NEW YORK (CNNMoney.com) – President Obama on Tuesday outlined the administration's efforts to restart the economy and warned that tough times and decisions lie ahead, according to prepared remarks of a speech he'll present in Washington.
Obama pointed to more job losses and foreclosures as well as "difficult and unpopular choices" when it comes to restructuring the auto industry and insurance giant American International Group (AIG). The government has already sunk $182 billion into propping up AIG.
The Obama administration is under pressure to address the financial crisis on many different fronts. While job losses and foreclosures continue to mount, the credit markets remain frozen.
WASHINGTON (CNN) - President Barack Obama announced a "comprehensive" new strategy Friday confronting the growing threat in Afghanistan and now Pakistan.
Obama said "situation is increasingly perilous" in the region and 2008 was the deadliest year of the war for U.S. forces in Afghanistan.
"It's an international security challenge of the highest order," he said in an address at the executive office building. "The safety of people around the world is at stake."
He called on Congress to pass a bipartisan bill co-sponsored by Sens. John Kerry and Richard Lugar authorizing "$1.5 billion in direct support to the Pakistani people every year over the next five years – resources that will build schools, roads, and hospitals, and strengthen Pakistan's democracy."
He is also urging Congress "to pass a bipartisan bill co-sponsored by Maria Cantwell, Chris Van Hollen and Peter Hoekstra that creates opportunity zones in the border region to develop the economy and bring hope to places plagued by violence. And we will ask our friends and allies to do their part – including at the donors conference in Tokyo next month."
(CNN) - President Barack Obama and Canadian Prime Minister Stephen Harper are holding a briefing after meeting one-on-one.
Watch the event on CNN.com/live
WASHINGTON (CNN) - The CEO's of several large banks that have received funds from the government as part of the Wall Street bailout are testifying on Capitol Hill about how they used public money.
Watch the hearing now on CNN.com/live.
(CNN) - Treasury Secretary Timothy Geithner is laying out the specifics of the administration's Term Asset-Backed Securities Loan Facility (TALF) plan.
Watch: Geithner lays out plan
"Instead of catalyzing recovery, the financial system is working against recovery. And at the same time, the recession is putting greater pressure on banks," Geithner said. "This is a dangerous dynamic, and we need to arrest it."
Read Geithner's full prepared remarks after the jump
WASHINGTON (CNN) - Facing new evidence of a darkening economic climate, President Barack Obama on Friday established a new middle class task force to assess the status of average-income Americans and recommend new ways to strengthen the economy.
The president also signed several executive orders to support organized labor, a key Democratic constituency.
Addressing an audience of business and union leaders in the White House, Obama said it is time for the the government to act "boldly and swiftly" to assist a struggling middle class.
"The American people expect us to act and that's exactly what I intend to do," he said.
WASHINGTON (CNN) - Defense Secretary Robert Gates opened his first comments to Congress as President Barack Obama's defense secretary Tuesday with the clear message that Afghanistan is at the top of his to-do list.
"There is little doubt that our greatest military challenge right now is Afghanistan," Gates said in his opening statement before the Senate Armed Services Committee, adding that Obama has made it the top military priority overseas.
Watch the testimony on CNN.com/live
Later, in response to a question from the committee's chairman, Sen. Carl Levin, D-Connecticut, he said missile strikes in Pakistan will continue in an effort to root out al Qaeda members who have based themselves across the border from Afghanistan.
And in one of the clearest indications of the military's planning to add troops in Afghanistan, Gates outlined a deployment of two brigades by spring and a third by late summer.