Transmission troubles: Ford Motor Co. knowingly sold two low-priced, fuel-efficient cars with defective transmissions and continued selling the troubled Focus and Fiesta despite thousands of complaints and an avalanche of repairs, a USA Today investigation found. The cars, many of which randomly lose power on freeways and have unexpectedly bolted into intersections, were put on sale in 2010-11 as the nation emerged from the Great Recession. Read the full investigative report.
Deficit update: The U.S. budget deficit increased by $140 billion during the first nine months of this budget year to $747.1 billion as government revenues and spending both hit records. The Treasury Department reported this morning that the deficit for the current fiscal year through June is up 23.1% over the same period a year ago with receipts rising by 2.7% while spending increased 6.6%. Read the full story.
Zoom: Harley-Davidson is releasing details about the electric motorcycle it will roll out this year, joining other vehicle companies on the electric trend. The LiveWire, soon available at a limited number of dealerships, will cost nearly $30,000 and can go zero to 60 mph in three seconds. The Milwaukee motorcycle company has struggled with declining sales and an aging client base in the U.S. and abroad. Its U.S. motorcycle sales declined 4.2% and international sales fell 3.3% in the first quarter of this year. Read the full story.