In today's news: Republicans and Democrats are still fighting about a ceiling, home prices are going down again, so is consumer confidence, food prices are going to go way up, and car loan late payments are going way down.
FEDERAL DEBT: House to reject debt limit increase without cuts
Congressional Republicans are insisting they won’t vote to raise the debt ceiling limit without deep spending cuts. “The move is intended as an embarrassing reminder to Democrats that increasing the government’s ability to borrow is tied to such reductions,” The Associated Press reports.
HOUSING: Home prices: ‘Double-dip’ confirmed
If you thought home prices couldn’t drop any further – well, you were wrong. “Home prices hit another new low in the first quarter, down 5.1 percent from a year ago to levels not reached since 2002,” CNN reports.
The economy may be recovering, but more and more Americans are doubting it. “Consumer sentiment unexpectedly decreased in May to the lowest level in six months as Americans grew concerned over the outlook for jobs and the economy,” Bloomberg reports.
Think food prices are high now? “Food prices could double in the next 20 years and demand in 2050 will be 70 percent higher than now,” MSNBC reports.
While the federal government may not be able to pay its bills, Americans with car loans are getting better at it. “Late payments on auto loans hit their lowest level since 1999 in the first quarter,” The Associated Press reports, “providing more data that shows consumers have gotten a handle on their debt.”