Scott Horsley

The Obama administration is searching for a "sweet spot" in economic policy: measures that could increase job growth right now without worsening the federal deficit. That task gained new urgency this month when the Labor Department reported a sharp slowdown in job growth in May.

The challenge could force the president to try to revive his "grand bargain" with Republicans.

If unusually warm weather helped encourage job growth earlier this year, May was like a wet, cold rain. A report from the Labor Department on Friday showed that U.S. employers added just 69,000 jobs last month — far fewer than expected.

NPR is examining what the American dream means to our culture, our economy and our politics. On Morning Edition, we'll explore what Republicans think of the American dream. In this installment, the view from President Obama.

The American dream — the idea that in this country anyone can rise from humble beginnings and succeed — is deeply woven into our national psyche. It's a promise that draws immigrants to our shores. And it's a staple on the campaign trail.

President Obama awarded the nation's highest civilian honor, the Medal of Freedom, to a dozen people Tuesday. The list of names include astronaut John Glenn, former Secretary of State Madeleine Albright and musician Bob Dylan.

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Think of this as blowback. President Obama's campaign has intensified the questioning of Mitt Romney's business record.

MONTAGNE: That is what candidates often do - work to define the opponent. Republicans are pushing back, defending Romney's record at a private equity firm and attacking the attack.

NATO commanders say the mantra of the Afghan alliance has been "in together, out together." That means keeping combat forces in the country through 2014 — even though some member countries like France plan to bring their troops home sooner.

Camp David, in the Maryland hills outside Washington, D.C., is usually a place for the president and his family to get away from work, a wooded refuge with a swimming pool, tennis courts and a putting green.

This weekend, though, President Obama is bringing work with him to the camp — along with the leaders from most of the countries with the world's largest economies.

The Group of Eight is meeting in the rustic setting, but the agenda will be all business.

With a speech in Ohio Wednesday, Vice President Biden kept up the drum beat criticizing Mitt Romney for his work as a venture capitalist. The GOP presidential hopeful casts his business experience as a prime asset.

Republicans who control the House want to block some $55 billion worth of automatic cuts to the Pentagon budget next year. Instead, they want to cut funding for social programs such as food stamps, Medicaid and Meals on Wheels. It's a choice that has been framed as guns versus butter, and this time, guns are expected to win.

The Obama administration has threatened to veto the legislation, which the House votes on Thursday. But the president is willing to leave the Pentagon cuts in place for now, in hopes of bringing Republicans back to the bargaining table.

President Obama says the country has come too far in the last four years to change course now. He kicked off his re-election campaign Saturday with a pair of high-profile rallies in two pivotal states, Ohio and Virginia.

Obama acknowledged the economic recovery still has a long way to go. Yet he argued his Republican challenger, Mitt Romney, would move the country backward, not forward.

Unsatisfied With Unemployment

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For the president, next week is being billed as the official launch of his re-election campaign. Mr. Obama will be holding rallies in the swing states of Ohio and Virginia. But it would be hard to tell a difference from this week, when Mr. Obama made a tour of college campuses in three other battleground states.

President Obama on Wednesday visits students at the University of Iowa, where he'll again make a pitch for low-cost college loans. It's the last stop on a trip that's taken Obama to two other battleground states: Colorado and North Carolina. He's primarily reaching out this week to younger voters.

President Obama sets off on a two-day tour of college campuses Tuesday to tout a plan to keep student loans more affordable.

The trip is billed as official business, but it has a political flavor. Stops include: North Carolina, where Democrats hold their national convention this summer; Colorado, where Obama accepted his party's nomination four years ago; and Iowa, where his White House campaign was launched in 2008.

All three states are expected to be hard-fought battlegrounds in November.

More than 99 million federal taxpayers had filed their returns as of Tuesday, with more than 80 million of those expecting a refund.

People who file at the last minute — and Tuesday is this year's deadline — are somewhat more likely to owe money to the government. And if Congress and the president don't act, next year could see many more Americans paying higher taxes.

That's not because either President Obama or presumptive Republican challenger Mitt Romney advocate a tax increase for most Americans.