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Top 4 Business Stories of the Day

Treasury Secretary Jacob Lew warned lawmakers emergency measures to stay under the U.S. debt limit probably won't last past Feb. 27, leaving little time to craft a deal that can clear Congress. The federal government is set to run up against its legal borrowing limit Friday, when a suspension of the debt ceiling expires, preventing it from adding to its more than $17 trillion in public debt. Puerto Rico's credit rating was dealt its second blow in a week when Moody's Investors Service announced it had downgraded the U.S. territory's debt to junk status. The downgrade of two notches came just days after Standard & Poor's downgraded the island's debt one notch. Moody's said Puerto Rico's government took strong and aggressive actions to control spending and reduce debt issuance, among other things, but that it remained concerned about its liquidity and ability to access the market. Daimler is relying on new compact cars and its S-Class limousine to bring a step change in productivity and pricing, and to fix its China business, Chief Executive Dieter Zetsche said on Friday. The maker of luxury limousines, offroaders and hatchbacks is aiming to raise the average return on sales at Mercedes-Benz Cars to 10 percent, from 6.5 percent in 2013 and 8 percent in the fourth quarter, to close the profitability gap with rivals. The launch of a rejuvenated range of models including a C-Class sedan, the CLA compact coupe, the A and B-Class compact hatchbacks, and the top-of-the line S-class limousine puts Daimler in a sweet spot to raise profitability, Zetsche said. The rapid drop in U.S. unemployment will make re-crafting the Federal Reserve's easy-money promise a top priority for new Chair Janet Yellen, who will probably avoid tying policy to specific targets in the labor market. It was more than a year ago that the U.S. central bank first promised not to raise interest rates until joblessness fell to at least 6.5 percent, a pledge that policymakers thought would hold until at least mid-2015. Now that the jobless rate stands at 6.6 percent but the pace of job creation remains erratic at best, the Fed still wants to assure investors that rates will stay low for at least another year. ITG's chief economist, Steve Blitz:

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