Spending Cuts, Budget Cuts | featured news

President Barack Obama deployed Big Bird in a new campaign ad Tuesday mocking Mitt Romney's vow to end federal funding for public broadcasting. Romney's campaign dismissed it as an example of Obama being small-minded while the foundation behind Big Bird's program, "Sesame Street," asked that the ad be taken down.

The House speaker takes a hard line on increasing the nation's borrowing limit. A top Democrat says he's 'playing with fire.' House Speaker John A. Boehner said Monday that Republicans wanted trillions in budget cuts in exchange for their vote to increase the nation's borrowing limit and avoid default, adopting a hard line on the party's position in a speech before major players on Wall Street.