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Treasury to cut borrowing, and more

The U.S. Treasury has scaled back its borrowing plans, as banks repay their bailout funds at a better-than-expected pace.

Treasury to cut borrowingThe U.S. Treasury has scaled back its borrowing plans, as banks repay their bailout funds at a better-than-expected pace. The Treasury said it planned to borrow $406 billion in the third quarter, $109 billion less than anticipated. Several large U.S. banks have repaid more than $70 billion lent to them under the Troubled Assets Relief Program. Forged lobbying lettersA Washington lobbying firm has admitted sending out forged letters aimed at ginning up opposition to climate-change legislation. Several lawmakers received letters that purported to be from the NAACP and a Latino lobbying group, urging opposition to a climate-change bill “to protect minorities.” The letters actually came from Bonner & Associates, whose clients include the coal industry. Bonner blamed the episode on a temporary employee who it says has been fired.

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