Obama wants crackdown on credit cards

Putting himself on the side of fuming consumers, President Barack Obama is pushing Congress to send him legislation by Memorial Day that would put a tighter rein on the credit card industry.

"Americans know that they have a responsibility to live within their means and pay what they owe," Obama said in his weekly radio and Internet address released Saturday. "But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties and hidden fees that have become all-too common."

Obama wants to create financial ‘supercop’

The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.

The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama’s economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.

Obama’s budget fails to deal with major problem

Barack Obama’s budget, unveiled with fanfare, fails to deal with his biggest money problems.

A molasses-slow economic recovery will make it hard to find the huge sums he’ll need to reach his biggest goals — fixing health care, confronting climate change and overhauling the tax system — without much deeper cuts than he’s proposing in other programs.

Obama faces not only fiscal obstacles but political ones, as well.

Obama wants to increase domestic spending

 In twin strokes, President Barack Obama is calling on Congress to provide generous budget increases to domestic programs while proposing relatively modest cuts to wasteful or obsolete programs that just won’t seem to die.

Officials said Wednesday that Obama’s promised line-by-line scrub of the federal budget had produced a roster of 121 budget cuts totaling $17 billion — or about one-half of 1 percent of the $3.4 trillion budget Congress has approved for next year. The details were being unveiled Thursday.

Barack Obama: Hillary Clinton lite?

Has Barack Obama abandoned the policies that made him different from former Democratic Party rival Hillary Rodham Clinton and turned into the very kind of politician he once campaigned against?

Could be. As the President continues to shift positions, his policies become more and more the policies of the status quo and not an agenda of change.

Obama wants crackdown on business taxes

President Barack Obama plans to propose changes to tax policy certain to be unpopular with corporations with international divisions and individuals who use tax havens. Obama also plans to ask Congress for 800 new federal tax agents to enforce his broad requests.

Feds force Chrysler into bankruptcy

Chrysler was forced into bankruptcy protection Thursday but President Barack Obama insisted the troubled automaker could emerge as a stronger company through a partnership with Fiat.

The aim is for Chrysler to emerge from bankruptcy protection within 30 to 60 days by selling the automaker’s principal assets to a new company.

Chrysler said most of its plants will be "temporarily" idled until the transaction is complete but workers would continue to be paid, dealerships would remain open and warranties would be honored.

Filling a Supreme Court vacancy

Now that Justice David Souter has helped solve the mystery of whether anyone would retire from the Supreme Court this year, what’s next? How will the executive and legislative branches of government set about filling a vacancy on the nation’s highest court?

Souter retiring from Supreme Court

Justice David Souter is planning to retire after nearly two decades on the Supreme Court, but his departure is unlikely to change its conservative-liberal split.

President Barack Obama’s first pick for the high court is likely to be a liberal-leaning nominee, much like Souter.

The White House has been told that Souter will retire in June, when the court finishes its work for the summer, a source familiar with his plans said Thursday night. The retirement is likely to take effect only once a successor is confirmed.

Obama: Waterboarding ‘is torture’

President Barack Obama called simulated drowning a form of torture on Wednesday, and defended his decision to end a practice used against terrorism suspects by the Bush administration.

Obama said the process, known as waterboarding, violated American ideals and was not appropriate even if it made getting information from suspected enemies easier.

"Waterboarding violates our ideals and our values. I do believe that it is torture," he told a news conference.

"That’s why I put an end to these practices."

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