The World Steel Association, a steelmakers' group, predicted early this month that the iron-ore market should stay balanced this year before moving into progressive surplus between 2014 and 2017 as new mine capacity comes on stream.

WSJ: Court Eases Mining Ban in Karnataka

In that capacity, he brokered the 1997 budget agreement with Republicans that helped produce the first balanced budget in nearly 30 years.

WHITEHOUSE: Encouraging Long-Term Fiscal Responsibility and Reform