Deficit Growing, Positive Stress Tests

MYFOXNY.COM - In news making financial headlines today: lawmakers in Washington, D.C., want to reform the credit card industry; the U.S. deficit is exploding and Federal Reserve Chairman Ben Bernanke says last week's bank stress tests should give Americans confidence.

Watch the video, left, for NY Money Authority Lisa Murphy's full report.

US DEFICIT: New White House estimates show the government will need to borrow 46 cents for every dollar it takes to run the government.  It will push the federal deficit to $1.8 trillion.

BERNANKE/STRESS TESTS: Stress tests of the Federal Reserve Bank showed 10 of the 19 bnaks tested must raise $75 billion in new capital to weather any future economic trouble.

CREDIT CARD REFORM: A new bill is aimed at returning lower interest rates to delinquent credit card users. A compromise proposal would give those lower rates back to troubled users if they pay their bills on time for six months.