Monday morning headlines

Market turns upward: More uncertainty among investors about where stocks are headed. Dow is up about 20 points.

Economists cut growth estimates: The new prediction is for gross domestic product to be a sluggish 2.8 percent in 2011, revised downward from a not-so-hot 3.3 percent, according to the National Association for Business Economics. (AP)

U.S. hits debt ceiling: Government will have to suspend investments in federal retirement funds until Aug. 2 in order to allow for more borrowing. But what happens after that? From CNNMoney:

[Treasury Secretary Timothy Geithner] went on to urge Congress once again to raise the country's legal borrowing limit soon "to protect the full faith and credit of the United States and avoid catastrophic economic consequences for citizens." Congress, meanwhile, is not showing any signs of budging. Many Republicans and some Democrats say they won't raise it unless Congress and President Obama agree to significant spending cuts and other ways to curb debt.

Brown releases budget revision: More money has been coming into the state coffers than expected this spring, and that could narrow the deficit projections by $2.5 billion. (KPCC)

How state legislature can get more stuff done: The secret is having enough Democrats to pass measures requiring a two-thirds vote - and they think they're getting close. From the Sacramento Bee:

Redrawn legislative districts, high voter turnout for the presidential election and continuing demographic shifts are likely to benefit Democrats, political observers of both parties say. "If you think 2010 was bad," former Senate Republican leader Jim Brulte tells Republicans, "just get a load of what's going to happen in 2012."

Who's the richest in L.A.?: Patrick Soon-Shiong tops the Business Journal's list for the third straight year, with an estimated net worth of $7.8 billion. Eli Broad is second, followed by Kirk Kerkorian.

Proposed Hollywood development: The plan calls for 1 million square feet of space to surround the Capitol Records building. The project would have a hotel, offices, restaurants, stores, and residences. From the LAT:

The New York developers bought the 13-story Capitol Records Tower in 2006 and the parking lot across Vine Street next to the Avalon theater in 2007. They shelved plans to develop the properties when the economy collapsed but are restarting the approval process, which they expect to last 18 months or more.

DirecTV plans original shows: The El Segundo-based satellite provider wants to draw new customers with an HBO-like channel. From Dow Jones:

Derek Chang, executive vice president of content, strategy and development for DirecTV, warned that the company wasn't going to start spending millions of dollars developing shows along the same vein of other cable channels. The company would consider looking at unique shows that didn't find a fit at HBO or the other networks, or work with well-known producers on more cost-effective projects. Or, like Damages and Friday Night Lights, it would look to extending the life of low-rated but lauded shows. "We can't get enough of a return on a $3 million-per-episode show," Chang said.