The First Draft: another day, another $30 billion
It’s not yet 9:00 on a Monday morning, and the federal government has already dumped another $30 billion into the tottering financial system. The money goes to insurer American International Group Inc., which just announced a fourth-quarter loss of $61.7 billion — the largest quarterly loss in corporate history.
For those keeping score at home, U.S. taxpayers have now pumped $180 billion into AIG.
Some good news: consumer spending and incomes rose in January, buoyed by salary increases for government employees.
The government will open two hours later in Washington as commuters cope with up to 10 inches of snow. DC residents awaiting more pooh-poohing from their president, who like many northerners is not impressed with the panic that accompanies snowflakes in Washington.
Obama is expected to name Kansas Gov. Kathleen Sebelius as his health secretary today. Sebelius will play a key role in Obama’s efforts to overhaul the U.S. healthcare system, but as the New York Times points out, she didn’t have much luck with that in her home state.
The Senate begins debate on a spending bill that includes a measure that could make it easier to travel to Cuba.
Secretary of State Hillary Clinton, in Egypt for a conference about rebuilding the war-torn Gaza Strip, has said no U.S. funds will go to Hamas, the Islamist group that holds power there.
photo credit: REUTERS/Jason Reed (Snow falls inside the grounds of the White House, March 2)
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