News In Brief

MIDDAY UPDATE: Tax cut deal reached, Citigroup

Jaclyn Giovis Dec 7, 2010

President Obama and Congress have reached a truce. Obama agreed to keep the Bush-era tax rates the same for all Americans for two years, and in exchange, Congress granted the President’s wish that unemployment benefits be extended and certain tax credits for economic stimulus remain in place.

U.S. taxpayers own a lot less of Citigroup, one of the banks that got the most bailout money during the financial crisis. The Treasury Department sold the last of its common shares yesterday.

And a new survey by the Brookings Institution highlights 150 of the world’s biggest metro areas and examines how they were doing before and after the global economic downturn. Check out a slideshow illustrating the findings at Marketplace.org.

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