• White House and Congress Continue Debt Talks

    Senate begins debate on "Cut, Cap and Balance"

    Updated 1 hr., 31 min. ago
    White House and Congress Continue Debt Talks
    Associated Press / Pablo Martinez Monsivais

    White House talks with Congressional leaders resumed yesterday as President Obama’s hopes for a deficit reduction deal to coincide with an increase in the debt ceiling resurfaced. On Wednesday, Obama called Congressional leaders to the White House in separate meetings to discuss the “Gang of Six” proposal.

    A growing number of bipartisan Senators are backing the "Gang of Six" plan, but it could be difficult to pass the U.S. House because it raises revenue. But anti-tax crusader Grover Norquist, whose anti-tax pledge many Republicans signed and campaigned on, told the Washington Post Editorial Board that allowing the Bush-era tax cuts expire does not amount to a tax increase, which the Washington Post called a "significant" development. But in House Speaker John Boehner's (R-OH) news conference this morning, he disagreed. “I believe that would be raising taxes," Boehner said. More »

  • Members Debate Dodd-Frank at One Year

    Updated 4 hr., 24 min. ago
    Members Debate Dodd-Frank at One Year
    Associated Press

    Today marks the one-year anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of the products under the Dodd-Frank law is the creation of a new consumer-watchdog agency, the Consumer Financial Protection Bureau (CFPB), which officially opens its doors this morning.

    This morning, Rep. Barney Frank (D-MA) and government's top financial officials testified before the Senate Banking Committee to discuss the implications of the Dodd-Frank legislation.  Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro and acting Federal Deposit Insurance Corp. chairman Martin Gruenberg appeared at the hearing to provide insights from their agencies on the bill. More »