February 04, 2014
Lew Urges Congress to Raise the Debt Ceiling; Equity Markets Suffer Largest Drop Since June
On the Hill
- Rep. Rob Andrews (D-NJ) is expected to announce that he is leaving the United States Congress. State Senator Donald Norcross is expected to run to fill the seat.
- Sandra Fluke has just filed with the California Democratic Party, seeking an endorsement to run to fill Rep. Henry Waxman’s congressional seat.
- Treasury Secretary Jack Lew urged Congress to raise the debt ceiling Monday, as he fears that the Treasury will soon be left unable to pay the country’s bills.
- Factory orders decreased 1.5% in December, within the consensus range.
- The release of poor economic indicators on Monday resulted in the market’s worst day since June 20th (see yesterday’s Update). The S&P 500 ended down 2.3%, while the Nasdaq dropped 2.6%.
- The European Commission has published its first report on graft, which calculated that Europe loses €120 million to corruption each year.
- Microsoft has announced that Satya Nadella will replace Steven A. Ballmer as the company’s CEO. Bill Gates himself will be stepping down as chairman to become a technical advisor to Nadella.