Panetta: Bigger defense cuts would be devastating (AP)

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• Panetta: Bigger defense cuts would be devastating (AP)
• Merkel, Sarkozy propose eurozone government (AP)
• In Midwest, Obama seeks ideas for jolting economy (AP)
• US stocks fall on European economic, debt worries (AP)
• $360M lost to insurgents, criminals in Afghanistan (AP)
• Australian 'collar bomb' suspect ordered detained (AP)
• Trump praises Perry, keeps open a possible run (AP)
• Police: NM kidnapper thwarted by alert neighbor (AP)
• 350-year-old stolen Rembrandt found at CA church (AP)
• Husband of `Real Housewives' star Armstrong dies (AP)
• Sarkozy and Merkel push euro integration (Reuters)
• Wall Street slides as euro zone fears remain (Reuters)
• Industrial output surges as Japan quake impact eases (Reuters)
• Rebels scorn talks with isolated Gaddafi (Reuters)
• Reporter implicates Murdoch execs and ex Cameron aide (Reuters)
• Fitch affirms U.S. AAA rating, disagrees with S&P (Reuters)
• Obama blames Congress Republicans on bus tour (Reuters)
• Wal-Mart U.S. sales start to perk up, as do shares (Reuters)

Panetta: Bigger defense cuts would be devastating (AP) Posted: 16 Aug 2011 12:06 PM PDT AP - Bigger defense cuts triggered by failed deficit reduction negotiations would have "devastating" effects on the nation's security, Defense Secretary Leon Panetta said Tuesday.

Merkel, Sarkozy propose eurozone government (AP) Posted: 16 Aug 2011 12:57 PM PDT AP - The leaders of France and Germany called Tuesday for greater economic discipline and unity among European nations but declined to take the expensive financial measures seen by many investors as the only way to halt the continent's spiraling debt crisis.

In Midwest, Obama seeks ideas for jolting economy (AP) Posted: 16 Aug 2011 12:53 PM PDT AP - Seeking some help from rural America, President Barack Obama on Tuesday implored Iowans to share ideas with him about how leaders can give an economic jolt to the nation's heartland. He promised better days in a time of relentless joblessness, saying, "We'll get through this moment of challenge."

US stocks fall on European economic, debt worries (AP) Posted: 16 Aug 2011 12:40 PM PDT AP - Worries about Europe's economic and debt problems sent stocks falling Tuesday and threatened to end their three-day rally.

$360M lost to insurgents, criminals in Afghanistan (AP) Posted: 16 Aug 2011 12:22 PM PDT AP - The U.S. military estimates that $360 million spent on combat support and reconstruction contracts in Afghanistan has ended up in the hands of people the American-led coalition has battled for nearly a decade: the Taliban, criminals and local power brokers with ties to both, The Associated Press has learned.

Australian 'collar bomb' suspect ordered detained (AP) Posted: 16 Aug 2011 12:23 PM PDT AP - An Australian investment banker accused of attaching a fake bomb to a teenager's neck as part of an extortion plot once worked for a company with ties to the victim's family, according to federal court documents released Tuesday.

Trump praises Perry, keeps open a possible run (AP) Posted: 16 Aug 2011 12:50 PM PDT AP - Real estate mogul Donald Trump says he expects Texas Gov. Rick Perry will do "very nicely" as a presidential candidate. But the reality TV show host isn't ready to endorse anyone in the race and says he still may run as an independent.

Police: NM kidnapper thwarted by alert neighbor (AP) Posted: 16 Aug 2011 12:19 PM PDT AP - Police are crediting an alert neighbor with saving a 6-year-old girl from a man who snatched her and shoved her into a van as she walked home from a neighbor's house where she had been sent to pick up tostadas.

350-year-old stolen Rembrandt found at CA church (AP) Posted: 16 Aug 2011 12:14 PM PDT AP - A stolen Rembrandt sketch was too hot to handle for thieves, and even the detective who held the 17th century artwork in white-gloved hands Tuesday admitted he was nervous. After all, it was only days earlier that the 350-year-old artwork worth $250,000 was swiped from the lobby of a seaside hotel.

Husband of `Real Housewives' star Armstrong dies (AP) Posted: 16 Aug 2011 12:32 PM PDT AP - The estranged husband of a "Real Housewives of Beverly Hills" cast member has been found dead in his Los Angeles home, apparently from suicide.

Sarkozy and Merkel push euro integration (Reuters) Posted: 16 Aug 2011 12:31 PM PDT Reuters - The leaders of France and Germany unveiled wide-reaching plans Tuesday for closer euro zone integration, including deficit limits and biannual summits, but said joint euro bonds could only be a longer-term option.

Wall Street slides as euro zone fears remain (Reuters) Posted: 16 Aug 2011 12:02 PM PDT Reuters - Wall Street stocks fell on Tuesday after a meeting of the heads of France and Germany failed to quell market fears about euro zone leaders' ability to contain the region's sovereign debt woes.

Industrial output surges as Japan quake impact eases (Reuters) Posted: 16 Aug 2011 12:46 PM PDT Reuters - U.S. industrial output recorded its best gain in seven months in July as the auto sector bounced back from supply disruptions wrought by Japan's devastating earthquake in March.

Rebels scorn talks with isolated Gaddafi (Reuters) Posted: 16 Aug 2011 10:27 AM PDT Reuters - Rebels fighting to topple Muammar Gaddafi scorned reports of secret talks with the Libyan leader on Monday as their forces fought to secure gains and the United States said Gaddafi's days were numbered.

Reporter implicates Murdoch execs and ex Cameron aide (Reuters) Posted: 16 Aug 2011 10:57 AM PDT Reuters - Phone hacking was widely known about at Rupert Murdoch's News of the World, according to a reporter blamed as the sole culprit, contradicting repeated denials by senior executives and dragging Britain's prime minister back into the scandal.

Fitch affirms U.S. AAA rating, disagrees with S&P (Reuters) Posted: 16 Aug 2011 12:22 PM PDT Reuters - Fitch Ratings on Tuesday confirmed the United States' top-notch credit rating and, in blatant disagreement with rival Standard & Poor's, gave a vote of confidence to Washington's deficit-reduction efforts.

Obama blames Congress Republicans on bus tour (Reuters) Posted: 16 Aug 2011 01:02 PM PDT Reuters - President Barack Obama on Tuesday sought to turn voter anger over the economy toward Republicans in the Congress as he courted rural Americans in a campaign-style bus tour through a key election state.

Wal-Mart U.S. sales start to perk up, as do shares (Reuters) Posted: 16 Aug 2011 12:39 PM PDT Reuters - Wal-Mart Stores Inc said same-store sales at its U.S. discount chain rose in July, as a renewed emphasis on offering low prices on a wide assortment of goods started to stem more than two years of quarterly sales declines.

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