News Summary: Obama jobs council shuts down

EXPIRATION: President Barack Obama will not renew his Council on Jobs and Competitiveness, winding down one source of input from the business community even as unemployment remains stubbornly high.

MAJOR REPORT: Its main work was a report released in January 2012. It also organized meetings that Obama didn't attend with business owners, local elected officials and academics. General Electric CEO Jeff Immelt, the panel's chair, said progress was made on 90 percent of its recommendations.

CRITICS: Republicans say the president is "laying off" his own jobs council. Critics say the council's primary purpose was to create the appearance of action at a time when the nation was pining for something to address soaring joblessness.