Oct. 7, 2010 at 12:48 p.m.
Filed under:
Government
By Reuters
President Barack Obama will not sign legislation that could have made it more difficult for homeowners to challenge unjustified foreclosure actions, the White House said on Thursday.
White House communications director Dan Pfeiffer said Obama was sending the bill back to the House of Representatives for further discussion of how it would affect the foreclosure crisis, which has become a political lightning rod amid media reports that banks acted improperly to evict struggling borrowers. Get the full story »
Oct. 4, 2010 at 1:44 p.m.
Filed under:
Economy,
Jobs/employment,
Policy,
Politics
By Reuters
From left to right, Paul Volcker, Jill Biden, President Barack Obama, and Penny Pritzker at Monday's meeting of his economic advisory board. (Chip Somodevilla/Getty Images)
President Barack Obama on Monday said the United States was facing an “untenable fiscal situation” and would have to get serious about tackling its federal deficit.
The U.S. budget deficit is forecast at a record $1.47 trillion in the fiscal year that ended on Sept. 30, 2010.
Obama said that emergency government spending measures he took to support growth and hiring when he took office last year had temporarily added to the funding gap, but the deficit had to be tackled going forward. Get the full story »
Oct. 1, 2010 at 10:29 a.m.
Filed under:
Autos,
Bankruptcy,
Consumer news,
Earnings,
Economy
By Reuters
General Motors Co. posted an annual sales gain of 10.5 percent in September amid evidence that the U.S. auto market remained stuck in a slow-moving recovery at the start of the fourth quarter.
GM was the first of the major U.S. automakers to report sales for the month. Get the full story »
Sep. 30, 2010 at 11:04 a.m.
Filed under:
Bank failures,
Banking,
Policy,
Politics,
Small business
By Becky Yerak
A Chicago-area bank whose chief executive met with President Obama last December to discuss small-banking matters has been ordered by the nation’s thrift regulator to maintain certain capital levels, among other things.
Matt Gambs, who in 2008 joined Schaumburg-based Diamond Bank as its new chief executive, said that earlier this week members of its board of directors, including existing investors, pumped $1 million in fresh capital into the closely held lender, which also has a branch near the intersection of Clark and North in Chicago. Get the full story »
Sep. 29, 2010 at 10:45 a.m.
Filed under:
Economy,
Policy,
Politics
Bloomberg News | President Barack Obama said his economic policies are designed for a long-term effect and there remain some immediate hurdles for the U.S., including restoring the millions of jobs lost during the recession. Get the full story »
Sep. 27, 2010 at 1:10 p.m.
Filed under:
Government,
Jobs/employment,
Small business
Bloomberg News | President Barack Obama signed legislation that will cut taxes and provide credit help for small businesses, calling it an essential step for job growth in a slow economy. Get the full story »
Sep. 23, 2010 at 3:36 p.m.
Filed under:
Economy,
Internet,
Politics,
Updated
By Ameet Sachdev
Todd Henderson. (University of Chicago photo)
A law professor at the University of Chicago, where President Barack Obama once taught, is sorry he ever complained about the president’s tax policies.
Todd Henderson last week wrote on a blog about the effect the expiring Bush tax cuts would have on his family. He said his family, whose household income is north of $250,000, could not afford higher taxes. His wife is a doctor at the University of Chicago Hospitals.
“A quick look at our family budget, which I will happily share with the White House, will show him that like many Americans, we are just getting by despite seeming to be rich. We aren’t,” Henderson wrote on the blog “Truth on the Market.” Get the full story »
Sep. 17, 2010 at 5:08 p.m.
Filed under:
Consumer news,
Policy,
Politics,
Updated
By Los Angeles Times
President Barack Obama and Elizabeth Warren on Sept. 17, 2010. (AP Photo/Susan Walsh)
Harvard law professor Elizabeth Warren, appointed Friday to launch the new Consumer Financial Protection Bureau, likely won’t be the agency’s first official director, but she will have a major say in who gets the powerful job.
Warren also will have a broader portfolio of duties, advising President Obama on “policies and programs that are designed to protect the financial interests of middle-class families,” the White House said.
Sep. 16, 2010 at 11:03 a.m.
Filed under:
Education,
Jobs/employment,
Policy,
Politics
By Reuters
Education company Career Education forecast a significant slowdown in revenue growth from 2011 to 2014 as U.S. President Obama’s regulations for the for-profit education sector takes effect. Get the full story »
Sep. 16, 2010 at 10:49 a.m.
Filed under:
Economy,
Jobs/employment,
Layoffs
By Associated Press
The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty.
The overall poverty rate climbed to 14.3 percent, or 43.6 million people, the Census Bureau said Thursday in its annual report on the economic well-being of U.S. households. The report covers 2009, President Barack Obama’s first year in office.
Sep. 16, 2010 at 9:45 a.m.
Filed under:
China,
International
By Associated Press
The Obama administration is signaling it plans to take a tougher stance with China on trade issues, including demanding that Beijing move more quickly to reform its currency system.
Sep. 13, 2010 at 9:11 a.m.
Filed under:
Economy,
Taxes
By Associated Press
Treasury Secretary Timothy Geithner says the administration is encouraged to hear Republicans say they would support President Barack Obama’s plan to extend tax cuts to the middle class.
Sep. 13, 2010 at 7:24 a.m.
Filed under:
Government,
Politics,
Taxes
By Associated Press
White House press secretary Robert Gibbs says the Obama administration hopes the top House Republican was serious in expressing support for renewing tax cuts for the middle class, adding that GOP hopes to also extend reductions for the rich lack common sense.
Sep. 10, 2010 at 4:28 p.m.
Filed under:
Policy,
Politics
By Associated Press
The Obama administration says it’s chosen a Treasury Department lawyer to replace pay czar Kenneth Feinberg, who stepped down Friday, ending a contentious 14-month tenure.
Sep. 10, 2010 at 1:05 p.m.
Filed under:
Economy,
Government,
Jobs/employment,
Policy,
Politics
By Becky Yerak
Americans are more pessimistic about the country and the economy than they were four months ago, and it’s also showing in their approval rating of President Barack Obama, according to a study released Friday by Northbrook-based Allstate Corp. and the National Journal.
The sixth Heartland Monitor Poll also found that a significant “jobs now” sentiment outweighs concerns about the deficit or the size of government. Get the full story »
