Washington (CNNMoney) - Jack Lew, the nominee to be the next Treasury Secretary, would be among the least wealthy to hold the job in recent history, even though he had a short tenure on Wall Street.
That's partly due to the fact that, as an investor, he's quite conservative.FULL STORY
Washington (CNNMoney) - The White House budget office has asked federal agencies to "intensify" preparations for massive cuts, should Congress not be able to come to a deal to avert them before March 1.
The Office of Management and Budget released a memo on Monday asking the agencies to identify ways to shrink their budgets. Some of the options include shrinking their work forces through hiring freezes and furloughs and finding grants and contracts that can be cut, according to a memo by OMB Deputy Director for Management Jeffrey Zients.FULL STORY
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