Economy

Concessions provide more time to reduce deficit in exchange for deeper cuts.

At June FOMC meeting, a few policy makers saw need for Fed to do more.

Government faces setbacks in attaining its deficit goals.

Fourth austerity package in seven months raises sales tax to 21% from 18%.

Overtime, cheaper gas and lower debt service obligations should all support spending.

JPMorgan, BlackRock shut European funds to new investments after ECB rate cut.