white house

Summers to Step Down as Obama's Economic Adviser

Lawrence Summers will step down from his role as President Obama's National Economic Council director and return to Harvard University after the midterm elections in November, according to reports.

Stimulus Helped the Economy, but It Won't Matter in November

Economists say the Obama administration's stimulus program actually saved the country's economy from plunging into the Great Depression 2.0. Yet that news will likely fail to sway voters who believe the current administration didn't do enough to support the economy.

Boehner: Time to Fire Treasury Chief Geithner

House Minority Leader John Boehner will call on President Barack Obama to fire Treasury Secretary Timothy Geithner and adviser Lawrence Summers in a speech today. In a speech in Ohio due at 8am today, Boehner will attack Geithner and Summers as promoting "19 months of government-as-community organizer," Politico reported.

Fixing Fannie and Freddie:
The Debate Begins

The Obama administration acknowledged Tuesday that major changes must be made to mortgage giants Fannie Mae and Freddie Mac, but indicated that it supports continuing government guarantees in the mortgage sector. But is that a good idea?

U.S. to Guarantee $3.1 Billion Loan to Ford

The U.S. government will guarantee a $3.1 billion loan to Ford Motor Co. (F) to help the carmaker export over 200,000 cars to Canada and Mexico. "Export-Import Bank of the United States will announce a new loan guarantee for Ford that will finance 3.1 billion dollars of export sales," The White House said, according to Agence-France Presse.

White House: Fed Plan Saved Millions of Jobs

The White House released a report on Wednesday that estimates the American Recovery and Reinvestment Act is responsible for creating or saving as many as 3.6 million jobs and adding up to 3.2 percentage points to the nation's GDP.

Nonfarm Payrolls Fell 125,000 in June on Census Worker Lay-Offs

Total nonfarm payroll employment fell by 125,000 in June as the government laid off 225,000 temporary census workers. That was roughly in line with expectations of a 130,000-job drop. Private sector jobs rose by 83,000, below estimates of 110,000.census workers. Unemployment fell slightly to 9.5 percent, or 14. 6 million people, the Bureau of Labor Statistics said on its website.

White House to Health Insurers: Big Changes Are Coming

Most health insurers will soon be banned from rejecting children with preexisting medical conditions under provisions contained with new health-care overhaul legislation, the White House said Tuesday. The benefit is just one of several safeguards the administration detailed as officials met privately with state insurance commissioners and insurance company executives.

Obama's Deficit Commission Is Short on Funding

Sounds like a joke, but, no, it's just politics: President Obama's National Commission on Fiscal Responsibility and Reform, which is tasked with developing a plan to get the deficit under control, is itself being starved of the funds it would need to operate effectively.

Too Much Hope? Why Obama's Budget Is Unrealistic

The $3.8 trillion spending plan combines overly rosy projections of rapidly rising tax revenues with skyrocketing outlays in defense, entitlements and other mandatory spending, creating structural deficits above $1 trillion for a long time. Ending Bush-era tax cuts on the rich won't change that reality.

Even the White House Is Not Immune to Plunging Real Estate Market

How much is the White House worth? Online real estate database Zillow came up with $292,386,000 as of Jan. 18, that is down $15 million since the Obama family took up residence a year ago, and down another $24 million since George W. Bush's final year in office.

Business and Labor Are Girding for the 'Check Card' War

Health care could soon be yesterday's battle. Business groups are now bracing themselves for a new fight in Congress against the growing power of unions. At issue is the Employee Free Choice Act (EFCA), also known as Card Check, a union-backed proposal that would enable workers to join a union if more than 50% of workers at a facility sign membership cards. A government-mandated arbitrator could enact a contract if the employer and the union don't reach an agreement within 120 days.