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News In Brief

MIDDAY UPDATE: Obama reaches out to business community

Jaclyn Giovis Dec 13, 2010

We heard today that President Obama is trying to make nice with the business community. He’s poised to name a replacement for Larry Summers, director of the National Economic Council, who soon will be stepping down from his post.

Just how much of an uphill battle does the President have to climb to improve his relationship with the business community? We heard from Economist Julia Coronado, who says “it’s a pretty steep hill.” The tax cut deal Obama struck with Republican leaders is scheduled for a Senate vote today, and it may be one step forward. But one issue still up for discussion is whether to reinstate the estate tax, otherwise known as the death tax.

And after 151 years, grocery chain A&P may be bankrupt – but it’s not dead yet. Meanwhile, the social networking site Twitter is reportedly planning to set up its first European headquarters in London. And gift registries for weddings are the norm, but what about registries for children?

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