Trillion Dollar Deficit

STOCKS RALLIED MONDAY AHEAD OF THE FIRST BIG WAVE OF QUARTERLY COMPANY EARNINGS.

THE DOW JUMPED MORE THAN ONE-HUNDRED EIGHTY-FIVE POINTS, WHILE THE NASDAQ AND S&P WERE ALSO UP MORE THAN TWO PERCENT.

THE FEDERAL BUDGET DEFICIT HAS TOPPED ONE TRILLION DOLLARS FOR THE FIRST TIME.

THE TREASURY DEPARTMENT SAYS JUNE PUSHED THE DEFICIT FOR THE FIRST NINE MONTHS OF THE FISCAL YEAR OVER THE TRILLION DOLLAR MARK.

THE DEFICIT HAS BEEN PROPELLED BY GOVERNMENT SPENDING ON THE FINANCIAL CRISIS AND THE WARS IN IRAQ AND AFGHANISTAN, ALONG WITH A DECLINE IN TAX REVENUES.

A BANKRUPTCY JUDGE HAS APPROVED THE SALE OF THE BULK OF AUTO PARTS SUPPLIER DELPHI'S ASSETS TO GENERAL MOTORS AND A PRIVATE EQUITY FIRM.

THE MOVE WOULD HELP DELPHI EMERGE FROM BANKRUPTCY PROTECTION, AND WOULD ENSURE A STEADY SUPPLY OF PARTS FOR G-M.

A JUDGE OVERSEEING DELPHI'S BANKRUPTCY STILL NEEDS TO APPROVE THE AGREEMENT.

WHITE HOUSE ECONOMISTS ARE EXPECTING HEALTH CARE AND ENVIRONMENTAL JOBS TO GROW AT A FASTER RATE THaN THE OVERALL ECONOMY FOR THE NEXT FEW YEARS.

A REPORT FROM THE PRESIDENT'S COUNCIL OF ECONOMIC ADVISORS ALSO PREDICTS A
RECOVERY FOR THE CONSTRUCTION SECTOR, AND JOB CREATION IN THE AEROSPACE AND PHARMACEUTICAL INDUSTRIES.

THE C-E-A STOOD BY A PREDICTION THAT STIMULUS SPENDING WILL SAVE OR CREATE THREE AND A HALF MILLION JOBS BY THE END OF NEXT YEAR.

FOR BUSINESS BRIEF, I'M RICK VINCENT.