Monday Market Note: G-20 Nations Eye Deficits

The G20 nations announced what we all know: they need to cut their ballooning government budget deficits. What's in question is the timing and the details. While meeting in Toronto, the leaders said that the goal is to cut deficits in half by 2013. New capital rules didn't make the G20 agenda, providing respite for global banks.

After digesting the Congressional agreement on financial reform over the weekend, news of Sen.  Robert Byrd's death cast doubt as to whether there were enough votes to overcome a potential filibuster. Based on prior voting, Democrats have 56 votes, so 4 Republicans must vote for the bill to ensure its passage. Keep an eye on Massachusetts Sen. Scott Brown; as in the health care debate, he could once again be the key.

Asian markets closed mixed, while European shares are trading higher, ahead of a busy week on the U.S. economic calendar, which will culminate with the June employment report on Friday. The May report was a big disappointment, with only 41,000 private sector jobs created. In June, it's expected that the unemployment rate will remain at 9.7 percent, but due to Census worker lay-offs, economists expect that a total of 100,000 jobs were lost last month. Not counting the Census workers, the consensus is for the addition of 150,000 jobs.

Jill Schlesinger is the Editor-at-Large for CBS MoneyWatch.com. Prior to the launch of MoneyWatch, she was the Chief Investment Officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.