Finance briefs

The economy, which had been growing at a solid 4 percent rate in the summer, screeched to a near halt during the final three months of the year, managing to eke out a tiny 0.7 percent growth rate.

"The probability of a double-dip recession has certainly risen," said Sung Won Sohn, chief economist at Wells Fargo in Minneapolis. "The economy is still mired in a pretty soft patch and we have not made it to firmer ground."

United's plans for profitability

CHICAGO -- United Airlines said Wednesday it plans to return to profitability through a combination of reducing costs, launching a low-cost carrier and using more regional jets. In the most extensive comments yet on its new strategy in bankruptcy, United told its employees it needs its own discount carrier to become more competitive in the leisure travel market.

It defended the plan to create a separate, low-cost airline -- which has been assailed by unions and questioned by industry experts since it was first disclosed in December -- saying it will entail a new business model that "has learned from the industry's past mistakes."

But unions remained cool to the plan and analysts said there were not enough details available yet to fairly assess it.

National debt close to $6.4 trillion limit

WASHINGTON -- The government is expected to hit the $6.4 trillion ceiling on the national debt around Feb. 20, the Treasury Department said Wednesday, renewing its call for Congress to boost the government's borrowing authority.

Treasury asked Congress late last year to increase the government's ability to borrow, setting the stage for a political fight in Congress. Treasury, however, hasn't said exactly how much of an increase in the current statutory debt ceiling it wants.

Retail price of gasoline up 8 percent

NEW YORK -- The retail price of gasoline is up 8 percent since the start of the year, fueled by high oil costs and traders' self-fulfilling fears of an upward trend as the U.S. considers military action in Iraq.

The wholesale price of gasoline on the New York Mercantile Exchange rose 3.09 cents to $1.032 per gallon Wednesday afternoon, its highest level since May 2001.

At the pump, the average price of regular unleaded gasoline is $1.53 per gallon, up 11 cents since the year began and 43 cents higher than a year ago.

Analysts said the main drivers on wholesale markets Wednesday were the latest government supply data and the case made against Iraq by Secretary of State Colin Powell.<