President Obama will announce Thursday afternoon his nomination of White House Chief of Staff Jack Lew to serve as Treasury secretary, a White House official confirmed.
The looming $600 billion defense spending crisis required under last year's Budget Control Act was delayed for two months under the compromise tax deal passed by Congress this week.
The Obama administration is pushing back against critics who have accused the president of unleashing a "regulatory tsunami" against the business community.
Senators voted late Thursday to rewrite some of the key rules in the war on terror, including prohibiting indefinite detention of U.S. citizens captured at home, and a permanent ban on transferring suspected terrorist detainees from Guantanamo Bay, Cuba, to the United States.
The re-election of President Obama to a second term and the Senate remaining in Democratic hands confirms that Obamacare will be fully implemented. One of the major fears Americans have with regards to the impending regulations of the Affordable Care Act is the formation of death panels. Even though no such panels exist so far, the fact remains there will be significant rationing of health care resources at all levels.
A group of House Republicans are sharply questioning a lengthy delay by the Obama administration this year in producing a mandatory report that details the government's regulatory agenda and what impact it will have on businesses and the economy.
With excruciating detail, the White House's budget office on Friday laid out exactly where it will have to cut $109 billion from federal spending in January, including $11.1 billion from Medicare and $54.7 billion from defense spending.
In a time of deep deficits and tight budgets, President Obama says the Defense Department cannot be entirely spared the scalpel. But Mitt Romney, his likely opponent in November's election, says the U.S. must spend more on the Pentagon now because it will pay off with a stronger economy in the long run.
In the months before the terrorist attacks of September 2001, the CIA unit dedicated to hunting for Osama bin Laden complained that it was running out of money, and analysts considered the likelihood of catching the terrorist leader to be extremely low, according to government records published this week.