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GOP contender Mitt Romney just released a statement on President Obama’s expected recess appointment of consumer watchdog Richard Cordray calling it “Chicago-style politics at its worst.”

“President Obama’s Consumer Financial Protection Bureau is perhaps the most powerful and unaccountable bureaucracy in the history of our nation, headed by a powerful and unaccountable bureaucrat with unprecedented authority over the economy. Instead of working with Congress to fix the flaws in this new bureaucracy, the President is declaring that he ‘refuses to take no for an answer’ and circumventing Congress to appoint a new administrator. This action represents Chicago-style politics at its worst and is precisely what then-Senator Obama claimed would be ‘the wrong thing to do.’ Sadly, instead of focusing on economic growth, he is once again focusing on creating more regulation, more government, and more Washington gridlock. As President, I will focus on turning around our economy so that America can once again lead the world in job creation.”

President Obama will help Defense Secretary Leon Panetta and Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, unveil a “more realistic” vision for the military, which will include cuts to the Pentagon’s budget.

Via Reuters.

On her radio show Wednesday, Laura Ingraham asked Newt Gingrich if, given the apparent respect he and Rick Santorum have for each other, he would consider an anti-Mitt Romney alliance. Without giving any details as to what that would mean, Newt replied, “Aboslutely, of course.” Newt went on to draw parallels between himself and Santorum and to explain how Romney only represents a small element of the Republican electorate.


Speaking to reporters in Des Moines, IA, Texas Governor Rick Perry played down his fifth-place caucus finish as being down to “quirky” Iowa’s “loosey-goosey process.”

"I'm excited about getting out with real Republicans... Not that there aren't real Republicans here in Iowa, but the fact it is was a pretty loosey goosey process and you had a lot of people who were there that admitted they were Democrats voting in the caucuses last night."

Late Tuesday night, Perry announced in a speech to supporters that he would be heading back to Texas to “reassess” the campaign. But that reassessment does not seem to have lasted long at all. On Wednesday morning Michele Bachmann confirmed she was “suspending” her campaign, and Rick Perry apparently tweeted from his personal account a message saying that he would press on to South Carolina.

The CEO of PBS, Paula Kerger, told USA Today that Mitt Romney’s idea of cutting public funding to the station and replacing that revenue with ads is unworkable. Not only does it violate FCC rules, she says, but we couldn’t make up for the loss of federal money, which only makes up 15% of the network’s revenue but disproportionately funds rural stations.

PBS president Paula Kerger has responded to Mitt Romney, the latest Republican politician to suggest the public broadcasting organization be cut off from federal funds. PBS is a successful “public/private partnership,” Kerger said, adding that that relationship is one reason it has often enjoyed bipartisan support. In response to Romney’s call that the company run ads, Kerger said FCC regulations prohibit it.

Via USA Today.

Michele Bachmann's presidential dream is over. At a press conference Wednesday morning in Des Moines, Minnesota Congresswoman Michele Bachmann announced that she is suspending her campaign for the Republican nomination for president, effectively dropping out, after her disastrous sixth-place showing Tuesday in the Iowa Caucuses.

"And so last night, the people of Iowa spoke, with a very clear voice," said Bachmann. "And so I have decided to stand aside. And I believe that if we are going to repeal Obamacare, turn our country around, and take back our country, we must do so united. And I believe that we must rally behind the person that our country, and our party, and our people, select to be that standard-bearer."

She did not directly comment on whether she will run for re-election to her safe Republican seat in the House, but did say she would continue to be "a strong voice" in public life.

Going into the race, Bachmann's advantages were twofold: First, she has always seemed to genuinely enjoy going out and campaigning among everyday people. But furthermore, she doesn't just speak Tea Party fluently, as the other Republicans have learned to do, but as her first language. After all, it was all the way back in March 2009, when the Tea Parties were just barely being formed, that she called for revolution in America against President Obama.

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No surprise here. Top Republicans are ripping President Obama's decision to recess appoint his top consumer watchdog, Richard Cordray.

"Although the Senate is not in recess, President Obama, in an unprecedented move, has arrogantly circumvented the American people by 'recess' appointing Richard Cordray as director of the new CFPB," Senate Minority Leader Mitch McConnell said in an official statement. "This recess appointment represents a sharp departure from a long-standing precedent that has limited the President to recess appointments only when the Senate is in a recess of 10 days or longer. Breaking from this precedent lands this appointee in uncertain legal territory, threatens the confirmation process and fundamentally endangers the Congress's role in providing a check on the excesses of the executive branch."

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Former News of the World editor Colin Myler will take the helm as top editor of the New York Daily News next week, according to an internal memo obtained by Capital New Yorker’s Azi Paybarah.

Myler claims News International exec James Murdoch knew that phone hacking at the British tabloid was more widespread than just one reporter.