Former Treasury Secretary Lawrence Summers withdrew from consideration to be chairman of the Federal Reserve, averting a confirmation battle that divided Democrats on one of President Barack Obama’s most important decisions.
President Barack Obama says going over the fiscal cliff by missing the deadline for a deficit reduction deal by year’s end would be a “rude shock” for Americans. Republican House Speaker John Boehner says it would be a “fiasco.”
As President Barack Obama works for a bipartisan deal to raise the government’s debt ceiling, both the Republicans wanting to replace him and Democrats seeking the best way to re-elect him have emerged as obstacles.
President Barack Obama today will meet with union leaders to try to heal a relationship strained by his agreement to extend Bush-era tax cuts . Behind the scenes, the White House is waging a broader campaign among Democratic Party loyalists to undo damage over the deal.
President Barack Obama told congressional leaders in deficit-cutting talks that he won’t sign any agreement that fails to raise the debt limit through the 2012 election, said a congressional aide familiar with the negotiations.