Money in a Minute: Headlines for Feb. 15, 2011

GOVERNMENT: Republicans in congress reject Obama budget, seek cuts

President Obama has proposed a $3.7 trillion federal budget for next year, which would reduce deficits by $1.1 trillion over a decade. But Republican House Speaker John Boehner replied the president’s plan “will destroy jobs by spending too much, taxing too much and borrowing too much.”

BUDGET CUTS: Obama’s wackiest budget cuts

In related news, CNN looked at what Obama actually wants to cut – and found oddball programs like “McGovern-Dole micronutrient grant” ($12 million) and the “B.J. Stupak Olympic Scholarship” ($1 million).

BP OIL SPILL: AP Enterprise: Gulf claims process under fire

An investigation by the Associated Press reveals that despite BP’s promised $20 billion to compensate Gulf victims. “Tens of thousands of fishermen, oyster shuckers, business owners, hotel operators and hairdressers still await payment,” the AP reports. The likely result? A big court battle.

WORLD: Japan confirms China passed its economy in 2010; U.S. still No. 1

China has surpassed Japan as the world’s No. 2 economy, and while most Americans don’t realize it, we’re still No. 1. China was acknowledged last year as having surpassed Japan as the world’s No. 2 economy after the U.S. — a title Japan had held since 1968,” USA Today reports. “But full-year Japanese data confirming it were not available until Monday.”

LAW: Prenups: Not just for married couples anymore

It’s no surprise that the recession has led to more divorcing couples fighting over every asset in court. But here’s what is a surprise: The rise in pre-nups for couples that aren’t married. MSNBC reports there’s “an increase in the number of cohabitation agreements that protect property and other assets for partners living outside the bounds of legally recognized marriages.”

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