President Barack Obama says Americans’ values are offended by excessive paychecks for executives whose companies were bailed out by taxpayers. Speaking at the White House on Thursday, Obama praised the Treasury Department’s decision to order seven big companies that haven’t paid back last year’s government bailouts to halve their top executives’ average compensation.

The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year. The Treasury Department says the deficit last month was $111.4 billion, below the $152 billion that economists expected.

Treasury Secretary Timothy Geithner says efforts by the United States and other nations to fight a worldwide economic crisis have been able to pull the global economy back from the abyss.

The Obama administration says DHL has agreed to pay the government $9.4 million to settle a dispute that the company made shipments to Iran, Sudan and Syria in violation of U.S. embargoes.

The Obama administration says DHL has agreed to pay the government $9.4 million to settle a dispute that the company made shipments to Iran, Sudan and Syria in violation of U.S. embargoes.

The Obama administration has imposed financial sanctions on a North Korean firm accused of involvement in the country’s missile programs.

Treasury Secretary Timothy Geithner says the United States and China are committed to building a more stable and balanced global economy.

Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time ever. The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar.

General Motors completed an unusually quick exit from bankruptcy protection on Friday with ambitions of making money and building cars people are eager to buy. Once the world’s largest and most powerful automaker, new GM is now leaner, cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.

A bankruptcy judge says General Motors can sell the bulk of its assets to a new company, clearing the way for the automaker to quickly emerge from bankruptcy.

A bankruptcy judge says General Motors can sell the bulk of its assets to a new company, clearing the way for the automaker to quickly emerge from bankruptcy.

The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year.

The Treasury Department has approved 10 of the nation’s largest banks to repay $68 billion in government bailout money.

Another struggling U.S. automaker is expected to file Chapter 11 bankruptcy protection, on Monday. General Motors would be under bankruptcy protection for 60 to 90 days, longer than Chrysler’s expected reorganization. Count on WJBF News Channel 6’s Renita Crawford for local reaction.

The federal government ran a deficit in April for the first time in 26 years, pushing the red ink so far this budget year to a record $802.3 billion.