Lew: Congress needs to pass debt limit


July 29, 2013 at 12:00a.m.

Lew: Congress needs to pass debt limit

washington

Congress needs to raise the debt limit and take away the “cloud of uncertainty” about the nation’s ability to pay its bills, Treasury Secretary Jack Lew said in an interview broadcast Sunday.

“The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit. We saw confidence fall, and it hurt the economy,” Lew said on NBC’s “Meet The Press.” “Congress needs to do its job. It needs to finish its work on appropriation bills. It needs to pass a debt limit.”

Senior lawmakers on Capitol Hill are trying to come up with must-do legislation to keep federal agencies running after Sept. 30 and prevent the possibility of a government shutdown.

Omnicom, Publicis in ‘merger of equals’

paris

Omnicom Group Inc. and Publicis Groupe SA say they are combining in a “merger of equals” that will create the world’s largest advertising firm, one worth more than $35 billion.

The combined company will be called Publicis Omnicom Group and be jointly led by Omnicom CEO John Wren and Publicis CEO Maurice Levy as co-chief executives. The move is designed to bolster the companies’ focus on growing Asian and Latin American markets such as China and Brazil, where they each have ramped up operations to counter lackluster growth in weak European markets.

Associated Press

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STOCK, DIVIDENDCLOSECHANGE

Aqua America, .76, 34.16 .22

Avalon Holdings,3.60.00

Clear Channel, .61 28.48 .04

Cortland Bancorp, 9.85.00

Farmers Nat., .126.32 —.16

First Energy, 2.20, 38.91.65

FirstMerit Corp., .64,22.43 —.11

First Niles Financial, .32,8.49.00

First Place Fin., .0023.00

FNB Corp., .48,12.96.07

General Motors,36.67—.41

General Electric, .76,24.65—.04

Motors Liquidation, .0422.00

Huntington Bank, .20, 8.60—.04

JP Morgan Chase, 1.52,56.04—.46

Key Corp, .22,12.40.04

LaFarge, 16.70 .23

Macy’s, 1.00, 48.17.17

Parker Hannifin, 1.80, 102.15.74

PNC, 1.76,75.88—.12

RTI Intl. Metals,31.16.23

Simon Prop. Grp.,4.60,164.55.76

Stoneridge 12.14 —.20

United Community Fin. 4.99—.01

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