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.
Republican presidential hopeful Newt Gingrich is rising in the polls, but Rick Perry is back in the spotlight after some proposals he made in Iowa yesterday. The Texas governor wants Congress to take a 50 percent pay cut, as part of a sweeping plan to overhaul the government.
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.
Australia is the latest stop on President Obama's tour of the Pacific Rim countries that the president thinks should be the new focus of U.S. foreign policy. It is already the focus of a competition for influence with China.
Today, Chrysler is expected to announce plans to add more than 1,000 jobs at an assembly plant in Ohio. Local officials there have reportedly signed off on tax incentives for the plant expansion in Toledo. It's where Chrysler makes the Jeep Liberty and Wrangler.
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.