Today's Top Stories: Debt Ceiling Bill to Hit The Floor Tomorrow

GOLAN HEIGHTS — In a renewed attempt to force President Barack Obama's hand on the debt limit, Kentucky Republican Sen. Rand Paul is pushing legislation that would ban federal spending on anything but interest payments on the national debt, Social Security checks, and military salaries. 

Richard Cordray, who became head of the Consumer Financial Protection Bureau by recess appointment, tells a House subcommittee he would not abuse his power and only go after firms that break the law.Richard Cordray, head of the Consumer Financial Protection Bureau, told lawmakers that he would not abuse his power and promised that the agency would take action only against companies that break the law.

The White House says it will press Republican lawmakers from Alaska, Indiana, Iowa, Maine, Nevada, Tennessee and Utah to confirm Richard Cordray to head the Consumer Financial Protection Bureau.White House officials say they will pressure Republican lawmakers from seven states ahead of this week's expected Senate vote on the confirmation of Richard Cordray to head the new Consumer Financial Protection Bureau.

At a news conference, President Obama says Republicans, who are trying to hold up Richard Cordray's nomination to lead the Consumer Financial Protection Bureau, 'want to roll back the whole notion of having a consumer watchdog' for financial products.President Obama made a public pitch for the Senate to confirm Richard Cordray to head the new Consumer Financial Protection Bureau and accused Republicans of wanting to roll back key financial reforms that could protect the country from a future crisis.

The Obama administration is expected to nominate former Ohio Attorney General Richard Cordray as head of the Consumer Financial Protection Bureau. The appointment would pass up Elizabeth Warren who pushed for the bureau's creation.» E-Mail This     » Add to Del.icio.us

What you need to know for Thursday, July 28: House Speaker John Boehner's two-step debt ceiling bill will hit the floor of the House today; Groupon's IPO is being held up by some strange accounting; and try not to fly Continental right now, but if you do ask for you tax back.