Consumer borrowing dropped more than $9 billion in May, showing Americans are more focused on getting their finances in order instead of increasing their spending as the economy slowly recovers. 

Borrowing fell by $9.1 billion in May, which was more than expected, on top of a revised $14.9 billion drop in April, according to the Federal Reserve. April's first estimate had shown an increase of $995 million. 

Decreased borrowing will probably constrict consumer spending, which accounts for 70 percent of the economy. 

For nearly the duration of the recession consumer borrowing has dropped for 15 of the past 16 months, as Americans have remained uncertain about the sluggish job market. 

Credit card borrowing has dropped for 20 consecutive months, as consumers have aimed to lower their debt levels during the recession. 

A daily index that tracks investor confidence fell six points on Friday to its lowest level in 2010 as fears of an economic slowdown continue to mount.

Friday’s drop in the Rasmussen Investor Index is 28 points below the high-water mark reached in May. The confidence level has not been that low since nearly a year ago, when the economy was considered to be in greater peril. 

Only 9 percent of respondents in the poll rated the economy as good or excellent, while another 55 percent said it is getting worse.

The index’s Friday reading was 77.5. Anything above 100.0 would indicate investor confidence is high.

The index reached a record high on Jan. 7, 2004, with a 150.9 reading. Its lowest reading was 52.5 on March 9, 2009. 

The Internal Revenue Service has created a dedicated telephone line for taxpayers affected by the Gulf of Mexico oil spill.

Individuals who have questions about damage claims payments made by BP or who are experiencing filing or payment hardships because of the oil spill should contact the IRS at 866-562-5227, the agency announced Friday.

The phone line will operate from 7 a.m. to 10 p.m. local time Monday through Friday. 

The IRS can assist oil spill victims by suspending collection and examination actions and by providing flexibility for missed payments for those who have previously paid on time, the agency said in a release.

The agency also can offer compromises based on the taxpayer’s current income and potential for future income. 

Taxpayers who need this assistance must request it, the agency stated. 

On July 17, the IRS will meet with taxpayers who need special assistance in Mobile, Ala.; Panama City and Pensacola, Fla.; New Orleans, Houma and Baton Rouge, La.; and Gulfport, Miss.

Times and locations will be announced soon. 

The Department of Health and Human Services is reallocating $25 million to help patients with HIV and AIDS, Secretary Kathleen Sebelius vowed this week. Sebelius made the promise in a letter to Republican senators who have introduced legislation to transfer unobligated stimulus money to the AIDS Drug Assistance Program.

Almost 2,100 patients are on ADAP waiting lists in states across the country. AIDS advocates praised the move but said more needs to be done.

"The Obama administration recognizes the importance access to medications is to people with HIV/AIDS and the particular hardship states are currently experiencing due to the economic downturn," said Carl Schmid, deputy executive director of The AIDS Institute. 

"This additional funding will help some people who are currently waiting to receive medications through the ADAP program and some of the projected increased demand. Unfortunately, it is far from the $126 million needed for the remainder of the fiscal year to ensure that all people with HIV/AIDS who qualify for ADAP can receive their medications."

Cross-posted from Healthwatch.

Sen. George LeMieux (R-Fla.) sent a letter to claims administrator Kenneth Feinberg on Thursday urging for a more streamlined process when paying those affected by the BP oil spill in the Gulf of Mexico.

Republicans have criticized the bank's political connections and charged the Obama administration with intervening on its behalf.

The Transportation Department is making a $293 million investment in dozens of communities around the country for transit improvements that include new streetcars, buses and facilities. 

The funding is part of the Obama Administration’s livability initiative to better coordinate transportation, housing and commercial development investments to serve the people living in those communities, Transportation Secretary Ray LaHood said Thursday. 

The grants are being made through two programs, the Urban Circulator Grant Program and the Bus and Bus Livability Grant Program.

"This investment by the Obama Administration in our nation's communities will create jobs, boost economic development and recovery, and further reduce our dependence on oil," LaHood said. "Our goals are to provide cleaner, safer and more efficient ways to get around."

China is not manipulating its currency, but it remains undervalued, the Treasury Department said Thursday.

Rep. Earl Pomeroy (D-N.D.), chairman of the Ways and Means subcommittee on Social Security, announced Thursday he will host a July 15 hearing on the entitlement program to discuss ways in which it can be strengthened.