Obama and GOP Near Endgame in Debt Talks
In secret talks Obama and House Republican leaders pressed toward a grand bargain to cut deficits by about 4 trillion dollars and avert a default. Boehner voiced cautious willingness to compromise while Republicans push back on taxes and Democrats resist cuts to Medicare and Social Security.
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Obama debt deal offer puts pressure on both parties
The president proposes a grand bargain to lift the debt ceiling with up to 4 trillion dollars in deficit cuts over a decade and as much as 1 trillion in new revenue through tax code overhaul. House Republicans have rejected the plan citing no net tax hikes and risk to GOP goals, while aides say Obama aims for a win win in 2012 by showing restraint, gains from tax concessions, and a path to stabilizing Medicare and Social Security. Independent voters mood shifts could bolster his position either way.
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FEC orders Edwards campaign to repay over 2 million dollars
The Federal Election Commission said Edwards campaign undercounted cash on hand and overstated expenses including wind down costs. Auditors found over four million in loan repayments were not itemized and the campaign plans an appeal citing routine accounting issues.
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