MID-DAY UPDATE: House Rep. Ryan proposes changes to Medicare, Medicaid
Here are today's top headlines from the Marketplace Morning Report and from around the web. </strong.
Federal Reserve Chairman Ben Bernanke said yesterday that elevated prices of oil and food are not here to stay. However, he said inflation has to be monitored closely in case his assumptions are incorrect.
China's central bank raised interest rates again. In an effort to cool fears about inflation, mainly high food prices.
Oil prices are falling after China announced it would raise interest rates to control inflation.
Wisconsin Republican House member Paul Ryan will introduce a federal budget plan that will trim more than $5 trillion over the next decade. The Congressman's plan includes some spending cuts and tax code reforms. Here is Marketplace's coverage.
The president will meet with the House Speaker Boehner and the Senate Majority Leader Reid at the White House later this morning to try and avoid a government shutdown later this week. They're looking for $8- to $10 billion more in cuts from what are called "mandatory spending programs."
The Internet radio company Pandora has been subpoenaed as part of a broad federal investigation into smartphone applications. At issue is whether those apps are telling advertisers too much about smartphone users. Check out Marketplace's coverage.
Texas Instruments is gonna buy National Semiconductor for $6.5 billion. The marriage creates a powerhouse microchip firm.
Diamond Foods, best known for nuts, is picking up Pringles from Procter & Gamble in a $2.5 billion deal.
KB Home's fiscal first-quarter loss widened, as the home builder delivered fewer homes and net orders declined. But the Los Angeles company said it is encouraged by higher traffic at the beginning of spring selling season.
Sometimes the best way to market products to kids is to say something is dangerous -- or gross -- or perhaps toxic. That's what an Indianapolis company called Candy Dynamics did with its product "Toxic Waste Bubble Gum." Problem is the gum, which is made in Pakistan, is now being recalled because the FDA has discovered It contains elevated levels of lead. In other words, toxic waste bubblegum is indeed toxic.
Kellie and Todd Fox from Shelby, Mich., want to corner the market for a new kind of wine -- not red wine, not white... It's green. Asparagus wine. See, Michigan is a big asparagus producer. And they don't take near as long to ferment as grapes. So instead of waiting for that vintage Bourdeaux to get just right, you can pop open that cork of veggie deliciousness in less than six months!
You can read the rest of today's story from the Marketplace Morning Report here.