Scott Horsley

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"It's good to be home," President Obama said to a crowd, including uniformed high school students, at Chicago's Hyde Park Academy on Friday.

The school is in the same neighborhood where the Obamas raised their children, but the topic of the president's visit was raising Chicago's children — and the nation's. The president returned to his hometown to address the scourge of gun violence that's plaguing the city and many other parts of the country.

President Obama will cap off a busy week of politicking with some R&R in Florida.

Obama plans to travel to the West Palm Beach area for what his spokesman called "some well-deserved downtime."

"He's going to spend Presidents Day weekend relaxing with some friends," said White House spokesman Josh Earnest. "There's no work on the schedule."

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President Obama met with business and labor leaders today at the White House. He's trying to build a broad coalition in support of revamping immigration laws. The two sides haven't always seen eye to eye on immigration. But this year, on this issue, they're mostly working together on the issue. We'll hear more in a moment about the evolution of organized labor's position.

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It's that rare week in politics when Republicans and Democrats have been advocating roughly the same thing.

INSKEEP: Some - though by no means all - GOP leaders insist it's time to back changes in immigration laws. Republican Senator Jeff Flake argued on this program yesterday, for example, that reform was morally right and also politically necessary for his party.

President Obama's choice to head the Securities and Exchange Commission has prosecuted terrorists and mobsters. If she's confirmed, Mary Jo White's next challenge will be tackling reckless behavior on Wall Street.

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In a looming battle over the federal debt ceiling, Republicans in Congress insist they hold the cards. They do have the power to stop federal borrowing, withhold payment of federal debts and cause unknown damage to the world economy. Some want to use that power to force President Obama to reduce federal spending in the way they want.

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President Obama will nominate his chief of staff as the next treasury secretary later today. Jack Lew is a budget expert who could hit the ground running, as the Treasury tries to cope with a looming debt ceiling, automatic spending cuts and the ongoing push for long-term deficit reduction. Lew would be the latest nominee for a high-profile Cabinet post, as the president prepares for a second term.

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President Obama may be going into the next big budget fight without his long-time treasury secretary. Timothy Geithner had been planning to leave before the start of the president's second term, but that would mean he is departing with the debt ceiling still looming and the Treasury scrambling to keep up with the government's bills.

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NPR's Scott Horsley joins us now. And, Scott, Secretary Geithner has made no secret of his plans to leave the government, but it sounds like his departure could be complicated.

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The party went until the morning hours here in Washington. We're talking about the gathering on Capitol Hill. Senators were voting around 2:00 a.m. Eastern Time.

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Last week's elementary school shooting in Newtown, Connecticut was not the first massacre of recent years. It wasn't even the first massacre of this year, nor was it the first in which children were among the victims.

The Consumer Price Index is one of the most familiar measures in economics and politics. But some in Washington want to change the way the index is calculated to better reflect people's shopping habits.

While the proposed change is described as a technical fix, it could also cut the federal deficit by hundreds of billions of dollars over the next decade.

Ben Franklin famously observed that nothing is certain but death and taxes.

So far, Congress hasn't repealed the former, but the future of estate taxes — a largely overlooked piece of the "fiscal cliff" — remains uncertain as this year draws to a close.

Until now, most of the year-end tax debate has focused on the income tax, but another battle could be brewing over estate taxes.

As leaders in Washington try to make a deal to avoid the automatic tax hikes and spending cuts slated to go into effect in the new year, one major focus of the negotiations is whether to let taxes go up on the rich.

The Obama administration wants to allow the Bush-era tax cuts to expire for top earners. House Speaker John Boehner and congressional Republicans have countered with a proposal that they say would raise revenue through ending loopholes and deductions in the tax code and would not increase tax rates.

Treasury Secretary Timothy Geithner says it's up to congressional Republicans to take the next step in budget talks to avoid the pending automatic spending cuts and tax increases at the end of the year.

Appearing on the Sunday talk shows, Geithner said there's "no path to an agreement" until Republicans are willing to accept higher tax rates on the rich.