One part of the president's deficit-reduction plan, the "Buffet rule," is named after billionaire Warren Buffett who says high-income earners like him should pay more in taxes. Pablo Martinez Monsivais/AP hide caption

itoggle caption Pablo Martinez Monsivais/AP

The supercommittee held its first public meeting on Tuesday. Some lawmakers want the panel's members to be more transparent about the campaign contributions they receive. From left: Rep. Jeb Hensarling (R-TX), Sen. Patty Murray (D-WA), Sen. Max Baucus (D-MT), Senate Minority Whip Jon Kyl (R-AZ), Sen. Rob Portman (R-OH) and Sen. John Kerry (D-MA). J. Scott Applewhite/AP hide caption

itoggle caption J. Scott Applewhite/AP

Reps. James Clyburn (D-SC, left) and Fred Upton (R-MI) attend the first organizational meeting of the Joint Select Committee on Deficit Reduction, the so-called supercommittee, Thursday on Capitol Hill. J. Scott Applewhite/AP hide caption

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House Majority Leader Eric Cantor (R-VA) told members of his party that the jobs crisis would be at the top of their agenda this fall. Karen Bleier/AFP/Getty Images hide caption

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President Obama pauses as he speaks about the deal to raise the debt limit in the White House briefing room on Sunday. Carolyn Kaster/AP hide caption

itoggle caption Carolyn Kaster/AP

Maryland Rep. Chris Van Hollen (right), the ranking Democrat on the House Budget Committee, spars with Utah Republican Jason Chaffetz as they testify before the House Rules Committee on the Cut, Cap and Balance plan Monday at the Capitol. Scott Applewhite/AP hide caption

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President Obama sits with (from left) House Speaker John Boehner (R-OH), Senate Minority Leader Mitch McConnell (R-KY) and Sen. Dick Durbin (D-IL) during a meeting Wednesday at the White House on raising the debt ceiling. While the president negotiates with congressional leaders to avoid a possible debt default next month, some lawmakers say they won't vote to raise the debt ceiling. Charles Dharapak/AP hide caption

itoggle caption Charles Dharapak/AP

Vice President Biden arrives at the Capitol on Wednesday for a meeting with legislators to work on a framework for deficit reduction. At left is his chief of staff, Bruce Reed. Win McNamee/Getty Images hide caption

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A Libyan raises his AK-47 and an American flag in the rebel-stronghold city of Benghazi. Gianluigi Guercia/AFP/Getty Images hide caption

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On Tuesday, the Senate blocked a measure that would have ended both federal subsidies and protective tariffs for corn-based ethanol fuel. Mark Wilson/Getty Images hide caption

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Massachusetts Institute of Technology professor Peter Diamond prepared to address the media last October after winning the 2010 Nobel Prize in Economic Sciences. Last week, more than a year after being nominated for a seat on the Fed, and facing Republican opposition, Diamond withdrew his nomination. Darren McCollester/Getty Images hide caption

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Israeli Prime Minister Benjamin Netanyahu speaks during a joint meeting of Congress on Tuesday. "I'm willing to make painful compromises to achieve this historic peace," he said. Saul Loeb/AFP/Getty Images hide caption

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