March 8th, 2009
02:10 PM ET
5 years ago

Automakers should seek bankruptcy protection, say two GOP senators

No more auto bailout money without a long-term industry plan, Boehner said Sunday.
No more auto bailout money without a long-term industry plan, Boehner said Sunday.

WASHINGTON (CNN) – The House's Republican leader said Sunday he did not support giving General Motors any more federal funds until the company can show it will be able to survive in the long-term and pay back the government, as two of his GOP colleagues in the Senate said it was time for the automaker to declare bankruptcy.

House Minority Leader John Boehner told CBS that if GM did not meet those requirements, the government would just be "throwing good money after bad," but said he hoped the company would not have to seek bankruptcy protection.

"It's an important institution in our country. It impacts hundreds of thousands of jobs. But they have to do the serious work that they've avoided doing over the last 30 years if they're going to survive," he said on Face the Nation.

Sen. Richard Shelby, who opposed the idea of a domestic auto bailout, told ABC's This Week that GM, Chrysler and Ford should only receive further federal funds as part of Chapter 11 reorganization: "Short of that, the UAW will run those companies and run them into the ground," he said.

FULL POST


Filed under: John Boehner • John McCain • Richard Shelby
March 8th, 2009
02:01 PM ET
5 years ago

McCain laughs off daughter's claim his run killed her love life

McCain laughed off his daughter's complaints about her love life.
McCain laughed off his daughter's complaints about her love life.

WASHINGTON (CNN) – Sen. John McCain is laughing off daughter Meghan’s claim that his presidential campaign has taken a toll on her love life.

"I have to say I have a beautiful daughter and I have bright prospects for her professionally and socially," he said on Fox News Sunday.

"I'm proud of all my children. Sometimes they say things that I would not do or say - that's what young people are all about."

In a recent blog post on the Daily Beast, Meghan McCain listed the exclusion of “obsessive supporters of my dad" as one of the campaign-related developments that had reduced her romantic prospects.

FULL POST


Filed under: John McCain • Meghan McCain
March 8th, 2009
10:30 AM ET
5 years ago

Cantor: White House spending stance has 'no credibility'

WASHINGTON (CNN) – House Minority Whip Eric Cantor told CNN's John King that the Obama administration's position on the spending bill currently before Congress did not have "any credibility" and represented a "false position."

The Virginia Republican said on State of the Union Sunday that the White House's contention that the legislative process was too far along to change course was completely inaccurate. "Let’s call it how it is. First of all, if you make a promise, people expect that you live up to it. And that's why this administration's refusal to go in and change this bill is, I think, is a false position.

"There is no way anyone could take what Mr. Orszag has said with any credibility. Of course they’re negotiating on this bill in the Senate right now. To say that we would have drawn it differently, but leave $430 billion plus on the table like this? No way. People are expecting this administration to live up to the promises made."

Watch Cantor slam the White House on spending

Cantor denied that Republicans were being hypocritical by blasting earmarks while some GOP congressional leaders and key committee chairs had hundreds of millions of dollars worth of that spending in the bill, saying he and House Minority Leader John Boehner had asked their party to adopt a moratorium on the practice.

Watch CNN's Dana Bash on earmarkers attacking spending

"There is no question that we’ve got to change this entire process, it is a system gone bad," he said.

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Filed under: Eric Cantor • State of the Union
March 8th, 2009
09:39 AM ET
5 years ago

Orszag on spending bill: 'Is it uglier than we'd like? Absolutely.'

Orszag defended the administration on earmarks.
Orszag defended the administration on earmarks.

WASHINGTON (CNN) - President Obama's budget director told CNN's John King the spending bill before Congress right now is "uglier than we'd like," but insisted the administration had little power to change it - and little choice but to support it, to preserve funding for key White House priorities.

"This is like your relief pitcher coming into the ninth inning, and wanting to redo the whole game," said Office of Management and Budget Director Peter Orszag on State of the Union Sunday. "Next year we're going to be the starting pitcher, and the game's going to be completely different."

Watch Orszag on why the White House says it can't change the bill

The spending bill currently being considered by Congress contains thousands of earmarks - nearly $8 billion directed by lawmakers for specific projects in their home states. As a candidate, Obama campaigned on a pledge of earmark reform.

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Filed under: Peter Orszag • State of the Union
March 8th, 2009
09:00 AM ET
5 years ago

Military says 12,000 troops to withdraw from Iraq

12,000 troops to leave Iraq by fall, the military said Sunday.
12,000 troops to leave Iraq by fall, the military said Sunday.

BAGHDAD (CNN) – Some 12,000 troops will be pulled from Iraq over the next six months as part of a gradual troop withdrawal in the region, the U.S. military said in a statement Sunday.

Two brigade combat teams and their support units will redeploy without replacement, reducing the number of combat teams in Iraq from 14 to 12, the statement said.

An additional 4,000 British troops will also be withdrawn from Iraq.

The reduction of Coalition forces come a result of "an increased level of security and stability" that the country has achieved over the past year, according to the military statement.

"The time and conditions are right for Coalition forces to reduce the number of troops in Iraq," Gen. Ray Odierno said in the statement.

President Barack Obama announced last month the United States' plan to withdraw most of its troops from Iraq by August 2010.


Filed under: Iraq
March 8th, 2009
08:30 AM ET
5 years ago

President names three new Treasury officials

(CNN) - Following weeks of congressional grumbling over the slow pace of staffing at the Treasury Department, the White House announced three new senior department officials Sunday.

President Obama has tapped three counselors to Treasury Secretary Timothy Geithner to serve as assistant secretaries: lawyer David Cohen to address terrorist financing, Princeton Univerity professor and labor economist Alan Krueger for economic policy, and former Barclays Capital and Lehman Brother executive Kim Wallace for legislative affairs.

"With the leadership of these accomplished individuals and our whole economic team, I am absolutely confident that we will turn around this economy and seize this opportunity to secure a more prosperous future," the president said in a statement.


Filed under: Obama administration