Republicans grill energy secretary over statements about gas prices
March 8th, 2012
08:35 PM ET
2 years ago

Republicans grill energy secretary over statements about gas prices

Washington (CNN) – Energy Secretary Steven Chu insisted to lawmakers Thursday that the Obama administration wants gas prices lower.

But at a hearing of a House Energy and Commerce subcommittee, he didn't get much of a chance to explain, as Republican members continued to confront him with statements he and his boss, President Barack Obama, made prior to the 2008 election.
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Filed under: Energy • House • President Obama • Republicans
Obama drops long-term health care program
October 14th, 2011
07:11 PM ET
3 years ago

Obama drops long-term health care program

Washington (CNN) - Citing cost concerns, the Obama administration said Friday it has halted a long-term care insurance program that was part of the massive health care law passed in 2010.

Called the CLASS Act (Community Living Assistance Services and Supports), the program was canceled by Health and Human Services Secretary Kathleen Sebelius after a 19-month effort to find a way to make it financially viable.

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Filed under: Health care • White House
July 21st, 2010
04:52 PM ET
4 years ago

Greenspan's 'irrational exuberance' now Bernanke's 'unusually uncertain'

Federal Reserve Chairman Ben Bernanke is warning Congress that the economic outlook remains 'unusually uncertain.'
Federal Reserve Chairman Ben Bernanke is warning Congress that the economic outlook remains 'unusually uncertain.'

Washington (CNN) - Federal Reserve Chairman Ben Bernanke is warning Congress that the economic outlook remains "unusually uncertain," although he says the Fed is planning for the ultimate withdrawal of the substantial funds it has injected into the financial system since the onset of the economic crisis in 2008.

After Bernanke's statement before a Senate committee Wednesday, stocks turned sharply lower, with the Dow Jones industrial average down more than 100 points.

In prepared testimony for the Fed's semiannual report on monetary policy, Bernanke emphasizes more than once that economic conditions are likely to keep its short-term interest rates at "exceptionally low levels ... for an extended period," explaining that inflation is likely to remain low for several years. At the same time, he offered the most extensive look yet at the Fed's plans and options for pulling money out of the system and raising short-term rates, as the economy improves.

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Filed under: Ben Bernanke • Congress • Federal Reserve • issues
April 8th, 2009
05:00 PM ET
5 years ago

Auto task force team on the ground in Detroit

WASHINGTON (CNN) – A team of about 15 landed in Detroit Wednesday to continue the process of business diligence with the new management team from General Motors, an administration official tells CNN.

The official asked that their name not be given because they were not authorized to speak for attribution.

The team, the official said, is being led by Harry Wilson from the Treasury Department and includes experts from both Boston Consulting Group and Rothschild Inc.

They will be in Detroit through the end of the week and will be returning next week as well. The goal is to accelerate the process that the President laid out last Monday," the official said.


Filed under: Uncategorized