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Citigroup reaches aid deal with government

 NEW YORK (AP) — The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank.

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Economy shrinks at fastest pace in 26 years

 WASHINGTON (AP) — The economy contracted at a staggering 6.2 percent pace at the end of 2008, the worst showing in a quarter-century, as consumers and businesses ratcheted back spending, plunging the country deeper into recession.

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Mortgage relief bill set for House vote Thursday

 WASHINGTON (AP) — Debt-strapped homeowners facing foreclosure could resort to bankruptcy to force reductions in their monthly mortgage payments under a measure awaiting a House vote.

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GM posts $9.6B 4Q loss, burns through $6.2B cash

 DETROIT (AP) — General Motors Corp. posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running.

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'Hard choices' budget sees $1.75 trillion deficit

WASHINGTON (AP) — President Barack Obama has unveiled a $3.55 trillion spending plan for next year that would boost taxes on the wealthy and curtail Medicare to make way for a $634 billion down payment on universal health care.

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