What You Need to Know: 12.19.08
Bush Approves $17.4 Billion Auto Bailout
"President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy proceedings."
Franken opens first lead in Minn. Senate race
"Democrat Al Franken edged ahead of Republican incumbent Norm Coleman on Friday for the first time in Minnesota's long-running U.S. Senate recount.
Franken opened up a slight lead on the fourth day of a state Canvassing Board meeting to decide the fate of hundreds of disputed ballots.
The change was notable because Coleman led Franken in election night returns and also held a 188-vote lead before the board took up challenged ballots. But its significance was limited, with the possibility the lead could change again before the long recount ends."
Obama Team Is Seeking Stimulus Bill by New Year
"President-elect Barack Obama’s advisers hope to finish an economic recovery blueprint by Dec. 25 so that Democratic Congressional staff members can draft legislation by the new year, as the two branches of government try to converge on a two-year plan by late January that could total just under $1 trillion."
Obama set to announce final Cabinet picks
"Obama was planning to officially announce California Rep. Hilda Solis as labor secretary, former Dallas Mayor Ron Kirk for U.S. trade representative, and Republican Rep. Ray LaHood of Illinois as transportation secretary at a news conference Friday afternoon.
He also was planning to disclose his selection to head the Small Business Administration."
"President Bush on Friday announced $13.4 billion in emergency loans to prevent the collapse of General Motors and Chrysler, and another $4 billion available for the hobbled automakers in February with the entire bailout conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, the Obama administration will determine if the automakers are meeting the conditions of the loans and will continue to receive government aid or must repay the loans and face bankruptcy proceedings."
Franken opens first lead in Minn. Senate race
"Democrat Al Franken edged ahead of Republican incumbent Norm Coleman on Friday for the first time in Minnesota's long-running U.S. Senate recount.
Franken opened up a slight lead on the fourth day of a state Canvassing Board meeting to decide the fate of hundreds of disputed ballots.
The change was notable because Coleman led Franken in election night returns and also held a 188-vote lead before the board took up challenged ballots. But its significance was limited, with the possibility the lead could change again before the long recount ends."
Obama Team Is Seeking Stimulus Bill by New Year
"President-elect Barack Obama’s advisers hope to finish an economic recovery blueprint by Dec. 25 so that Democratic Congressional staff members can draft legislation by the new year, as the two branches of government try to converge on a two-year plan by late January that could total just under $1 trillion."
Obama set to announce final Cabinet picks
"Obama was planning to officially announce California Rep. Hilda Solis as labor secretary, former Dallas Mayor Ron Kirk for U.S. trade representative, and Republican Rep. Ray LaHood of Illinois as transportation secretary at a news conference Friday afternoon.
He also was planning to disclose his selection to head the Small Business Administration."
Labels: what you need to know
posted by Justine at 11:09 AM
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