President Barack Obama held the first cabinet meeting of his second term on Monday, after filling out his advisory team with a trio of appointments.
Gina McCarthy was nominated to take over from Lisa Jackson at the Environmental Protection Agency, while Ernest Moniz, a physicist at Massachusetts Institute of Technology, will replace Steven Chu at the Department of Energy.
The president introduced the two policy veterans in the East Room of the White House:
"So these two over here, they're going to be making sure that we're investing in American energy, that we're doing everything that we can to combat the threat of climate change, that we're going to be creating jobs and economic opportunity in the first place."
"They are going to be a great team," Obama said. "And these are some of my top priorities going forward."
Later, Sylvia Mathews Burwell was introduced as his nominee to become the next budget chief. As leader the Office of Management and Budget, she jumps right into the battles over spending and taxation that have vexed the Obama administration in his second term.
Speaking of budget cuts, Obama acknowledged "a lot of people are going to feel some pain."
"That's why we've got to keep on working to reduce our deficit in a balanced way -- an approach that's supported by the majority of the American people, including a majority of Republicans. And I'm confident that we can get there if people of goodwill come together," he concluded.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.