• President Obama went on the offensive with congress in putting forth his jobs bill, the American Jobs Act. Republicans are balking at his “all or nothing” approach, while trying not to appear intransigent. The $447B package is comprised of a mix of employee/employer tax cuts and stimulus spending. Given early contention and the magnitude of the problem, it’s difficult to predict much quick relief here. From the New York Times.
• The ECB acknowledged yesterday that economic risks have “intensified”. Trichet held the main policy rate steady at 1.5% and opened the door for a more protracted accommodating position. From the Wall Street Journal.
• BofA officials are in the middle of meeting in Charlotte to discuss dramatic streamlining at the bank. “Project New BAC” could result in the elimination of as many as 40,000 jobs. From the Wall Street Journal.
• U.S. officials warn of “credible” terrorist threat on the 10-year anniversary of 9/11. Information is still unconfirmed, but news of the threat was released directly following President Obama’s speech last night. Al Queda operatives in Pakistan are believed to be behind it. From the Wall Street Journal.