By John Shaw

WASHINGTON (MNI) - President Obama Tuesday said the newly appointed Fiscal Responsibility and Reform Commission should keep its powder dry and carefully consider all options to attack the U.S.'s long-term budget deficits.

By Steven K. Beckner

(MNI) - Federal Reserve Chairman Ben Bernanke issued strong warnings Tuesday on the need to reduce the federal budget deficit in a speech to President Obama's National Commission on Fiscal Responsibility and Reform.

Bernanke, speaking ahead of a two-day meeting of the Fed's policymaking Federal Open Market Committee, told the Commission there will be "great damage" to the economy if the federal government does not get its finances on a "sustainable long-run trajectory."

By John Shaw

WASHINGTON (MNI) - Senate Majority Leader Harry Reid Tuesday said that the Senate will hold a second test vote at 4:30 p.m. Tuesday to formally begin debate on a financial regulatory reform bill.

By John Shaw

WASHINGTON (MNI) - Senate Majority Leader Harry Reid said Tuesday that the Senate will hold a second test vote at 4:30 p.m. Tuesday to formally begin debate on a financial regulatory reform bill.

WASHINGTON (MNI) - Following is the text of the prepared testimony of Fabrice Tourre, a Goldman Sachs Vice President charged with fraud by the Securities and Exchange Commission, who is scheduled to testify alongside other former and current Goldman Sachs executives before the U.S. Senate Permanent Subcommittee on Investigations Tuesday:

WASHINGTON (MNI) - The following is the text of the weekly retail sales report released by Johnson Redbook Tuesday, for the month-to-date through the week ended April 24:

The Johnson Redbook Retail Sales Index was up 2.2% in the third week of April following a 2.6% gain in the prior week. Month-to-date, April was up 2.7% compared to April of last year (relative to a target of a 2.8% gain). Month-over-month showed a 2.0% drop compared to March (relative to a targeted 1.9% drop). April is a four-week month on the retail calendar ending on May 1st.

WASHINGTON (MNI) - The following is the commentary from the ICSC-Goldman Sachs Weekly Chain Store Sales Snapshot released Tuesday:

For the sixth consecutive week retailers enjoyed another sales increase overall as weekly sales improved by 0.2 percent, according to the ICSC-Goldman Sachs weekly sales index for the period ending April 24. On a year-over-year basis sales had a marked improvement from the prior week's pace and rose by 5.5 percent.

SINGAPORE, April 27 (MNI) - The U.S. dollar continued to trade with a slightly weaker tone in late Asian trade Tuesday, although losses against the euro were limited as the euro-zone currency found little respite from persistent concerns surrounding Greece's debt problems.

Dealers said morning losses in Asian stock markets fueled the move out of risk-sensitive instruments and put yen crosses under pressure.