Anne Mulcahy, former CEO of Xerox Corp., said Thursday she is "not a good fit" to replace Larry Summers as President Obama's top economic adviser.

Mulcahy on CNBC dismissed speculation that she would be named to replace Summers, who will leave the Obama administration by the end of the year.

"I think that's not a good fit for me," Mulcahy said. "I think I have a role right now. My plate's pretty full."

White House senior adviser David Axelrod on Thursday joined the protracted fight over extending the Bush-era tax cuts by blaming Republicans for creating the situation when they chose to make the tax cuts temporary. 

"Ten years ago, Congress passed broad income tax cuts," he wrote in an e-mail. "But in a cynical accounting trick designed to mask their long-term impact, they scheduled these cuts to expire next January. Now we are approaching that cliff, and millions of Americans are facing thousands of dollars in higher taxes on January 1." 

Bailed-out insurer AIG announced a deal Thursday that it said would allow it to repay taxpayers.

A new Gallup poll shows that consumer spending dropped to a $56 daily average during the last two weeks ending Sept. 26, down from $64 and $61 two weeks prior. 

The current drop marks the lowest spending level so far for 2010 and is also below Sept. 2009 levels. 

The Senate easily passed a bill on a 69-30 vote Wednesday night to keep the government running through early December.

The Senate is expected to begin a series of three votes around 7 p.m., on a continuing resolution to keep the government running through Dec. 3. 

The measure funds programs at this year's levels and doesn't include the additional $20 billion in spending requests made by the Obama administration, somewhat smoothing its passage. 

Overall, the continuing resolution reduces spending of discretionary programs by $8.2 billion, according to a summary released today by Senate Democrats.

The Senate has started consideration of a continuing resolution with three votes expected to begin around 8 p.m., with passage expected Wednesday night. 

The measure, which will keep the government running through Dec. 3 and funds programs at this year's levels, didn't include the additional $20 billion in spending requests made by the Obama administration, somewhat smoothing its passage. 

Overall, the continuing resolution reduces spending of discretionary programs by $8.2 billion, according to a summary released today by Senate Democrats.

Senate Republicans are asking for a couple of major changes to the measure before it heads to the House and is cleared for President Obama's signature. 

The House on Wednesday voted 348-79 allowing the Commerce Department to impose duties on countries that undervalue it currency to gain the upper hand in the global trade market. 

The legislation is chiefly aimed at China, which earlier this year vowed to adjust its currency to reflect market fluctuations, but has yet to follow through on the promise.

As President Obama ramps up efforts to help Democrats in the upcoming election, a new Harris Interactive poll shows there is growing dissent with his handling of the economy. 

The poll shows that Obama has a 71 percent negative rating on the economy, his highest ever, up from 64 percent in May and 68 percent in August. 

Read more...