News Today - July 06

* US Vice President Joe Biden said in a broadcast interview Sunday that administration officials "misread how bad the economy was," when the stimulus package was being put together at the beginning of the year. Unemployment, at 9.5%, is far higher that the 8% top promised at the time the stimulus was passed. But Biden said in an ABC interview it was too early to say whether additional stimulus money was needed, noting that billions of dollars in projects included in the current bill won't come online until September.

* France and Russia urged a debate about the world's reserve currencies, but China said the dollar would keep its pre-eminence for "many years to come."

* After worse-than-expected U.S. non-farm payroll data, Michael Woolfolk, senior currency strategist at Bank of NY Mellon, tells CNBC the U.S. economy is nowhere near recovery.

* Alcoa, the aluminum producer whose results are traditionally viewed as an indicator of the country's economic health, is expected to post a third consecutive quarterly loss this week.