Mark Brooks

One bright spot in the projections: tame levels of inflation at just over 2 percent for all of the next decade.

The draft memorandum of understanding, seen by The Associated Press Wednesday, claims the country's banking sector is now three-and-a-half times the size of the country's economy, down from five-and-a-half times.

In afternoon trading benchmark oil for May delivery was up 31 cents at $94.51 a barrel in New York.

ConocoPhillips said uncertainties of evolving federal regulatory requirements are the reason for backing off.

In its health-check of European Union countries with debt and deficit problems, the Commission singled out Spain and Slovenia as countries where swift action was needed.

Premier Alison Redford said in a telephone interview with The Associated Press that the issue would keep coming up. Redford is in Washington for her fourth trip to lobby on behalf of a pipeline that Canada sees as critical to its economic well-being.

Minutes of the Fed's March 19-20 meeting show a few members want end "relatively soon" a program that is spending $85 billion a month to purchases bonds, saying the costs likely outweigh the benefits.

The president's proposal being unveiled Wednesday includes an additional $1.8 trillion in deficit reduction over the next decade, bringing total deficit savings to $4.3 trillion, based on the administration's calculations.

A representative for Hostess says a U.S. Bankruptcy Court judge in New York approved the two deals Tuesday.

Benchmark oil for May delivery gained 84 cents to finish at $94.20 a barrel. Oil is up $1.50 the past two days after declining by $4.53, or 4.7 percent, last week.

Obama urged the Senate to move swiftly in confirming the members -- two Republicans and one Democrat -- along with two other Democrats he nominated in February. That would fill all five seats on the board.

Ernest Moniz, a physics professor at the Massachusetts Institute of Technology, said "a stunning increase" in production of domestic natural gas in recent years was nothing less than a "revolution" that has led to reduced emissions of carbon dioxide and other gases that cause global warming.

The recall affects Jeep Patriot and Jeep Compass four-wheel-drive vehicles from the 2012 model year. If they run out of gas, the engines can stall.

A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their homes or were at risk of foreclosure, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday.

Chrysler 300, Dodge Charger, and Dodge Challenger sedans made between April 2011 and December 2011 are involved in the recall.

Germany, which has Europe's biggest economy, has been a major force in making austerity-led deficit reduction the focus of the 17-nation euro area's crisis response, while Washington has said it would like to see more growth-friendly policies.

The British government says a pilot program will be developed that allows for data to be automatically shared among the five countries.

The missive that began Tuesday marks the third phase in a 5-month-old marketing campaign that Microsoft derisively calls "Scroogled."

The company has been the subject of a public smackdown between two hedge fund moguls.

Ideas like higher Transportation Security Administration fees on airline tickets, the end of Saturday mail delivery and higher pension contributions for federal workers are the hardy perennials of Obama's budgets, reprised year after year, along with more widely known proposals like taxing oil companies and the rich.