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BreakingNews: California lawmakers and Gov. Arnold Schwarzenegger have reached a deal to close the state’s $26 billion budget gap.
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NEW YORK (Reuters) – U.S. lender CIT Group Inc said on Monday it secured a $3 billion credit facility from bondholders and would start a comprehensive restructuring, in moves seen crucial for the company to avoid a bankruptcy filing. Read more…

WASHINGTON (Reuters) – U.S. Defense Secretary Robert Gates on Monday announced a temporary increase in the size of the U.S. Army that would boost the force by up to 22,000 troops for three years. Read more…

NEW DELHI (Reuters) – The United States and India said Monday they had agreed on a defense pact that takes a major step toward allowing the sale of sophisticated U.S. arms to the South Asian nation as it modernizes its military. Read more…

SACRAMENTO, California (Reuters) – California’s top lawmakers said on Monday they were confident an agreement with Governor Arnold Schwarzenegger on a state budget that closes a $26.3 billion deficit would be reached later in the day and voted on by the legislature on Thursday. Read more…

WASHINGTON (Reuters) – As unemployment rises and economic forecasts sour, the White House has delayed until August the release of its mid-year budget review, which is likely to include a revised projection of the 2009 deficit. Read more…

WASHINGTON (Reuters) – The U.S. State, Justice and Treasury Departments launched a coordinated drive on Monday against Mexico’s Gulf/Los Zetas drug cartel, including new indictments and an asset freeze. Read more…