Showing posts with label President Obama. Show all posts
Showing posts with label President Obama. Show all posts
Sunday, January 20, 2013
Obama sworn in for second term
President Obama was sworn in Sunday to a second term, during a subdued and private White House ceremony that precedes the pomp of Monday's public inauguration.
The president was surrounded by his immediate family and was sworn in by Chief Justice John Roberts on a bible belonging to the family of his wife, first lady Michelle Obama.
The first lady stood to the president's left and held the Robinson family bible as daughters Sasha and Malia stood beside her, inside the White House's Blue Room.
The oath took about two minutes and was administered shortly before noon.
Obama hugged his wife and said, "Thank you Sweetie," after the oath was administered.
He then hugged his daughters and told Sasha, "I did it."
Earlier in the day, Obama joined Vice President Biden, after he was sworn in, at Arlington National Cemetery for a wreath-laying ceremony on a crisp, sun-splashed January day.
Obama and Biden jointly placed a large wreath, adorned with red, white and blue ribbon, in front of Arlington's Tomb of the Unknowns. Placing their hands over their hearts, the two leaders stood solemnly as a bugle played "Taps."
Biden was surrounded by family and friends for his brief swearing-in at the Naval Observatory, his official residence in northwest Washington.
Justice Sonia Sotomayor, appointed by Obama as the first Hispanic to serve on the Supreme Court, administered the oath of office to Biden, who placed his hand on a Bible his family has used since 1893.
"I will support and defend the Constitution of the United States," Biden said as he recited the oath.
Among the 120 guests on hand to witness the vice president's second swearing-in were Attorney General Eric Holder, departing Interior Secretary Ken Salazar and several Democratic lawmakers.
Sunday's subdued ceremonies are a function of the calendar and the Constitution, which says presidents automatically begin their new terms at noon on Jan. 20. Because that date fell this year on a Sunday -- a day on which inaugural ceremonies historically are not held -- organizers scheduled a second, public swearing-in for Monday.
A crowd of up to 800,000 people is expected to gather on the National Mall to witness that event, which will take place on the Capitol's red, white and blue bunting-draped west front. Supreme Court Chief Justice John Roberts, who famously flubbed the oath of office that Obama took in 2009, was to swear the president in both days.
Once the celebrations are over, Obama will plunge into a second-term agenda still dominated by the economy, which slowly churned out of recession during his first four years in office. The president will also try to cement his legacy with sweeping domestic changes, pledging to achieve both an immigration overhaul and stricter gun laws despite opposition from a divided Congress.
But for one weekend at least, Washington was putting politics aside. Obama called the nation's inaugural traditions "a symbol of how our democracy works and how we peacefully transfer power."
"But it should also be an affirmation that we're all in this together," he said Saturday, as he opened a weekend of inaugural activities at a Washington elementary school.
The Blue Room is an oval space with majestic views of the South Lawn and the Washington Monument.
The room, named for the color of the drapes, upholstery and carpet, primarily has been a reception room as well as the site of the only presidential wedding in the White House, when President Grover Cleveland married Frances Folsum in 1886.
Obama and Biden were to address supporters Sunday evening at an inaugural reception.
The president planned to save his most expansive remarks for Monday's inaugural address to the crowd gathered on the Mall and millions more watching across the country and the world. Obama started working on the speech in early December and was still tinkering with it into the weekend, aides said.
The president's address will set the stage for the policy objectives he seeks to achieve in his second term, including speeding up the economic recovery, passing comprehensive immigration and gun control measures and ending the war in Afghanistan. Aides said Obama would save the specifics of those agenda items for his Feb. 12 State of the Union address.
The president launched a weekend of inaugural activities Saturday by heading up a National Day of Service. Along with his family, Obama helped hundreds of volunteers spruce up a Washington area elementary school.
Obama wore rubber gloves, picked up a paint brush and helped volunteers stain a bookshelf.
Obama added the service event to the inaugural schedule in 2009 and is hoping it becomes a tradition followed for future presidents.
Mrs. Obama, speaking to volunteers Sunday, espoused the importance of giving back in the midst of the weekend of pomp, circumstance and celebration.
"The reason why we're here, why we're standing here, why we're able to celebrate this weekend is because a lot of people worked hard and supported us, and we've got a job to do and this is a symbol of the kind of work that we need to be doing the next four years," Michelle Obama said at Burrville Elementary.
source: foxnews.com
Wednesday, February 22, 2012
Obama to offer corporate tax plan
Washington (CNN) -- The Treasury Department will unveil President Barack Obama's corporate tax reform plan on Wednesday, senior administration officials told CNN.
Treasury Secretary Tim Geithner told a Senate panel last week the plan will be an effort to find "common ground" on broad principles between Republicans and Democrats on Capitol Hill.
"We want to maximize the chance we can take advantage of that (common ground) to build consensus on something that's going to work," Geithner told the Senate Finance Committee.
The Obama administration has been talking about unveiling a plan to fix the corporate tax system for well over a year.
Senior administration officials Tuesday would not provide details of the president's plan. They said it will be consistent with his commitment to fairness and the message he laid out in the State of the Union address.
In the State of the Union address and in subsequent speeches, Obama has called for ending tax breaks for companies that outsource jobs overseas and lowering rates for U.S. businesses that create jobs at home.
"Right now, companies get tax breaks for moving jobs and profits overseas," Obama said in his address to Congress in January. "Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it. So let's change it. "
Obama also said that it was time to end subsidies and tax breaks for the oil industry, which "rarely has been more profitable," while increasing tax credits for developing alternative energy sources.
Last year, the pressure for a corporate tax system fix heated up with news of General Electric's zero tax rate in 2010 due to profits overseas and losses at its financial unit. General Electric CEO Jeffrey Immelt is the chief of Obama's Council for Jobs and Competitiveness.
The top corporate tax rate of 35%, among the highest in the world, has long been bemoaned by business leaders and tax experts. They say it discourages foreign investment in the United States and hinders the ability of U.S. companies to compete internationally.
The Obama administration is expected to talk about lowering the top rate while axing some of the more than 130 business corporate tax breaks currently on the books and limiting companies' ability to shift profits to nations where tax rates are lower.
"In short, it will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth," Geithner said in his written statement to the Senate panel.
source: http://edition.cnn.com/2012/02/21/politics/obama-corporate-taxes/index.html?hpt=ibu_c2
Treasury Secretary Tim Geithner told a Senate panel last week the plan will be an effort to find "common ground" on broad principles between Republicans and Democrats on Capitol Hill.
"We want to maximize the chance we can take advantage of that (common ground) to build consensus on something that's going to work," Geithner told the Senate Finance Committee.
The Obama administration has been talking about unveiling a plan to fix the corporate tax system for well over a year.
Senior administration officials Tuesday would not provide details of the president's plan. They said it will be consistent with his commitment to fairness and the message he laid out in the State of the Union address.
In the State of the Union address and in subsequent speeches, Obama has called for ending tax breaks for companies that outsource jobs overseas and lowering rates for U.S. businesses that create jobs at home.
"Right now, companies get tax breaks for moving jobs and profits overseas," Obama said in his address to Congress in January. "Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it. So let's change it. "
Obama also said that it was time to end subsidies and tax breaks for the oil industry, which "rarely has been more profitable," while increasing tax credits for developing alternative energy sources.
Last year, the pressure for a corporate tax system fix heated up with news of General Electric's zero tax rate in 2010 due to profits overseas and losses at its financial unit. General Electric CEO Jeffrey Immelt is the chief of Obama's Council for Jobs and Competitiveness.
The top corporate tax rate of 35%, among the highest in the world, has long been bemoaned by business leaders and tax experts. They say it discourages foreign investment in the United States and hinders the ability of U.S. companies to compete internationally.
The Obama administration is expected to talk about lowering the top rate while axing some of the more than 130 business corporate tax breaks currently on the books and limiting companies' ability to shift profits to nations where tax rates are lower.
"In short, it will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth," Geithner said in his written statement to the Senate panel.
source: http://edition.cnn.com/2012/02/21/politics/obama-corporate-taxes/index.html?hpt=ibu_c2
Friday, January 27, 2012
U.S.-backed battery firm Ener1 seeks Chapter 11 bankruptcy
U.S. government-backed battery supplier Ener1 has filed for Chapter 11 bankruptcy, the third U.S.-backed energy company to file in as many months.Ener1 posted a notice today stating that it "has reached agreement with its primary investors and lenders on a restructuring plan that will significantly reduce its debt." This action will pave the way for up to $81 million for recapitalization, the company said.
A "pre-packaged" Chapter 11 case was filed in U.S. Bankruptcy Court in the Southern District of New York. Ener1 is planning to complete the restructuring process within 45 days.
"This was a difficult, but necessary, decision for our company," Ener1 CEO Alex Sorokin said in a statement. "Our business plan was impacted when demand for lithium-ion batteries slowed due to lower-than-expected adoption for electric passenger vehicles," he added.
Its already precarious position was exacerbated when it lost a major customer, Think Global, which filed for bankruptcy in June 2011. "For which we were exclusively providing commercial lithium-ion battery packs," Sorokin said.
Ener1 has also had trouble competing with battery companies in China and South Korea, where manufacturing costs are lower, according to a report. That is not unlike statements solar system manufacturer Solyndra made when it filed for bankruptcy in August.
And U.S.-based energy storage company Beacon Power filed for bankruptcy in November. Both Solyndra and Beacon Power received loans through the Department of Energy's Loan Guarantee program, though Beacon still has a shot at emerging from Chapter 11.
Ener1 is the parent of a company that received a $118 milliont U.S. Energy Department grant to make electric-car batteries.
The New York-based company listed assets of $73.9 million and debt of $90.5 million as of December 31 in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan, according to Bloomberg.
In the State of the Union speech Tuesday night, President Obama said "some companies will fail" but promised he would "not walk away from the promise of clean energy."
source: http://news.cnet.com/8301-13924_3-57367210-64/u.s.-backed-battery-firm-ener1-seeks-chapter-11-bankruptcy/?tag=mncol
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