U.S. Treasury buys time for Biden and GOP on debt limit deal

WASHINGTON - The Treasury Department says it has started taking "extraordinary measures" as the government has run up against its legal borrowing capacity of $31.381 trillion.

Treasury Secretary Janet Yellen sent a letter to congressional leaders Thursday urging them to act to raise the debt limit. Friction between President Joe Biden and House Republicans is raising concerns about whether the U.S. can sidestep an economic crisis.

Markets so far remain calm, as the government can temporarily rely on accounting tweaks to stay open. That means any threats to the economy are several months away.

- Associated Press

New USDA rule boosts "organic" food oversight, targets fraud

The Agriculture Department issued new requirements for foods labeled organic, a move aimed at cracking down on fraud and boosting oversight. The rule strengthens enforcement of the USDA's strict definitions of organic, which requires these foods to be made with natural substances and biologically based farming metho ds.

The rule requires USDA's National Organic Program certification for all imported organic food, increases certifications of more businesses in the supply chain and boosts authority for inspections, record-keeping, traceability and fraud prevention practices. The new rule, announced Thursday, takes effect in March and companies will have a year to comply with the requirements.

- Associated Press

Fed's Brainard: Taming inflation may not cause big job cuts

WASHINGTON - Federal Reserve Vice Chair Lael Brainard said Thursday that high inflation in the United States is easing and suggested it was possible that the Fed's interest rate hikes could slow price acceleration without causing significant job losses. Speaking in Chicago, Brainard sketched out a more optimistic outlook for inflation than some Fed speakers have in recent days. At the same time, Brainard cautioned that inflation is still high and said the Fed would have to keep interest rates elevated "for some time" to curb price growth. She did not explicitly signal whether she would support a quarterpoint or half-point rate increase at the Fed's next meeting Jan. 31-Feb. 1.

- Associated Press

Tyson, others, lose Oklahoma lawsuit over poultry pollution

The world's largest poultry producer is among nearly a dozen poultry companies that face a March 17th deadline to reach agreement with the state of Oklahoma on how to clean a polluted watershed. A federal judge on Wednesday ruled that Arkansasbased Tyson Foods, Minnesota-based Cargill Inc. and others are responsible for pollution of the Illinois River Watershed by disposing of chicken litter that leached into the river. The ruling came in a lawsuit filed in 2005 by then-Oklahoma Attorney General Drew Edmondson, who said he believes there is plenty of time for an agreement if the companies recognize how little room they have to make demands.

- Associated Press

Netflix's 4Q subscribers surge, long-time CEO passes baton

Netflix's subscriber growth is surging again. That's providing an early sign that its shift to include ads in a cheaper version of its video streaming service is helping combat tougher competition and attract cost-conscious customers grappling with inflation.

The company on Thursday disclosed a gain of 7.7 million subscribers during the October-December period, a stretch that included the debut of an ad-supported option for $7 per month. It's the second straight quarter of strong subscriber growth after two quarters or losses. The company based in Los Gatos, California, also announced Thursday that its cofounder Reed Hastings is relinquishing his role as co-CEO to become executive chairman.

- Associated Press

Boeing ordered to be arraigned on charge in Max crashes

DALLAS - A federal judge is ordering Boeing to appear in court next week and be arraigned on a felony charge stemming from crashes of two 737 Max jets. The judge's ruling Thursday threatens to unravel an agreement that Boeing negotiated with the government to avoid prosecution. The judge's ruling comes after relatives of passengers killed in the crashes say the government violated their rights by reaching a settlement with Boeing without first notifying the families. U.S. District Court Judge Reed O'Connor in Fort Worth, Texas, ordered Boeing to send a representative to his courtroom next Thursday for arraignment.

- Associated Press