Stock market reacts to Obama budget proposal
By Elissa Shiau
On February 25, 2011
Last week, President Obama unveiled his budget for the next fiscal year, proposing a
$3.73 trillion budget. One of his major goals is to decrease the national deficit. The president
suggested freezing the domestic, non-defense spending for five years in order to cut $400 billion.
The resulting budget has been greatly disputed this past week. The GOP-dominated
House of Representatives is at odds with the Democratic Senate as both groups try to amend
the budget. In a spending outline released last week, House Republicans want to cut funding
to programs such as Obama's high-speed rail initiative, the Environmental Protection Agency,
and energy programs. In response to these proposals, Secretary of State Hillary Clinton said at a
news conference that the proposed cuts would be detrimental to America's national security.
Despite the politically contested budget, the Associated Press reported that US stocks
ended the day mixed. Though investors anticipated a decrease following President Obama's
announcement, there was generally little change. Bond prices were steady after the release, while
the DOW fell 5.07 points (<0.1%), pulled down by Wal-Mart Stores following an unfavorable
analysis by JPMorgan. Standard & Poor's 500 index rose 3.17 points (0.2%) and NASDAQ
gained 7.74 points (0.3%).
Get Top Stories Delivered Weekly
Recent The Munch News Articles
Decreased Consumer Confidence in the US
Lackluster job prospects caused the consumer sentiment rating to drop in April while consumer confidence rebounded from a March ...
Summer Job Outlook Increases
Maryland students looking for part-time work this summer should find it easier to land a job, according to labor research company ...
Increased Competition for Job Positions
Graduating seniors at Maryland are entering an improving, extremely competitive entry-level job market where experience is key, ...
Discuss This Article
GET TOP STORIES DELIVERED WEEKLY
FOLLOW OUR NEWSPAPER
LATEST THE MUNCH NEWS
RECENT THE MUNCH CLASSIFIEDS
OUTSIDE THE LINES
- The Gap in Gum Care: Why Caring For Your Teeth’s F...
- Top Tips for Signature Scents and Better-Smelling Laundry
- A Dog Trainer’s Top Tips to Support Pets Through Life S...
- Clear the Air of Indoor Pollutants This Spring
- Stroke & Dementia in Black Men: Tips for Staying Healthy...
- Hispanics and African Americans at Higher Risk for Eye...
- African Americans at Higher Risk for Eye Disease
- Infinity Kings: Final Book In A Favorite Fantasy Series
- What You Need To Know About Keratoconus and the iLink...
- Your Child’s Tomorrow Begins Today
FROM AROUND THE WEB
- No Child is Forgotten By Marine Toys for Tots
- Sweeten Your Springtime Salads With Healthy Chilean Grapes
- Young Author Translates 4,000-Year-Old Text to Reveal...
- Keeping Cool and Energy-efficient Amid America’s “...
- Addressing Sarcopenia with a Healthy Diet
- Subway’s New Wraps Elevate Eating on the Go
- Family Teacher Conference Topics Beyond Academics
- Youth Take Down Tobacco
- BookTrib’s Bites: Four Reads to Kickoff Spring
- Curbing Colorectal Cancer in Minority Populations
COLLEGE PRESS RELEASES
- Shoff Promotions Comic Book & Sports Card Show
- Semiconductor Research Corp unveils 2024 Research Call, $13.8M Funding
- Charles River Associates Opens Second Scholarship Cycle, Expands to the UK
- BLUMHOUSE AND AMC THEATRES LAUNCH FIRST-EVER HALFWAY TO HALLOWEEN FILM FESTIVAL
- THE GEN Z IMPERATIVE: LISTEN TO FEELINGS AND GIVE GEN Z A VOICE