Richard Lugar of Indiana, a six-term Senate veteran and one of the most influential lawmakers on foreign affairs, lost in a primary that underscored the dominance of anti-tax Tea Party activism against established Republican party leaders.
President Barack Obama scored a political victory by pressuring BP Plc to commit $20 billion for damages from an environmental disaster that’s weighing on his presidency as the company struggles to contain thousands of barrels of oil flowing into the Gulf of Mexico each day.
The U.S. Senate approved a proposal to let regulators decide who rates asset-backed securities after investors said Standard & Poor’s and Moody’s Investors Service inflated assessments of mortgage bonds because the companies were paid by Wall Street firms selling the debt.
President Barack Obama urged Congress to extend lower income tax rates for the middle class during the lame-duck session of the current Congress and said “there’s room for us to compromise and get it done together.”
A three-way race for an open U.S. Senate seat in Florida will test the ability of a popular governor running as an independent to overcome Republican and Democratic rivals in a campaign that will help determine which party controls the Senate.