senate democrats

Obama Presses Congressional Republicans to Avert Sequester

President Barack Obama is urging congressional Republicans to accept more tax revenue in order to avert the sequester -- an $85 billion, across-the-board budget cut due to take effect March 1 that could derail America's still stuttering economic recovery.

Senate Dems Split on Cutting Benefits to Get Fiscal Cliff Deal

Deep divisions among Senate Democrats over whether cuts to Medicare and Medicaid should be part of a plan to slow the growth of the federal debt pose a big obstacle to a deal for avoiding a potentially economy-crushing "fiscal cliff," even if Republicans agree to raise taxes.

Fed Nominees Get Nod From Banking Committee

The U.S. Senate Banking Committee voted in favor of the nominations of three candidates for the Federal Reserve Board. The committee voted 17-6 in favor of the nomination of San Francisco Fed President Janet Yellen for vice chairman, 16-7 in favor of Peter Diamond, an MIT economics professor, and 21-2 for Sarah Bloom Raskin, Maryland%u2019s commissioner of financial regulation. All the opposition votes came from Republican committee members, Bloomberg News reported.