November 30, 2007

Earlybird Roundup: Mortgage Market Fix, War-Funding Compromise

Administration. The White House cut its forecast for economic growth yesterday and moved closer to a deal with financial institutions that would temporarily freeze interest rates in the troubled subprime mortgage market (subscription).

Economy. Meanwhile, Federal Reserve Chairman Ben Bernanke last night signaled he is open to cutting interest rates further.

Congress. President Bush renewed his push for war funding without strings, as Rep. John Murtha, D-Pa., said he is "optimistic" Congress and the White House will be able to reach a compromise.

Iran. As the European Union's top diplomat prepared to meet with Iran's chief nuclear negotiator in London, the Iranian foreign minister said late yesterday that Tehran would never abandon its nuclear ambitions.

Iraq. Newly elected Australian Prime Minister Kevin Rudd said today he'd withdraw the country's combat troops from Iraq by mid-2008.

See Earlybird (subscription) for more of this morning's headlines.

Posted at 9:02 AM
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