to expire this year. However, he will
extend the Bush tax cuts for the 98 percent of households that annually earn below $250,000 for couples or $200,000 for individuals. The
White House says the tax cuts for the top 2 percent would add $700
billion to the deficit over the next ten years. Obama's announcement
comes only two days after his proposals, which some call a "second stimulus," for $50 billion in infrastructure spending
and $100 billion over ten years in business tax credits for research
and development. Here's what pundits are saying about whether Obama's
new economic initiatives will counterbalance two very negative forces
for the White House: The poor economic situation and the forecasted electoral losses for Democrats.
Reuters - Foster's Group Ltd , Australia's largest brewer, rejected a private equity offer worth up to $2.5 billion for its wine business as too cheap, sending its shares up as much as 6 percent on hopes of higher bids.
AP - Fire officials say flames have swept through at least two dozen Detroit homes, fanned by strong winds that toppled power lines across the city and knocked out service to at least 113,000 Michigan homes and businesses.
AP - Trying to smooth over recently rocky relations before a visit to Washington, Chinese President Hu Jintao told American officials on Wednesday that he wants to see healthy and stable ties between the two countries.
AP - John Demjanjuk attends most sessions of his trial in a hospital bed set up in the courtroom, wearing dark sunglasses and a hat pulled down over his face.
Reuters - China's state-owned Sinochem Corp has invited Temasek, the Singapore sovereign wealth fund, to join a consortium that may bid for Canada's Potash Corp, the world's largest fertilizer supplier, sources with knowledge of the matter said on Tuesday.
AP - Will Esposito describes an otherworldly scene after a wildfire tore through a canyon in the Colorado foothills: Some houses in his neighborhood burning while others stood intact, a propane tank shooting flames into the sky, and an eerie quiet interrupted only by firefighting helicopters and airplanes.
Reuters - Australia's fragile Labor government suggested on Wednesday it could adjust a planned profits-based tax on mining companies to bend to demands of the independent MPs giving it a slender grip on power.
AP - Afghan election officials said Wednesday that scores of additional polling stations will have to remain closed during the Sept. 18 parliamentary vote because of the deteriorating security situation in the country.
Time.com - China has long been an unfriendly place for journalists, but two attacks on journalists in Beijing this summer serve as a reminder that the threats to the press can extend beyond censorship to outright violence
AP - Police Chief Charlie Beck pleaded for calm and vowed his department would conduct an exhaustive investigation into a bicycle officer's fatal shooting of a drunken day laborer with a knife.