When the Consumer Financial Protection Bureau (CFPB) rolled out its new website Thursday, it did so with the help of a little star power — that of Oscar-winning director Ron Howard.

Howard, also known for his portrayal of Richie Cunningham on the 1970s sitcom "Happy Days," narrated an opening video for the CFPB, explaining its purpose.

Demand for credit by small businesses fell for a second straight year as fewer firms sought loans because of a shaky real estate market and decreasing consumer demand, according to a report. 

The National Federation of Independent Business found in its recent report that the slowly recovering economy reduced the number of small businesses seeking credit in 2010, while others were too discouraged to try to obtain credit, although more people were able to get loans than in 2009. 

In 2010, the percentage of small-business employers applying for credit fell from 55 percent in 2009 to 48 percent last year, the report found. 

However, the percentage of those approved for credit rose somewhat, so about the same number that accessed credit in 2010 also was able to access it in 2009.  

Sen. Saxby Chambliss has indicated that he wants legislation modeled after the recommendations from the president’s fiscal commission to be introduced without any tax credits or deductions.

The Georgia Republican told the Daily Caller that certain tax provisions could then be added to the measure that he is crafting with Sen. Mark Warner (D-Va.), signaling that he expects a fair number of his colleagues will try to amend the bill. 

House Appropriations Committee Chairman Hal Rogers (R-Ky.) on Thursday said the GOP will seek to make the deepest cuts to funding for transportation, housing, agriculture and justice as it seeks to bring down spending for the rest of 2011.

Rogers said the appropriations subcommittees will be focusing on those areas in an attempt to meet a $1.055 trillion total spending ceiling that was set Thursday by House Budget Committee Chairman Paul Ryan (R-Wis.). Rogers said an increase in Defense spending compared to 2010 levels will be allowed.

Members of Appropriations will in the coming days craft a continuing resolution to fund the government through Sept. 30, and Rogers announced individual spending ceilings for the 12 appropriations subcommittees as they set about drafting the bill. 

Read more...

The Consumer Financial Protection Bureau (CFPB) established an online presence Thursday, when the Treasury Department unveiled a "beta" version of its website.

The CFPB, created as part of the Dodd-Frank financial reform law, does not officially begin work until July, but it is already reaching out to the public for input via the Internet.

On the same day House Republicans unveiled their plan to roll back spending, witnesses and lawmakers on the Senate side differed over whether now was the time to start more austere budgeting practices. 

At a Senate Budget Committee hearing, Mark Zandi of Moody’s Analytics and others said belt-tightening should begin in earnest once the economy had gotten stronger, with Zandi estimating that could mean next year. But Chris Edwards of the Cato Institute advised against waiting much longer to tackle spending. 

The Federal Reserve chairman cautioned lawmakers against using a vote on raising the $14.3-trillion debt ceiling as a bargaining chip.

The federal government cut $15 billion in contract spending between fiscal years 2009 and 2010, putting the Obama administration on track to cut $40 billion over two years, officials announced Thursday. 

The contracting cuts are the first year-to-year since 1997 and reduced the amount of products and services supplied to the federal government from private firms to $535 billion from $550 billion, about 7 percent in cuts overall, according to Office of Management and Budget Deputy Director Jeffrey Zients.

The push will continue on agencies in the president's fiscal 2012 budget request, which is set for release around Feb. 14, is expected to call for a 10 percent reduction in professional and technical service contracts that have grown rapidly in the past 10 years, officials said. 

Republicans tout spending ceiling as cutting $74 billion from President Obama's budget request; sets up battles on the right and left