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WASHINGTON (AP) — In an unforgiving display of partisanship, the Republican-controlled House approved emergency legislation Friday night to avoid an unprecedented government default and Senate Democrats scuttled it less than two hours later in hopes of a better deal.

"We are almost out of time" for a compromise, warned President Barack Obama as U.S. financial markets trembled at the prospect of economic chaos next week. The Dow Jones average fell for a sixth straight session.

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Who's ready for iAmerica?

 

As the BBC has reported, the software company Apple has more cash on hand than the United States federal government, according to the company's financial records.

Apple's quarterly financial report shows that the company responsible for the iPad, iPod and the iPhone now has $76.4 billion in reserve cash, while the Treasury Department is sitting on just $73.7 billion.

The feds could probably learn a thing or two from Apple's success. Congress remains embroiled in a debate over spending and whether the federal government, which currently owes trillions in debt, should be allowed to borrow even more. International credit rating agencies have threatened to downgrade the national debt for the first time in the nation's history if Washington doesn't come up with a solution to lift the $14.3 trillion debt ceiling while implementing a concrete plan to get the nation's financial house in order.

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FOXBOROUGH, Mass. (AP) — Chad Ochocinco says he won't have a problem toning down his outsized personality now that he's answering to reclusive New England Patriots coach Bill Belichick.

The new Patriots receiver spoke to reporters on Saturday morning for the first time since arriving in New England. Although Ochocinco is a prolific pass catcher, he might be better known for his touchdown celebrations. And he changed his name to reflect his uniform number — the Spanish words for 8 and 5.