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For months he had warned it was coming but that didn't ease the political shockwaves for President Barack Obama when unemployment topped 10 percent.
The Obama administration's "pay czar" who reduced pay for executives at seven major corporations doesn't want broader powers over the rest of the financial sector.
Take a hard look now. A new agency that consumers were promised would make bankers, credit card companies and mortgage lenders treat them fairly will never look as strong again.
The government's economic stimulus spending has already had its biggest impact and probably won't contribute to significant growth next year, a top White House adviser said Thursday.
The man who watches over the $700 billion in government money given to banks and other institutions to avert a financial collapse said Wednesday he thinks it's too early to say how much will be repaid to the taxpayers.
President Barack Obama wants smaller community banks to have greater access to the government's $700 billion financial rescue fund as the administration refocuses the bailout money on small businesses and homeowners and winds down programs aimed at big banks.
President Barack Obama fought to keep his proposed banking overhaul on track Friday, casting the political struggle ahead as one between big financial interests and average Americans victimized by complex or unscrupulous financial transactions.
Faced with a stinging rise in unemployment, President Barack Obama summoned Congress' top two Democrats Wednesday to the White House to discuss additional proposals to help the jobless and boost the economy.
While the economy is beginning to come out of recession, it has yet to show evidence that it can grow without the help of the government's $787 billion infusion of taxpayer money, President Barack Obama's top budget adviser said Monday.
Harry S. Truman banned reporters he disliked from his presidential yacht. Franklin Roosevelt placed his journalistic critics out of earshot at the back of the room during presidential press conferences.
The Obama administration on Thursday sent its clearest signal yet that it is prepared to extend its $700 billion bailout for Wall Street for another year, even as lawmakers said they were frustrated that not enough was being done to help the average American.
Forty senators — all but one of them Republican — want the Obama administration to let the $700 billion financial rescue program expire by year's end, saying the money has been used in ways not contemplated by Congress.
One year after Wall Street teetered on the brink of collapse, seven out of 10 Americans lack confidence the federal government has taken safeguards to prevent another financial industry meltdown, according to a new Associated Press-GfK poll.
President Barack Obama assailed critics of his health care initiative Saturday, seeking to grab the megaphone from his opponents and boost momentum in his drive for congressional passage of his chief domestic priority.
Halting the financial sector's death plunge is arguably the government's most measurable achievement this year. Yet as President Barack Obama observes the one-year anniversary of Lehman Brothers' collapse, his administration's increasingly sunny assessment of Wall Street's rebound faces a hard sell.
Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months.
President Barack Obama's health care initiative is repeating history. No, not the failed attempt by President Bill Clinton in 1993. Right now, Obama's troubled plan is on the same shaky ground that preceded President George W. Bush' grand flop with Social Security.
The Treasury Department has decided not to challenge the independence of the government watchdog agency that Congress created to oversee spending of the $700 billion rescue package for the financial sector.
A leading GOP negotiator on health care struck a further blow to fading chances of a bipartisan compromise by saying Democratic proposals would restrict medical choices and make the country's "finances sicker without saving you money."
In the halls of liberalism, it's hard to imagine anyone filling such a void. Sen. Edward Kennedy was the thundering partisan, the unapologetic liberal leader, the master legislative dealmaker and tactician. He was also flawed, haunted by tragedy, yet a portrait in charm and Irish bonhomie.
In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America's founding. And it says by the next decade's end the national debt will equal three-quarters of the entire U.S. economy.
The federal government faces exploding deficits and mounting debt over the next decade, White House and congressional budget officials projected Tuesday in competing but similar economic forecasts.
If President Barack Obama wants to take the measure of his opposition, he only has to glance across Lafayette Park from the White House. There, behind 10 massive Corinthian columns, is the headquarters of the U.S. Chamber of Commerce — a leading critic of the administration's health care and banking overhaul plans.
The Federal Reserve, the nation's central bank, is having a political Goldilocks moment.
Two senior congressional Democrats pointedly called on the Obama administration Tuesday to make the $700 billion financial bailout program more visible and accountable to taxpayers, with one complaining that the Treasury Department's approach to the fund is, "Don't ask, don't tell."
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