obama administration

Senate Unveils Total Cost of Tax Deal

The Senate presented the final price tag of $858 billion for President Obama%u2019s tax deal Republican leaders and began debating the package Thursday night. The Senate aims to vote on the bill Monday, a week after it was first announced, The Wall Street Journal reported. It is expected to clear the Senate, with backers including Senate Majority Leader Harry Reid, who had previously expressed reservations.

Obama Launches a Vigorous Defense of His Tax Agreement

The president bristled at Democratic criticism of his compromise with the GOP: "This isn't an abstract debate," the president said. "This is real money for real people that will make a real difference in the lives of the folks who sent us here."

Senate Republicans Block Tax Cut Extensions

The Senate failed to pass a bill that would have extended tax cuts for all but the richest Americans on Saturday, falling nine votes short of the two-thirds majority needed.

Obama Temporarily Bans Some New Offshore Drilling

The Obama administration will temporarily ban the sale of new offshore oil drilling leases in the eastern Gulf of Mexico and off the Atlantic coast, Interior Department Secretary Ken Salazar said Wednesday, a policy change made in response to lessons learned from BP's horrific Deepwater Horizon oil spill.

Fraud Files: FCPA Enforcement Will Continue to Be Costly

For decades, U.S. companies doing business overseas have had to avoid falling afoul of the Foreign Corrupt Practices Act, which prohibits the bribing of foreign officials. But in the past few years, such corporate misbehavior is receiving more attention and increased enforcement, which is making executives nervous.

Roger Altman Leading Candidate to Replace Summers

Roger Altman, former deputy treasury secretary and founder of Evercore Partners Inc., is a top candidate to replace Lawrence Summers as director of President Obama%u2019s National Economic Council, Bloomberg News said. Altman, 64, met with Obama Tuesday to discuss the job, which involves coordinating policy-making and economic advice for the president, Bloomberg News reported without naming its sources.

Main Street Doesn't Buy Wall Street's 'Recovery'

If stocks are rising, many Wall Street gurus take it as evidence that the economy is improving. Yet even though the S&P 500 has soared 80% from its March 2009 lows, 70% of Americans don't believe the recession is over. Is Main Street's grasp on reality firmer than Wall Street's? Let's look at the data:

2010 U.S. Budget Deficit Comes in Below Expectations

Investors received another sign Friday that the U.S. economy is continuing to heal: The 2010 U.S. budget deficit came in at a smaller-than-predicted $1.29 trillion. Though it was still the second-highest deficit on record, the numbers reflect growth in tax revenues, and thus in the economy.

D.C. Power Couple Tells Solar Confab How to Pitch to GOP

Republicans can be friendly to solar energy -- just don't use the terms "recovery act" or "stimulus package" when lobbying them for government subsidies. That was the message from GOP political adviser Mary Matalin at the largest solar conference in the country on Thursday.

GM Says Employees Can Buy IPO Shares

General Motors is offering some 600,000 employees, retirees and dealers the chance to purchase stock in the resurgent company as the auto giant moves forward with its initial public offering, slated for next month.

World Spins Closer to a Currency War

The threat of a global currency war is heating up after global leaders failed to resolve their differences at International Monetary Fund talks, which ended Saturday.

Obama Launches Initiative to Boost Worker Skills

In an effort to boost worker skills to better match the needs of employers, President Barack Obama today unveiled Skills For America's Future, a new initiative to increase workforce development, worker training and job placement.

TARP Draws to a Close Next Week, With Lower Costs Than Thought

After countless angry political speeches and the threat of economic collapse, the government%u2019s $700 billion bailout of banks, insurance companies and auto companies draws to a close Sunday - and it will likely cost only a fraction of what was expected. It will be years before it is possible to produce exact figures related to the bailout, which encompassed everything from mortgage finance colossuses Fannie Mae and Freddie Mac to auto company General Motors.

Bush Tax Cuts: No Senate Vote Before Nov. Election

The Senate will not vote on extending any of the Bush-era tax cuts until after the November election. "Democrats believe we must permanently extend tax cuts for the middle-class before they expire at the end of the year, and we will," Jim Manley, a spokesman for Senate Majority Leader Reid said in an e-mail, Reuters reported.

Will Jeff Immelt Be Larry Summers' Replacement?

In theory, the role of the director of the White House National Economic Council is to present the president with an unbiased range of economic opinions. Larry Summers didn't do that -- he promoted his own views instead. But what will his successor do -- and will it make any difference?

Warren Accepts Role as Consumer Agency Adviser

Elizabeth Warren said Friday that she had accepted the position of creating a consumer financial protection agency, and vowed the agency would put an end to "tricks and traps" in consumer lending. In a White House blog post this morning, Warren said she "enthusiastically agreed" to take the position of assistant to the President and adviser to Treasury Secretary Timothy Geithner.

Senate Passes $30 Billion Small Business Bill

The U.S. Senate passed a bill Thursday designed to spur small-business lending by providing financial incentives to banks that make loans to smaller companies, marking a victory of sorts for an Obama administration attempting to show voters it's addressing the public's concerns about the economy