LITTLE ROCK, Ark. (KTHV) -- CNN Money's Maribel Aber has your top business and financial news on this Tuesday, October 9.
Obama to nominate Janet Yellen as Fed chair
President Obama will nominate Janet Yellen to serve as the next chair of the Federal Reserve, a senior White House official said Tuesday. The announcement will be made on Wednesday at 3:00 p.m., the official said. If Yellen is confirmed by the Senate, she will be the first woman to head the central bank in its 100-year history. Yellen got the nod based on a robust résumé, including more than a decade in various Federal Reserve roles. She currently serves as Fed vice chair and has pushed for the central bank to stimulate the economy to address high U.S. unemployment. Her views are considered to be closely aligned with current Chairman Ben Bernanke, and for that reason, the leadership transition is expected to be smooth once his term ends in January.
Obama issues debt-ceiling warning
End the government shutdown and raise the debt ceiling -- even for a short period -- and I'll negotiate, President Barack Obama said Tuesday in providing a potential opening to end a political stalemate that has partially shut down the government and threatens a first-ever U.S. default next week.
"If there's a way to solve this, it has to include reopening the government and saying America's not going to default and we're going to pay our bills," he said in a White House news conference on the eighth day of the partial shutdown and nine days before the deadline to increase the federal borrowing limit or face default.
Census Says Arkansas Income Up - and Down
Arkansans' median household income rose 1.6 percent in 2012 compared with 2011, to $40,112 from $39,469, the U.S. Census Bureau reported late last month. That was the good news.
The bad? Arkansans' median household income fell 8.8 percent from 2000, when it was $43,991, to 2012's $40,112.
Nationwide, Americans' median household income barely budged between 2011 and 2012, rising 0.1 percent to $51,371 in 2012 compared with $51,324 a year earlier. It was, however, the first time since the Census Bureau's 2007 American Community Survey that median household income didn't fall.
The first bookless library: BiblioTech offers only e-books
BiblioTech is a new library in Texas, but you'd be forgiven for thinking otherwise. The library houses no physical books.
Staffers at San Antonio's BiblioTech say it's the first "bookless library." And in addition to its catalog of 10,000 e-books, this techy library also provides a digital lifeline to a low-income neighborhood that sorely needs it.
BiblioTech opened its doors Sept. 14 on the south side of San Antonio, a mostly Hispanic neighborhood where 40% of households don't have a computer and half lack broadband Internet service.