Tag: The Morning News

The president-elect set no goals for reducing the federal deficit – now in record territory and headed ever higher – an obvious contrast to Monday’s announcement that he hopes to create a recession-busting 2.5 million jobs by 2010.

He spoke as he appointed Peter Orszag, currently head of the Congressional Budget Office, to be his own budget director.

But the new rescue plan appeared stalled on Capitol Hill, opposed by the Bush administration and Republicans in Congress who don’t want to dip into the Treasury Department’s $700 billion financial bailout program to come up with the $25 billion in loans.

“Our industry … needs a bridge to span the financial chasm that has opened up before us,” General Motors Corp. CEO Rick Wagoner told the Senate Banking Committee. He blamed the industry’s predicament not on management failures but on the deepening global financial crisis.

Leaders from the powers that fought the war, now allies, gathered at the site of the 1916 Battle of Verdun, where 300,000 men were slaughtered over 11 months of bloody trench warfare.

French President Nicolas Sarkozy paid homage to the sacrifice and suffering of the war’s “eight and a half million dead, 21 million wounded, four million widows and eight million orphans.”

“Our opponent is not being candid with you about his tax plans,” said Palin. “It is not mean-spirited, and it is not negative campaigning to call out someone on their record.”

Obama backers waving signs briefly interrupted the rally, a move Palin dismissed.

One of the mysteries of the mountain range is that current evidence suggests that it “shouldn’t be there” at all.

The researchers hope to find answers there to some basic questions about the nature of the southernmost continent, including the massive East Antarctic Ice Sheet. For instance, it is unclear how Antarctica came to be ice-covered in the first place and whether that process began millions of years ago in the enigmatic Gamburtsev Mountain range.

Some early signs were hopeful for the latest in a flurry of radical efforts to save the nation’s financial system: Credit was a bit easier to come by. And stocks were down but not alarmingly so after Monday’s stratospheric leap.

The new plan, President Bush declared, is “not intended to take over the free market but to preserve it.”

The tab included $23,380 worth of spa treatments for AIG employees at the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy.

The retreat didn’t include anyone from the financial products division that nearly drove AIG under, but lawmakers were still enraged over thousands of dollars spent on catered banquets, golf outings and visits to the resort’s spa and salon for executives of AIG’s main U.S. life insurance subsidiary.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.

The move to add a tax legislation – including a set of popular business tax breaks – risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.

In a joint letter to Fannie and Freddie’s regulator, Senators Charles Schumer of New York and Jack Reed of Rhode Island said the combined pay and bonus packages of about $24 million should be revised.

“We find it way out of line,” they said in the letter, saying the severance pay for former Fannie Mae CEO Daniel Mudd and former Freddie Mac CEO Richard Syron should be questioned especially if any financial losses could have been caused by errors in management.

Mishandling classified materials violates Justice Department regulations, and removing them from special secure facilities without proper authorization is a misdemeanor crime.

A report issued Tuesday by the Justice Department’s inspector general says the agency decided not to press charges against Gonzales, who resigned under fire last year.