Let's remember a bit of very recent history. Back in August, Congress came close to defaulting on U.S. government debts. Republicans wanted big cuts in spending. They finally got some, but a deal with President Obama pushed more deficit reductions off to the future, to a bipartisan committee which has been meeting this fall, and now has one week left until its deadline to reach a deal.
At an Iowa town hall meeting Tuesday, Republican presidential hopeful Rick Perry laid out a plan to, as he put it, uproot and overhaul the federal government. Among other things, Perry would end life-time tenure for federal judges including those on the Supreme Court, and make members of Congress take a 50 percent pay cut.
And here's a follow-up to the dramatic scandal at Olympus, which we've been following on this program. It's one of Japan's most respected corporations - or it was. Now executives Olympus are facing criminal charges and prison sentences. The company may be delisted from the Tokyo Stock Exchange, and may also go bankrupt. All this after revelations of dubious acquisitions and allegations of massive accounting fraud. From Tokyo, Lucy Craft has more.
The House Financial Services Committee voted on Wednesday to suspend nearly $13 million in bonuses paid to executives at Fannie Mae and Freddie Mac. The measure would also prohibit future bonuses. The Senate is expected to take up similar legislation.
Police officers removed Occupy Wall Street protesters from Zuccotti Park in New York City early Tuesday morning. Mayor Michael Bloomberg said the operation took place at night to "reduce the risk of confrontation." But clashes erupted and about 70 people were arrested.
Police temporarily cleared Zuccotti Park early Tuesday so that sanitation crews could clean the site Occupy Wall Street protesters have inhabited for two months. About 70 protesters were arrested including some who chained themselves together.
Veterans Day was last week, and with it came a reminder of a World War 1 strategy. Britain's Daily Telegraph reported on the fake city France was creating in hopes German bombs wouldn't hit the real Paris. The sham city was never finished because the war ended.
The Federal Housing Administration today issues its annual report to Congress. A Wharton School professor is warning the FHA's problems are worse than the agency is letting on. The professor predicts that taxpayers will have to provide another multi billion dollar bailout if the economy doesn't improve soon.