President-elect Barack Obama wants more transparency and strict guidelines for using the second $350 billion of the bailout fund Congress approved last fall to stabilize the nation's financial system.
Obama's economic team has been talking with the Bush administration about having Treasury Secretary Henry Paulson ask Congress as early as this week for access to the $350 billion remaining in the bailout fund. If Congress rejected such a request, a presidential veto could still free up the money, unless Congress overrode the veto.
We will not have a feel-good presidency in Barack Obama.
In a major economic speech before inauguration, he warned: I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four.
Looking at the United States from the outside in, these are the primary lessons the world should take away from America's "global war on terrorism" under the Bush-Cheney administration.
President-elect Barack Obama's economic team is urgently overhauling the $700 billion financial rescue package to broaden its scope beyond Wall Street, The Washington Post reported on Friday.Read More
President-elect Barack Obama said Thursday that the nation's recession could "linger for years" unless Congress acts to pump unprecedented sums from Washington into the U.S. economy, making his highest-profile case yet on an issue certain to define his early presidency.
Vice President Dick Cheney has said he expects to retire completely from public life after January 20 and return to Wyoming following nearly 40 years serving four presidents in Washington.
"Well, that's my expectation," Cheney said Wednesday on CBS radio when asked if he would make a complete exit from the stage in 13 days, when he and President George W. Bush hand over to president-elect Barack Obama and vice president-elect Joseph Biden.
To a public wary of government spending, President-elect Barack Obama is offering a salve with his massive economic stimulus package: the promise of long-term fiscal discipline.
Budget-conscious lawmakers are pressing Obama to embrace deficit-reduction goals even as he promotes a spending and tax-cutting plan — expected to cost about $775 billion — to jolt the economy out of its downward spiral.
"Part of the discussion that needs to happen right now is not what we do just right now, but what we look to in the future — about how we get back to a balanced budget and then start to deal with this horrible, horrible national debt that we have," said Rep. Dennis Moore of Kansas, a member of the congressional Blue Dogs, a coalition of conservative and moderate Democrats.
President-elect Barack Obama gave a strong defense on Tuesday of his choice to lead the CIA, Leon Panetta, in the face of criticism that Panetta lacks experience on intelligence matters.
Two senior Democrats, California Sen. Dianne Feinstein and West Virginia Sen. Jay Rockefeller, raised questions on Monday about Panetta's limited intelligence expertise after word leaked out that Panetta had been picked by Obama for CIA.
President-elect Barack Obama's selection of an old White House hand to head the CIA shows a preference for a strong manager over an intelligence expert.
Obama's decision to name Leon Panetta to lead the premier U.S. intelligence agency surprised the spy community and signaled the Democrat's intention for a clean break from Bush administration policies.
President-elect Barack Obama's studied silence on the subject of Israel's 10-day-old war against Palestinian Hamas militants in the Gaza Strip is only partly out of deference to the man who still has the big job for two more weeks.
Obama's reserve is also a political calculation that saying nothing is the better of his unappealing options. At least it lets all sides think he's in their corner for a little while longer.