Driving the Day: 4/10/12

Apr 10, 2012

Need to know…

  • Health Care Bill To Add $340 Billion Over Next Decade. A new study set to be released today by Charles Blahous, a Republican member of the board that oversees Medicare financing, says that the health care law will actually add more than $340 billion to the nation’s budget woes over the next decade. “The (law) both increases a federal commitment to health care spending that was already unsustainable under prior law and would exacerbate projected federal deficits relative to prior law,” wrote Blahous in the 52-page analysis, released by George Mason University’s Mercatus Center.
  • Consumer Financial Protection Bureau Plans to Propose New Rules for Mortgage Servicing Firms. The CFPB is looking to overhaul the mortgage servicing industry, arguing that the problem-plagued sector is unaccountable and opaque. Cordray is expected to tout the new initiative at a public event today. 
  • Small Business Morale Drops in March. U.S. small business confidence dropped in March for the first time in six months amid widespread pessimism, adding to evidence suggesting that economic growth slowed in the first quarter. The National Federation of Independent Business said on Tuesday its optimism index dropped to 92.5 last month from 94.3 in February.
  • EU Slump Stalls U.S. Corporate Growth. U.S. corporate profit growth stalled in the U.S. last quarter as companies saw gains in the world's largest economy eroded by a slump in Europe. Earnings at Standard & Poor's 500 Index companies, excluding financials, are seen gaining 0.6 percent in the first and the second quarter from a year earlier, according to analysts' estimates compiled by Bloomberg, the slowest growth rate since 2009. The European debt crisis and a slowdown in China are hurting S&P 500 companies, which derive about 40 percent of profits from abroad.

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