A White House official called the proposal to tax 529 college savings plans a "distraction" and said there are other ways to raise revenue.» Read More
President Obama blamed Republicans' refusal to close `wasteful' loopholes for the automatic budget cuts going into effect Friday, and said Americans will get through the crisis.
President Obama is meeting with Congressional leaders at the White House Friday morning to discuss automatic spending cuts, reports CNBC's John Harwood.
President Obama will meet Friday with the top leaders in the House and Senate, hours past the deadline for averting automatic budget cuts, to discuss how to proceed on divisive tax-and-spend issues.
In this excerpt from his Second Inaugural Address, President Obama defends the "commitments we make to each other - through Medicare, and Medicaid, and Social Security." (1:31)
President Obama is ceremonially sworn in to his second term, and addresses the people of the United States. "We the people still believe that every citizen deserves a basic measure of security and dignity, we must make the hard choices to reduce the cost of health care and the size of our deficit," he says.
CNBC's Eamon Javers reports capitalism is alive and well in the streets of Washington D.C. where President Obama's second inauguration is taking place today. Lamar Alexander, (R-TN) speaks on the peaceful transfer of power; and Vice President Joe Biden is ceremonially sworn in to his second term.
Discussing the inaugural addresses of former U.S. presidents, with Don Baer, Burson Marsteller CEO. Also, civil rights icon Myrlie Evers-Williams delivers the inaugural invocation for President Obama.
President Obama and Vice President Joe Biden, among other political leaders, ascend to the stage at the second inauguration of President Barack Obama.
Senate Minority Leader Mitch McConnell and House Democratic leader Nancy Pelosi are clashing over the prospect of another round of tax increases on the wealthy.
The White House warned Friday that Congress should avoid "playing with dynamite" in what's shaping up as the next "cliff" battle -- increasing the nation's debt ceiling.
Rep. John Boehner was re-elected House speaker on Thursday as the 113th Congress ushered in the new and the old -- dozens of eager freshmen determined to change Washington and the harsh reality of another stretch of bitterly divided government.
New Jersey Gov. Chris Christie blasted fellow Republican John Boehner and the GOP-controlled House on Wednesday, saying he was disgusted that Congress failed to approve emergency aid for victims of Superstorm Sandy.
A bipartisan furor erupted after House Republican leadership decided to allow the current term of Congress to end without holding a vote on aid for victims of Superstorm Sandy.
The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.
Democratic and Republican sources involved in negotiations reported some progress Friday toward a potential deal averting the "fiscal cliff" ahead of an afternoon summit at the White House between President Barack Obama and congressional leaders.
"I think the market is going to punish us for our failure to act, and it may be the only thing to get us to act," said Rep. Peter Welch, (D-VT), discussing some of the issues preventing lawmakers from reaching a "fiscal cliff" agreement.
Treasury Secretary Timothy Geithner on Wednesday notified Congress that the U.S. is going to hit the debt ceiling on New Year's Eve.
House Minority Leader Nancy Pelosi makes remarks on debt proposals.
President Barack Obama is not ready to accept a new offer from the Republicans to raise taxes on top earners in exchange for major cuts in entitlement programs, a source said late on Saturday.
House Minority Leader Nancy Pelosi addresses the "fiscal cliff" discussions, and says, "We really have to come to some agreement in the next couple of days."