Obama May Need Republican Help If Picks Summers For Fed

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Obama May Need Republican Help If Picks Summers For Fed

by Wochit 1:23 mins

Obama May Need Republican Help If Picks Summers For Fed

by Wochit 1:23 mins

President Barack Obama will likely have to contend with Democratic defections and bring some Republicans on board to support Lawrence Summers if he chooses the controversial pick over Janet Yellin for the Fed Chair. Many lawmakers were unhappy with the unprecedented measures the Fed took to prop up the financial system during the 2007-2009 credit crisis. That sentiment could work against either candidate. An address by President Barack Obama and nationwide bell-ringing will cap celebrations marking the 50th anniversary of civil rights leader Martin Luther King's landmark "I have a dream" speech. The price of oil jumped more than $2 to above $108 a barrel, after U.S. Defense Secretary Chuck Hagel said American forces were ready to act on any order by President Barack Obama to strike Syria.

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