Scott Horsley

Defense Secretary Leon Panetta has warned that the automatic spending cuts due to hit the Pentagon and other branches of government next week will damage U.S. national security.

In a letter to Congress, he said those cuts would put the military on a path toward a "hollow force." But the warnings don't appear to be moving the needle with lawmakers or the American public.

"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."

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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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.

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So far, Congress hasn't repealed the former, but the future of estate taxes — a largely overlooked piece of the "fiscal cliff" — remains uncertain as this year draws to a close.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

President Obama is hoping the same campaign tools that helped him win re-election will also deliver a policy win in the fight over federal taxes.

The president wants Congress to extend Bush-era tax cuts for most Americans, while allowing taxes to go up for the wealthiest 2 percent. His aides are using email, social media and beyond-the-Beltway campaign appearances in hopes of putting pressure on Republican lawmakers.

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This is MORNING EDITION from NPR News. I'm Renee Montagne.

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And I'm Linda Wertheimer in for Steve Inskeep.

After attending the annual summit of Southeast Asian leaders, President Obama is winging his way home this morning. And tomorrow, he'll issue the traditional Thanksgiving turkey pardon. Then after the holiday it's back to budget talks with congressional leaders deciding what else might be spared, and what government programs or tax breaks might feel the knife.

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President Obama paid a historic visit to Myanmar today. The southeast Asian country, also known as Burma, is tiptoeing towards democracy after almost 50 years in military rule. Mr. Obama met with the former leader who is now the president of Burma and with opposition leader Aung San Suu Kyi, who is not a member of parliament after years of house arrest. The visit is the centerpiece of the president's three-day Asian tour, which is meant to underscore the United States' growing involvement in the region.

President Obama meets with labor leaders at the White House on Tuesday to discuss how to steer clear of the so-called fiscal cliff. It's the first of many meetings aimed at avoiding automatic tax increases and spending cuts at the beginning of the new year.

A week ago, the president proved again that he and his team are good at winning elections. The question now is whether he can translate victory at the ballot box to success in shaping policy.

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From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.

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And Robert Siegel. The confetti has fallen in Chicago, where President Obama celebrated a decisive reelection win early this morning. Now comes the hard work of preparing for a second term. Before flying back to Washington this evening, Mr. Obama acknowledged some of the big issues ahead.

President Obama will spend another four years in the White House after winning more than 300 electoral votes. In his victory speech from Chicago, the president promised that the "best is yet to come."

The presidential candidates will be hopscotching among the handful of states that are most closely contested this weekend. President Obama begins campaigning Saturday where he left off Friday, in the all-important battleground of Ohio.