Scott Horsley

President Obama plans to announce three Cabinet-level nominations Monday, including a new administrator for the Environmental Protection Agency, who could be on the hot seat in the looming battle over global warming.

Gina McCarthy, currently an assistant administrator in the wing of the EPA that regulates air pollution, is the president's pick to head the EPA.

They've been everywhere this week: dire warnings about threats posed by across-the-board federal spending cuts.

Unless Congress acts, the cuts are due to take effect a week from Friday. The administration is trying to drive home the ways that could affect you.

For example, Transportation Secretary Ray LaHood warned Friday that air traffic controllers will have to take unpaid days off beginning in April. Fewer controllers on the job could mean airport delays, and some airlines may decide to cancel flights.

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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AUDIE CORNISH, HOST:

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.

ROBERT SIEGEL, HOST:

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.

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.