What You Need to Know: 03.10.09

Obama: 'We've let our grades slip'
"President Barack Obama on Tuesday embraced a new approach to public education that adds up to merit pay for the better teachers and longer days and school years for students.

These proposals, which constitute the new president's vision of an education system that meets 21st century challenges, were sure to generate loud criticism, particularly from teachers' union."

Obama Looks to Limit Impact of Tactic Bush Used to Sidestep New Laws
"Calling into question the legitimacy of all the signing statements that former President George W. Bush used to challenge new laws, President Obama ordered executive officials on Monday to consult with Attorney General Eric H. Holder Jr. before relying on any of them to bypass a statute.

But Mr. Obama also signaled that he intended to use signing statements himself if Congress sent him legislation with provisions he decided were unconstitutional. He promised to take a modest approach when using the statements, legal documents issued by a president the day he signs bills into law that instruct executive officials how to put the statutes into effect. But Mr. Obama said there was a role for the practice if used appropriately."

Stimulus Dollars Energize Efforts To Smarten Up the Electric Power Grid
"Smart grid is an essential component of President Obama's plan to change the nation's energy habits and reduce U.S. dependence on fossil fuels, especially foreign oil. It would energize his hopes for more jobs and fewer pollutants while remaking a network still moored to the 1950s.

The computer-based upgrade will become all the more important if Obama succeeds in creating a cap-and-trade system that would charge companies for excessive carbon emissions. That policy would put a premium on conservation and the delivery of solar and wind energy."

Senate expects final spending bill vote today
"The Senate is expected to pass a $410 billion spending bill today covering foreign aid and domestic agency budgets.

When senators vote on the measure, it will include some 8,000 pet projects known as earmarks."

U.S. Stocks Stage Rally
"U.S. stock markets rallied strongly at the morning bell as investors fixated on news that Citigroup had posted profits in the first two months of the year and as Federal Reserve Chairman Ben Bernanke called for a revamping of the financial system."