Congress has created a special super committee to devise a way to cut at least $1.2 trillion from US spending in coming years. Its real name is the Joint Select Committee on Deficit Reduction, and its deadline is Nov. 23. If a majority of the bipartisan, bicameral committee approves the plan, it goes to the House and Senate for a vote, and they must act by Dec. 23. If the plan is voted down, automatic spending cuts are slated to occur. Here are the 12 lawmakers serving on the super committee.
Tea party lawmakers say the S&P's downgrade of the US credit rating and the markets' convulsive reaction on Monday is merely confirmation that they had been right all along.
The Dow plunged 634 points Monday, even as Obama sought to assure the markets that the still-gaping deficit represents a failure of politics, not of the nation's credit-worthiness.
S&P downgraded its credit rating for US debt Friday, citing a lack of congressional leadership to find compromise on deficit reduction. Somewhat ominously, congressional leaders responded to the news with partisan shots.
GOP leaders made a point of congratulating the tea party for its role in the debt ceiling debate. 'You've actually won,' Sen. Mitch McConnell said. But the movement sees only a job unfinished.
Stock market gains early Friday morning were wiped out by noon, before another rally ensued. A better-than-expected jobs report gave some analysts hope that another recession could be averted.
Republicans and Democrats are at it again. A dispute over air service subsidies for 13 rural communities has left the FAA without a funding extension. Thousands of workers are affected.
Gabrielle Giffords, Democrat of Arizona, cast her vote Monday night on the debt deal in the House chamber. However, with recovery still ongoing, Gabrielle Giffords' future in politics is unclear.