Economy

U.S. Budget Gap Exceeds $1 Trillion for Fiscal Year (Update3)

The shortfall for the fiscal year that began Oct. 1 totaled $1.1 trillion, the first time that the gap for the period surpassed $1 trillion, Treasury figures showed today in Washington. The excess of spending over revenue for June was $94.3 billion, the first deficit for that month since 1991, according to data compiled by Bloomberg.

Health

Dr. Regina Benjamin is surgeon general choice

WASHINGTON (CNN) — President Obama announced Monday his choice for surgeon general — Dr. Regina Benjamin, a 52-year-old family practice doctor who has spent most of her career tending to the needs of poor patients in a Gulf Coast clinic in Alabama.

Technology

2nd UPDATE: Microsoft To Offer Office Software On Web

SAN FRANCISCO (Dow Jones)–Microsoft Corp. (MSFT) said Monday it would offer a free, Web-based version of its Office tools, the company’s most significant acknowledgment that it needs to alter a decades-old model of selling boxed software as it battles competitors like Google Inc. (GOOG).

World News

China Agrees to Sanction of North Korea Officials (Update2)

July 13 (Bloomberg) — China has agreed for the first time to punish senior North Korean government officials for the nation’s defiance of United Nations resolutions barring nuclear and missile tests, China’s deputy ambassador said.