Washington (CNNMoney) - It's long been expected that Treasury Secretary Tim Geithner would stay on long enough in the job to play a key role in the fiscal cliff negotiations. Now that the deal is done, observers say the White House has a small window to name a successor.
Geithner is expected to stay on until the end of this month.FULL STORY
New York (CNNMoney) - Federal workers are bracing for furloughs that could start to take place in the next few months if Congress doesn't replace massive budget cuts scheduled to begin Wednesday.
Even as a fiscal cliff deal was beginning to emerge Monday afternoon, lawmakers and the president still lacked agreement to stop measures carving some $110 billion in spending power from federal budgets each year over the next decade through automatic cuts.FULL STORY
Washington (CNNMoney) – A cacophony of calls to change gun laws has emerged after last week's tragedy in Connecticut, and the National Rifle Association has kept quiet.
But no one expects silence from the NRA once President Obama or members of Congress make any move to change the laws.FULL STORY
Washington (CNNMoney) – The White House initial proposal to avert the fiscal cliff includes $200 billion in economic boosters - a stimulus plan Republican critics are railing against when they say the country needs to start reducing debt.
But even deficit hawks say spending more now is fine and even warranted to support a fledgling economic recovery. The key is long-term cuts that take effect down the road.FULL STORY
Washington (CNNMoney) - As lawmakers head into talks to avoid the fiscal cliff, doctors are watching closely.
Thanks to bad timing, the Medicare fees that doctors are paid for treating seniors has gotten tangled up in the same high-stakes deal-making to avert the fiscal cliff - across the board tax hikes and spending cuts that kick in January.FULL STORY
Washington (CNNMoney) – Fiscal cliff negotiations are proving to be the perfect excuse for President Obama and the business community to smooth over a rocky four years.
The White House has struggled to make and keep friends in the business community, thanks to contentious policy fights over financial and health care reforms. Obama famously dubbed Wall Street as "fat cat bankers" and bashed health insurers for raising premiums and denying coverage.FULL STORY
Washington (CNNMoney) – Most of the $36 million that the U.S. Chamber of Commerce spent on its pro-business agenda this election went down the drain.
According to federal records compiled by the Center for Responsive Politics, a watchdog group, $29 million of the money was spent in races that the Chamber's favored candidate lost.FULL STORY
New York (CNNMoney) – Several big Wall Street bank CEOs on Thursday urged Congress and President Obama to avoid the "fiscal cliff."
In an urgent letter dated Oct. 18, the Financial Services Forum pressed leaders to "reach a bipartisan deal to avoid" massive tax hikes and across-the-board program cuts that could lead to recession. If Congress doesn't act by Jan. 1, the United States will go over the fiscal cliff, triggering about $1.2 trillion worth of spending cuts over a decade.FULL STORY
New York (CNNMoney) - Facebook has spent $140,000 "friending" Republicans this year.
As the social media company prepares to influence policy, Facebook's political action committee has raised a sizable amount of money. It has doled out more to Republicans, $140,000, compared with $127,000 to Democrats through the end of September, according to a CNNMoney review of federal records released Monday.
Watch CNN's coverage of Tuesday's presidential debate starting at 7 p.m. ET on CNN TV, CNN.com and via CNN's apps for iPhone, iPad and Android. Web users can become video editors with a new clip-and-share feature that allows them to share favorite debate moments on Facebook and Twitter. Click here for 13 reasons to watch the debate only on CNN.FULL STORY
Washington (CNNMoney) – Tax loopholes should be closed, and the savings should pay down deficits, not lower taxes for the wealthy, according to Charles Schumer, the No. 3 Senate Democrat from New York.
"It is an alluring prospect to cut taxes on the wealthiest people and somehow still reduce the deficit, but you can't have your cake and eat it, too," Schumer said Tuesday, in a speech at the National Press Club.FULL STORY