A bipartisan effort in the Senate to allow President Obama to raise the federal debt ceiling in exchange for about $1.5 trillion in spending cuts over 10 years gained momentum Sunday.
Obama will nominate bank critic and former Ohio attorney general Richard Cordray to lead the Consumer Financial Protection Bureau, sidestepping Harvard professor Elizabeth Warren, who spent the past year setting up the new agency.
Obama raised $86 million in the last three months from 500,000 people — but at least $35 million of it can be traced to just 244 well-connected supporters who collected contributions from wealthy friends. Obama’s controversial meeting with supporters in the White House’s Blue Room on March 7 included 16 attendees who amassed at least $3.95 million for his 2012 election race.
Democrats are pushing a new gun control law amid the investigation of the Fast and Furious operation. Some conservatives suspect the operation was a actually a stealthy attempt to spur new gun control legislation.
The first major spending reports of the 2012 presidential campaign demonstrate the styles and priorities of the candidates. Mitt Romney scooped up large sums from big donors while Michele Bachman focused on smaller contributors.
World Bank President Zoellick says U.S. has abandoned world leadership on trade.
And Rep. Sheila Jackson Lee (D-Calif.) suggests Republicans are opposing Obama on the debt ceiling because of his race.