WASHINGTON — The House of Representatives on Wednesday will approve a five-year, $280 billion-plus farm bill, accelerating an election-year collision with President Bush.

Packed with subsidies, watered-down revisions and special goodies — some popped in at the last minute — the massive farm bill faces a promised presidential veto. The big political unknown is whether enough Republicans will abandon Bush to render him powerless.

"I am deeply disappointed in the (bill) as it falls far short of the proposal my administration put forward," Bush declared in a statement Tuesday afternoon. "If this bill makes it to my desk, I will veto it." » read more

WASHINGTON — Higher airfares are "inevitable" this summer to help airlines absorb soaring fuel costs, the head of the trade association that represents the nation's leading air carriers predicted Tuesday.

James C. May, the president and chief executive officer of the Air Transport Association, declined to speculate on the size of fare increases, but he said that rising ticket prices are unavoidable as airlines struggle with unprecedented increases in the cost of fuel.

Jet fuel prices, he said, are approaching $170 a barrel, which he called "absolutely uncharted territory." » read more

WASHINGTON — The Senate on Tuesday rejected a Republican energy plan that promised to open the Arctic National Wildlife Refuge to oil exploration, an option that was part of an overall package to increase domestic energy development.

Instead, the Senate voted 97-1 to suspend oil deposits in the Strategic Petroleum Reserve while prices at the pump continue to climb.

Congress hopes that diverting fuel from the reserves to the open market will increase supply and therefore ease prices at the pump. » read more

WASHINGTON — What prompted a slew of new federal proposals to combat abusive practices in the credit card industry depends on whom you talk to in Washington.

Some say the new recommendations by the Federal Reserve Board were the result of congressional pressure and public outcry.

Others say that regulators, stung by their own inaction in the subprime mortgage meltdown, feared a similar mistake would cause the growing credit crisis to snowball. » read more

KANSAS CITY — Sprint Nextel lost 1 million subscribers and $505 million during the first quarter as sales declined 9 percent, the company reported today..

Sprint, which is based in Overland Park, Kan., outside Kansas City, said it “continues to assess its business model” and is considering selling off “non core assets.”

The company’s loss of 18 cents per share widened from a loss of 7 cents a share, or $211 million, in the same period a year ago. » read more