The Washington Post,

The long-anticipated Chevrolet Volt, General Motors’ electric car, will cost $41,000, the company announced Tuesday, leaving consumers to decide whether its environmental appeal is worth a price far above that of similarly sized conventional autos.

Electric-car technology has been around for years, but the high cost to make the vehicles has prevented automakers from producing them for the mass market. The price announcements for the Volt and its electric rival, the Nissan Leaf, have been highly anticipated as a result. Nissan, the only other major manufacturer expected to bring such a vehicle to market this year, said the Leaf will cost $32,780.

GM and Nissan are relying on a $7,500 federal tax credit for buyers of electric vehicles to offset some of the added cost, and they’re hoping that the allure of their novel power source will make up the rest.

ABC News,

The numbers don’t lie: two weeks ago, skimmers picked up about 25,000 barrels of oily water. Last Thursday, they gathered just 200 barrels.

Still, it doesn’t mean that all the oil that gushed for weeks is gone. Thousands of small oil patches remain below the surface, but experts say an astonishing amount has disappeared, reabsorbed into the environment.

“[It's] mother nature doing her job,” said Ed Overton, a professor of environmental studies at Louisiana State University.

AP,

President Obama says he can relate to the plight of Americans striving in the struggling economy to pay bills while saving for their kids’ education.

He says he and first lady Michelle Obama took a hit like everybody else when the economy nearly collapsed, telling ABC that a college fund for daughters Malia and Sasha has gone “up and down” with the stock market.

Obama says the first couple is “not that far removed from what most Americans are going through.” He tells the network “it was just a few years ago that we had high credit card balances, we had two kids, thinking about college. We had our own retirement accounts, wondering if we were going to be able to get enough assets in there.”

The American Spectator,

Senate Majority Leader Harry Reid, seeking to console liberal activists who were disappointed by the final version of the national health care law, assured them that there would eventually be a public option.

“We’re going to have a public option,” Reid said. “It’s just a question of when.”

Reid’s general comments reflected the same overall message to progressives that President Obama and House Speaker Nancy Pelosi delivered earlier today. It essentially boils down to: We’ve done a lot of stuff, but we still have a lot of unfinished business, so campaign for us again.

The Detroit Bureau,

Ford Motor Co continued to roll forward during the second quarter of 2010, reporting a profit of $2.6 billion, or 61 cents per share, as each of its major business operations around the world posted larger profits.

The second quarter financial report reflected the best results by Ford since the first quarter of 2004, Ford chief executive officer Alan Mulally said, adding the company should be able to go from a net debt to a net cash position by year-end.

“We delivered a very strong second quarter and first half of 2010 and are ahead of where we thought we would be despite the still-challenging business conditions,” Mulally said, adding Ford expects to continue to post strong results through the balance of the year and through 2011.

The Hill,

Senate Majority Leader Harry Reid (D-Nev.) will bring a limited package of oil spill response and energy measures to the floor next week, delaying action until at least this fall on a broader proposal that would impose greenhouse gas limits on power plants, senior Senate Democratic aides said.

Aides insisted Reid’s decision is a nod to the packed floor schedule the Senate faces before it leaves in two weeks for the August recess, and that he has not abandoned plans to try and bring up a broader climate and energy plan later in the year.

But other legislative priorities and election-year politics might scuttle the wider climate and energy plan altogether.

ABC News,

Starting Jan. 1, 2012, Form 1099s will become a means of reporting to the Internal Revenue Service the purchases of all goods and services by small businesses and self-employed people that exceed $600 during a calendar year. Precious metals such as coins and bullion fall into this category and coin dealers have been among those most rankled by the change.

This provision, intended to mine what the IRS deems a vast reservoir of uncollected income tax, was included in the health care legislation ostensibly as a way to pay for it. The tax code tweak is expected to raise $17 billion over the next 10 years, according to the Joint Committee on Taxation.

Taking an early and vociferous role in opposing the measure is the precious metal and coin industry, according to Diane Piret, industry affairs director for the Industry Council for Tangible Assets. The ICTA, based in Severna Park, Md., is a trade association representing an estimated 5,000 coin and bullion dealers in the United States.

AP,

Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming to restrain Wall Street excesses that could set off a new recession.

The president’s signing ceremony capped nearly two years of intense debate over how to avoid a recurrence of the 2008 financial meltdown that buckled the U.S. economy and has left sharp, lasting imprints on the nation’s politics and in Americans’ homes.

In a heated midterm election season that has put a dent in his public support, Obama sought to put the complex law in pocketbook terms. Emphasizing provisions that guard borrowers from abusive lenders, he claimed “the strongest financial protections for consumers in the nation’s history.”

President Obama plans to press Congress today to pass pay-equity legislation that would make it easier for women to sue employers who pay them less than their male counterparts, the White House said Monday.

“Women deserve equal pay,” White House senior adviser Valerie Jarrett said in an interview, citing government statistics that show women earn 77 cents for every dollar men earn. “It’s a very fundamental right.”

Obama will announce his support for the Paycheck Fairness Act, a bill that has languished in Congress for several years. In 2007, President Bush warned he would veto the bill, and it has been stalled by opposition from some Republicans and business groups, including the U.S. Chamber of Commerce.

Bloomberg,

U.K. Prime Minister David Cameron announced plans to use “hundreds of millions of pounds” from dormant bank accounts to fund community projects, while Business Secretary Vince Cable said lenders “ripped off” customers.

Cameron said he will press ahead with a proposal set out in the coalition government’s program to establish a “Big Society Bank” to finance moves by charitable groups and not-for-profit companies to take over jobs currently done by the government.

“These unclaimed assets, alongside the private-sector investment that we will leverage, will mean that the Big Society Bank will over time make available hundreds of millions of pounds of new finance to some of the most dynamic social organizations in our country,” Cameron said in a speech in Liverpool, northwest England, today.

When Congress required most Americans to obtain health insurance or pay a penalty, Democrats denied that they were creating a new tax. But in court, the Obama administration and its allies now defend the requirement as an exercise of the government’s “power to lay and collect taxes.”

And that power, they say, is even more sweeping than the federal power to regulate interstate commerce.

Administration officials say the tax argument is a linchpin of their legal case in defense of the health care overhaul and its individual mandate, now being challenged in court by more than 20 states and several private organizations.

The Washington Post,

Half a year after some predicted he would be booted from the Obama administration, Treasury Secretary Timothy F. Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

Few Treasury secretaries have had such sweeping influence over such a wide realm as Geithner will wield once President Obama signs the new financial overhaul legislation passed this week by Congress.

The effort to dramatically expand financial regulation bears the stamp of no one more than Geithner. The bill not only hews closely to the initial draft he released last summer but also anoints him — as long as he remains Treasury secretary — as the chief of a new council of senior regulators. The legislation also puts him at the head of the new consumer bureau until a director is confirmed by the Senate, allowing Geithner to mold the watchdog in coming months. And it will be up to him to settle a raft of issues left unresolved by the bill — for instance, which financial derivatives will be subject to the tough new trading rules and which risky activities big banks will be required to spin off.

My Way News,

A sweeping overhaul of the nation’s financial regulations stands on the verge of reaching President Barack Obama’s desk after a year of partisan struggles and delicate cross-party courtships that promised more and delivered less.

Only three Senate Republicans say they will vote for the bill during a key vote Thursday that will set the stage for final passage. But the bill bears the fingerprints of many others in the GOP.

Senate Banking Committee Chairman Chris Dodd, D-Conn., negotiated several provisions with key committee Republicans such as Richard Shelby and Bob Corker. Neither, though, intends to vote for the bill.

That those bipartisan talks even occurred was remarkable in the highly politicized atmosphere in Congress. That they failed to expand the bill’s base of support illustrates how much things remain the same.

AppleInsider,

Dear Mr. Jobs,

I write to express concern regarding the reception problem with the Apple iPhone 4. While I commend Apple’s innovative approach to mobile technology and appreciate its service to millions of iPhone users nationwide, I believe it is incumbent upon Apple to address this flaw in a transparent manner. According to Consumer Reports’ review, released Monday on its website, the iPhone 4′s signal-strength problem is a hardwire glitch triggered by gripping the device in a particular manner. This finding, according to Consumer Reports, “call[s] into question” Apple’s recent claim that the problem is “largely an optical illusion caused by faulty software.” Consumer Reports declined to recommend the iPhone 4 because of this hardware design flaw.

Given the discrepancy between Consumer Reports’ explanation of the reception problem and the explanation provided by Apple in its July 2 letter to customers, I am concerned that the nearly two million purchasers of the iPhone 4 may not have complete information about the quality of the product they have purchased. The burden for consumers caused by this glitch, combined with the confusion over its cause and how it will be fixed, has the potential to undermine the many benefits of this innovative device. To address this concern, I ask that Apple provide iPhone 4 customers with a clearly written explanation of the cause of the reception problem and make a public commitment to remedy it free-of-charge. The solutions offered to date by Apple for dealing with the so-called “death grip” malfunction—such as holding the device differently, or buying a cover for it—seem to be insufficient. These proposed solutions would unfairly place the burden on consumers for resolving a problem they were not aware of when they purchased their phones.

I also encourage Apple to keep its promise to provide free software updates so that bars displayed accurately reflect signal strength; I further urge Apple to issue a written explanation of the formula it uses to calculate bar strength, so that consumers can once again trust the product that they have invested in.

I look forward to Apple’s swift action on this matter, and once again laud Apple for its innovative efforts and service to millions of Americans.

Sincerely,
Charles E. Schumer