Financial reform passes House but Senate delays action

Financial reform passes House but Senate delays action

The U.S. House of Representatives on Wednesday approved a landmark overhaul of financial regulations but the Senate put off action until mid-July, delaying a final victory for President Barack Obama. Still, the 237 to 192 vote in the House marked a win for Obama and his fellow Democrats, who have made the most sweeping rewrite […]

McChrystal will get full four-star pension

McChrystal will get full four-star pension

President Barack Obama will guarantee former Afghanistan commander General Stanley McChrystal  a four-star pension  despite firing him last week over comments disparaging civilian leaders. McChrystal was sacked about a year after receiving his fourth star — half the time normally necessary to qualify for a four-star general’s retirement income of $12,475 per month, before taxes, […]

Financial reform runs into snag

Financial reform runs into snag

President Barack Obama’s efforts to win final approval of a historic financial regulatory reform bill looked more complicated on Saturday after a Republican senator threatened to oppose it. “I was surprised and extremely disappointed to hear that $18 billion in new assessments and fees were added in the wee hours of the morning by the […]

House-Senate panel approves Wall Street reform bill

House-Senate panel approves Wall Street reform bill

A Senate-House of Representatives conference panel approved a landmark bill on Friday to overhaul financial regulations, working through the night on the thorniest provisions. The legislation next heads to the full Senate and House where it is expected to win final approval and President Barack Obama could sign it into law before July 4.

Oil spill drenches Obama’s approval rating

Oil spill drenches Obama’s approval rating

The Gulf of Mexico oil spill piled pressure on Barack Obama on Thursday as the hurricane season closed in and voters angry at his crisis management hammered the president in a poll rating. BP was able to restart one of its containment operations on Wednesday after a delay caused by an undersea collision of equipment, […]

General faces come-to-Jesus meeting with angry Obama

General faces come-to-Jesus meeting with angry Obama

Forget No-drama Obama. An infuriated U.S. president is hauling his top general in Afghanistan to the White House, job hanging in the balance, to explain “what in the world he was thinking” when he and his aides mocked their commander-in-chief and his team. After reading General Stanley McChrystal’s complaints in a Rolling Stone magazine article […]

Obama tries to refocus on jobs, economy

Obama tries to refocus on jobs, economy

President Barack Obama launched a push on Friday ahead of congressional elections to refocus on economic recovery efforts that have been overshadowed by the BP Plc oil spill in the Gulf of Mexico. Traveling to the recession-battered Midwest, Obama kicked off what the White House has billed as a six-week drive to promote his administration’s […]

Obama’s tax, jobs bill strikes out in Senate

Obama’s tax, jobs bill strikes out in Senate

A Democratic bill to extend jobless benefits and raise taxes on investment fund managers failed a key vote in the Senate on Thursday, dealing a blow to President Barack Obama’s push to boost the economy. The bill would have extended popular business tax breaks, stopped a 21 percent Medicare pay cut for doctors treating elderly […]

Obama’s push on energy bill falls on deaf Capitol Hill ears

Obama’s push on energy bill falls on deaf Capitol Hill ears

President Barack Obama’s muted call for comprehensive energy legislation failed to sway a hesitant Congress on Wednesday, with hopes for approval before November elections fading fast. In his first national address from the Oval Office, Obama said on Tuesday the Gulf of Mexico oil spill provided a chance to break the U.S. dependence on fossil […]

BP execs face grilling on Capitol Hill

BP execs face grilling on Capitol Hill

BP Plc’s U.S. chief faces accusations in Congress on Tuesday that the energy giant caused the worst oil spill in U.S. history with a calculated strategy to cut costs, hours before President Barack Obama uses a televised address to defend his handling of the disaster. A day after BP shares fell 9 percent in London […]