(CNN) - The American Opportunity Tax Credit helped soften the blow of college tuition for more than 12 million students last year, but it's due to expire at the end of this year unless President Barack Obama gets his way.
To remind Congress of the importance of extending the credit, top government advisers spoke to reporters Tuesday about why they believe the break is worth keeping around.
"[Obama] believes that it is important for this to be extended and for families to have the certainty and confidence that this [credit] will be there when they are making the choices about sending their children to college," said Gene Sperling, counselor to the Treasury Secretary.
New York (CNNMoney.com) - Planned job cuts rose for a third straight month in July, fueled by continued weakness in the government and non-profit sector, a report Wednesday showed.
Employers announced plans to eliminate 41,676 jobs last month, according to outplacement firm Challenger, Gray & Christmas Inc. That's up 6% from June, when job cuts rose to 39,358.
Since hitting a four-year low in April, job cuts have risen nearly 9% over the past three months, but downsizing remains well below 2009 levels and cuts in July were down 57% from a year ago.
So far this year, employers have announced 339,353 job cuts, down 64% from the same period last year.
New York (CNNMoney.com) - Get ready for a smaller paycheck.
At least that's what could happen if Congress doesn't approve President Obama's proposal to extend the Making Work Pay tax credit soon.
The credit, introduced last year as part of the government's stimulus package, boosts paychecks by up to $400 for single filers and up to $800 for joint filers, by reducing the amount of tax withheld from each paycheck.
NEW YORK (CNNMoney.com) - The Obama administration has sent a $69 million bill to BP for the U.S. government's efforts to help deal with the energy company's oil spill in the Gulf of Mexico.
The current $69 million bill accounts for 75% of what BP owes to date, and the company has until July 1 to pay the full amount, an administration official said Thursday.
The Obama administration will bill BP regularly for costs related to the spill, according to the Deepwater Horizon Unified Command, which is the government and industry task force managing the spill response.
"As a responsible party, BP is financially responsible for all costs associated with the response to the spill," the task force said.
The bill was also sent to Transocean, Andarko, Moex Offshore and QBE Underwriting, a copy of the bill obtained by CNN showed.
Included in the bill sent to BP was a $29 million charge for Federal agencies to operate ships, aircraft and boats to monitor environmental damage and another $29 million charge for the activation and deployment of the National Guard, an administration official said.
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New York (CNNMoney.com) - This year, it's going to take the average American 99 days to earn enough money to pay the IRS. That's one day longer than last year.
"Tax Freedom Day" marks the date that most Americans have earned enough money to pay their federal, state and local taxes, and this year that day arrives on April 9, according to the Tax Foundation's annual calculation, which is based on government tax and income data.
Arriving one day after it did last year, Tax Freedom Day means that Americans will have to work that much harder - for more than three months - just to pay their 2010 taxes.
The number of days Americans have to work to pay off their taxes has declined steadily since 2007. That's due to a handful of tax cuts, certain income tax provisions that were repealed for 2010 and because the recession has reduced tax collections faster than it has cut income, according to the Tax Foundation.
But while it will take people less time to earn the money this year than it did in 2007, Americans will still spend more on taxes in 2010 than they will on food, clothing and shelter combined, the Tax Foundation said.
New York (CNNMoney.com) - A total of 30 states and Washington, D.C., reported rising unemployment rates in January, down from the number in the previous month, according to a government report released Wednesday.
Jobless rates decreased in nine states, according to the Labor Department's monthly report on state unemployment. Eleven states reported no change.
In December, 43 states reported monthy jobless rate increases.
Twenty-five states posted jobless rates lower than the national unemployment rate of 9.7% in January. Eleven states and Washington, D.C., reported rates higher than the national average, down from 17 states and Washington, D.C. posting rates higher than the national average of 10% in December.
The report said all 50 states had an unemployment rate in January that was higher than a year earlier.