Here are the headlines from Tuesday's Bloomberg Market Report.
President Obama is pushing Congress to avert spending cuts set to go into effect March 1st. The President said Tuesday that at the very least, lawmakers should pass a temporary fix to avoid the more than $1 trillion in looming budget cuts. Otherwise, President Obama said hundreds of thousands of workers may lose their jobs and military readiness will be jeopardized.
Confidence among homebuilders unexpectedly dropped from a more than six year high, showing the real estate rebound still has a ways to go. Economists surveyed by Bloomberg had predicted a rise in the index, instead it fell by one point.
Heading to the pump may soon get even more painful. Breakdowns and repairs at refineries are reducing fuel supplies, which is threatening to send prices even higher. According to AAA, gas prices have already jumped nearly 46 cents this year.