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While U Slept. Big 5 Stories Breaking Overnight. Tuesday, June 22, 2010

June 22, 2010

TRANSOCEAN PRESIDENT CRITICIZES OBAMA’S GULF DRILLING BAN At an oil industry conference in London, Steven Newman, the owner of the rig that exploded in the Gulf of Mexico on April 20, criticizes President Obama’s 6-month ban on drilling in the Gulf, claiming there are measures that the administration “could implement today that would allow the industry to go back to work tomorrow without an arbitrary six-month time limit.” (AP)

BUS CARRYING TURKISH MILITARY BOMBED IN ISTANBUL A bus carrying members of Turkey’s military is bombed in Istanbul, killing three gendarmerie sergeants and a 17-year old girl. The bus was transporting military personnel and their families to a base in the city. (CNN)

AFGHAN GENERAL APOLOGIZES FOR WHITE HOUSE COMMENTS General Stanley McChrystal apologizes for comments made in a recent Rolling Stone interview, in which he said he felt betrayed by Ambassador Karl Eikenberry. The piece also cites sources who claim that McChrystal and Obama have struggled to see eye to eye. (NYT/AP)

BRITAIN EXPECTED TO UNVEIL TIGHT BUDGET TODAY
Chancellor George Osborne is expected to release a new, tough package of tax hikes and spending cuts today, in what could be the tightest national budget plan in a generation. The measures will be taken in order to chip away at Britain’s record £155bn deficit. (BBC)

WHITE HOUSE BUDGET CHIEF EXPECTED TO RESIGN White House budget director Peter Orszag will step down from his position in July, according to sources. Orszag accepted Obama’s offer reluctantly, and reportedly never planned on staying beyond two years. (NYT)

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