President Obama tells Congress to get cracking on the deficit reduction talks — and maybe not take so many vacations. After all, Mister Obama said, his kids do their homework ahead of time, so why can't Congress?
Bank of America will pay $8.5 billion to settle claims by investors who lost money on mortgage-backed securities. The securities at issue were put together and sold by Countrywide, and they became Bank of America's problem when the bank acquired the mortgage giant in 2008.
There may be debate among military experts and politicians whether President Obama made the right decision about the scale and pace of U.S. troop withdrawals in Afghanistan, but the fact of the matter is the decision has been made and with that comes a whole new set of dynamics: The Afghan withdrawal, along with the dwindling U.S. commitment to Iraq and Libya, affords the opportunity to examine America's global posture in the future — how it engages with the rest of the world, militarily and otherwise.
The Obama administration and auto industry executives are starting talks over new fuel economy standards for cars and trucks, which are to be announced in September. Sources say the administration is pushing for the average fuel economy for each carmaker's fleet to rise to 56 mpg by 2025. The companies want something closer to 47 mpg. The heavyweight in these negotiations could turn out to be California, which plans to set its own standard if the federal government doesn't go high enough.