IBT Staff Reporter

Senate Democratic Leader Harry Reid said on Friday his budget legislation would increase the nation's borrowing authority until March, 2013 and reiterated that he would not accept a short-term debt limit increase as Republicans are insisting.

Alibaba Group stands to get up to $6 billion in a spin-off of its Alipay e-payment division under a long-awaited deal the Chinese company struck with partners Softbank Corp and Yahoo Inc.

Colorado Rockies' ace Ubaldo Jimenez is on the trade market and it appears that division rivals Boston Red Sox and New York Yankees are in the hunt for the pitcher.

The Dark Knight Rises star Christian Bale and director Christopher Nolan were warmly welcomed to the city of Pittsburgh with a laser show displaying the bat signal and a twenty minute press conference. Batman actor Christian Bale was one of the people introduced at the conference and during his one minute speech thanked the city and mentioned about plenty of fighting sequences to be shot on the streets.

The U.S. economy grew less than expected in the second quarter as consumer spending barely rose amid higher gasoline prices, and growth braked sharply in the prior quarter, a government report showed on Friday.

Anders Behring Breivik, the Norwegian murderer who killed 76 people in Oslo and Utoeya Island, might live 21 years in the country's Halden Fengsel prison, which has been designed to accommodate the most vile criminals such as murderers and rapists.

China's Alibaba Group said it has reached an agreement with Softbank Corp and Yahoo Inc that promises Alibaba could receive up to $6 billion from an initial public offering or liquidation of its e-payment unit, Alipay.

Investors were expecting Motorola's newest anticipated device, the LTE capable Bionic, to be released August. On top of the Bionic's delays, Motorola is also delaying their newest update of the Xoom tablet. To continue to add insult to injury, Motorola had to cut the price of their current Xoom tablet to $499 from $799 after disappointing sales.

A 200 million year old reptilian fossil was discovered by Alaskan scientists along the shores of Tongass National Forest. It was the low tide that made the discovery possible as a rare marine creature called Thalattosaurs was submerged in water and rocks. The last Thalattosaurs to survive was after the Triassic period, roughly 200 million years ago.

After being officially reinstated by the NFL, embattled wide receiver Plaxico Burress is being courted in style by the New York Giants, his former team.

According to a new study released Thursday, pumping iron may reduce your chance of contracting type II diabetes. It's been known for some time by medical experts that reducing your body fat will reduce your chances of getting type 2 diabetes. However, the new study from UCLA now recommends that increasing your muscle mass could do more in decreasing your risk.

The sweepstakes for Oakland Raiders' cornerback Nnamdi Asomugha is down to two teams - the Dallas Cowboys and the New York Jets.

Stocks regained momentum on Friday, trimming earlier losses to trade near unchanged after the S&P briefly hit a key technical level.

It's been just over a month since Google+ launched invites, but reports say the site's traffic is showing signs of slowing down.

Long-term investors are losing patience with companies that fail to maximize value as the slowing recovery whittles away returns, with some calling for greater financial rewards for loyalty or takeovers that put growth targets back on course.

According to a new paper published on arXiv.org,, the scientific equation known as the 'Drake Equation' which scientists (SETI) are using to predict the likelihood of discovering extra terrestrials (alien life), is flawed. It is not that the equation is directly flawed, but the way the scientists are using it.

A few fans obtained items once owned by Amy Winehouse on Thursday after the singer's father gave away her clothes.

President Barack Obama is deeply involved in trying to win a debt deal and his White House was working flat out, aides said, pushing back against any impression Congress had sidelined the administration.

Senate Majority Leader Harry Reid on Friday said that he "cannot wait any longer" for the Republican-led House of Representatives to act on a debt limit increase and he will begin taking steps to move legislation.

Norwegians united in mourning on Friday as the first funerals were held a week after anti-Islam zealot Anders Behring Breivik massacred at least 76 people in attacks that traumatized the nation.

Nokia's tale of woe continues while Apple soars higher than ever before. The companies continue to head in opposite directions.

In a rundown patch of Detroit, enclosed by a cyclone fence and barbed wire, stands an unremarkable warehouse that investment bank Goldman Sachs has transformed into a money-making machine.

Rosa Parks wrote in an essay that she was nearly raped in 1931 by a white neighbor who employed as a housekeeper. The essay was written many years after the incident and is one of the Parks' personal, written by her own hand, at Guernsey's Auctioneers.

MetLife is building up cash as the United States creeps closer to default, and may use that extra money for investments, the largest U.S. life insurer said on Friday.

Rovio- the Angry Birds maker, and Madhouse- the largest mobile advertising network in China are collaborating to make the most of the growing mobile marketing in China.

Alibaba, the cloud computing unit of Alibaba Group is about to come up with its own cloud operated system for mobile phones.

List of beauties in actor Leonardo Di Caprio's life through the years.

Scientists say their discovery of "super antibody" FI6, which can fight all types of influenza A viruses that cause disease in humans and animals, may serve as a turning point in the development of new flu treatments.

Expect to see Sofia Vergara, Tim Gunn, Tom Colicchio and Joan Rivers wandering around the 'Big Apple' this weekend. In addition, there will be stars: Neil Patrick Harris, Jayma Mays and Hank Azaria as Gargamel. The childhood classic in 3D hits theaters Friday.