Financial regulators are bracing for an onslaught of litigation and second-guessing.
On The Money
TUESDAY'S BIG STORY: Rep. Mel Watt (D-N.C.) will likely be confirmed on Tuesday as the next director of the Federal Housing Finance Agency.
A recent change to Senate rules will help Watt, who lost his first bid at confirmation in October, to garner enough votes to pack up his office for a move down the street.
Liberals want a budget deal to target tax breaks used by corporations and the wealthy.
The Treasury Department sold off its remaining stake in General Motors on Monday, losing $10.5 billion on its investment that kept the automaker afloat through the financial crisis.
Treasury Secretary Jack Lew told reporters that the government recouped $39 billion of the $49.5 billion it sank into the Detroit-based company in 2008 and 2009, essentially saving about 1 million jobs.
Obama said his "bet" on auto industry has "paid off" after Treasury sold its final GM shares.
An inspector general report last week found that ObamaCare tax credits are susceptible to fraud.
The conservative group said it would oppose "a gimmicky, spend-now-cut-later deal."
Democratic Rep. Mel Watt is expected to win Senate confirmation for a top housing regulator slot on Tuesday and he won't even be in the country to see it.
Watt, who appears set to lead the Federal Housing Finance Agency, is headed to South Africa as part of a congressional delegation attending Nelson Mandela's funeral.
Sen. Marco Rubio (R-Fla.) said the U.S. should not end a trade embargo on Cuba.
“I am concerned that U.S. officials reportedly met with Cuban representatives in Bali to discuss the U.S. trade embargo on Cuba,” Rubio said during the weekend. “There should be no question that the U.S. will not end the trade embargo until the Castro regime releases its political prisoners and holds free and fair elections.”
Rubio’s remarks came after the World Trade Organization’s negotiations took place in Bali.
The federal government’s bailout of General Motors in 2008 and 2009 saved 1.2 million jobs, according to a new study released on Monday by the Center for Automotive Research (CAR).
Without the federal government’s decision to pump $50 billion into GM at the height of the 2008 and 2009 recession, millions of its employees would have been thrown out of work and the country would have missed out on $39.4 billion in tax collections, the authors of the study argued.