Tim Geithner has agreed to President Obama’s request to stay on as Treasury Secretary through the Fall of 2012. It may not be a popular thing to say. And in its own way it may amount to faint or not quite voluble praise. But it is difficult not to conclude that Geithner has had the most challenging tenure as Treasury Secretary as anyone since World War II, quite possibly as anyone since the mid-1930s, seventy-five years ago. (Next up after him is likely Hank Paulson, his immediate predecessor.) Read More

It’s pretty clear that Republican intransigence over allowing new tax revenues was a major factor behind the S&P downgrade. But will that mean the GOPers mend their ways in the coming weeks, especially as the new deficit “super committee” cranks into gear? President Obama and Harry Reid certainly seem to hope so.

Back on Thursday we reported that a mysterious firm had donated $1 million to a pro-Romney Super PAC and had then suddenly been dissolved. Well, the man behind the money has now come forward. Find out who he is – here.

The Republican presidential candidates all agree on one thing: that President Obama is to blame for the S&P credit downgrade. The thing is, though, they can’t seem to agree on why.

From the S&P release …

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.

The hostages were tremblin’ when they heard a man exclaim
“Let’s blow this place to kingdom come, let Con Edison take the blame”
– Bob Dylan

Tea Party Republicans try to shift blame to Obama for looming (as soon as tonight) US debt downgrade.

The last few weeks have brought into full glare the split in the Republican party on the issue of defense cuts. But the new Pentagon chief, Leon Panetta, may have just opened up a rupture for the Democrats on this topic too. Read about it here.

The ongoing crackdown in Syria under the hand of President Bashar al-Assad is as ferocious as it is relentless.

Reports suggest at least 9 more people were killed on Friday as a siege of the city of Hama entered its sixth day. Read More

We’re coming down the wire on the Wisconsin state Senate recalls which could, could, turn control back to the Democrats. Gov. Scott Walker, who got the whole party started, says “it’s out of our hands.”

We’ll of course be bringing you live results Tuesday night.