After years of tax cuts and a big hike in defense spending, deficits were rising. Then came a bitter battle over the debt limit. Three senators came up with a plan: Unless Congress and the White House could get the deficit under control, this thing called "sequestration" would do it for them.
The battle between an American capitalist and a French socialist official has prompted chuckles — and heated debate — on both sides of the Atlantic. The exchange highlights some humorous stereotypes and reveals real differences between the economic cultures of France and the United States.
A leaked letter from Maurice Taylor, CEO of the Illinois-based Titan tire company, ignited the controversy. In it, Taylor, regarded by the French as a hardcore capitalist, addressed Arnaud Montebourg, France's flamboyant, leftist industrial renewal minister.
Several states are rushing to establish a foothold in online gambling — an activity that federal officials were only recently trying to ban.
Just a while ago, the federal government actually viewed online gambling as a crime. Lately, the Obama administration has taken a more permissive stance. It now allows states to sell lottery tickets online.
New Jersey Gov. Chris Christie had expressed reservations about online gambling a month ago and had vetoed an earlier version of the bill. But in the end, the pressure to sign the legislation was just too great.