Roger Runningen

President Obama will emphasize Democratic priorities in his next budget, dropping an offer to trim the growth of entitlement spending and proposing new tax limits for U.S.-based multi-national companies.

Mary Jo White, a prosecutor and former U.S. attorney in Manhattan, will be nominated by President Barack Obama to be the next chairman of the Securities and Exchange Commission, according to a White House statement.

President Obama plans a private lunch tomorrow with his election opponent Mitt Romney, amid a face-off with congressional Republicans over taxes and spending and how to cut the deficit.