National News
The Hill - Congress unites behind emergency market plan
Congressional leaders from both parties said they were unified around a yet-to-be seen proposal from the Treasury Department meant to stem the bleeding on Wall Street following a meeting with administration officials Thursday night. No details of the proposal were given, but House Financial Services Committee Chairman Barney Frank (D-Mass.) said what was being discussed was a government entity with the ability to buy up liquid assets and prevent housing foreclosures. Treasury, the Federal Reserve and the Securities and Exchange Commission are putting together the proposal and will be sending it to Congress within the next few days, Frank said.
Politico - Bailout cost? Try a trillion
How much will the Mother-of-All-Bailouts cost U.S. taxpayers? It could be $500 billion to $1 trillion, says Ala. Sen. Richard Shelby, among the most skeptical of the Congressional Republicans briefed last night by Fed chief Ben Bernanke and Treasury Secretary Hank Paulson.
The Hill - Waxman asks CEOs of Lehman Brothers, AIG for documents
The House Oversight panel on Thursday asked the CEOs of Lehman Brothers and American International Group (AIG) for all official communications of the past six months, as well as information about their compensation.
LA Times - Congress panel blasts Interior Department officials on oil royalties scandal
Interior Secretary Dirk Kempthorne testifies that he's outraged and disgusted by the behavior of program employees.
Roll Call - Pro Forma on Tap; Lame Duck, Too?
A bleak outlook for U.S. financial markets and uncertain fates for energy and economic stimulus bills have increased the likelihood that Congress might reconvene for a lame-duck session in November.
LA Times - Latinos in the U.S. dour about their situation, survey finds
They are upset about aggressive immigration enforcement policies of the Bush administration, the Pew Hispanic Center poll shows. Most support Obama for president.
International News
Politico - World markets soar on possible U.S. rescue
Global stock markets soared Friday after a punishing week as news of a possible U.S. government plan to rescue banks from toxic mortgage debt brought hope of a letup in the world's worst financial crisis in decades. Hong Kong's Hang Seng Index surged a stunning 9.6 percent to 19,327.73, while Japan's Nikkei 225 average rose 3.8 percent to 11,920.86.
Washington Post - NKorea preparing to restore nuclear reactor
North Korea said Friday it is making "thorough preparations" to restart its nuclear reactor, accusing the United States of failing to fulfill its obligations under an international disarmament-for-aid agreement.
LA Times - U.S. military advisors may soon head to Pakistan
The U.S. and Pakistan have cleared remaining obstacles, so the long-delayed team may arrive within weeks, Joint Chiefs Chairman Michael Mullen says.
NY Times - Iran’s President Denies Hostility to Israelis
The Iranian president, Mahmoud Ahmadinejad, took the unusual step on Thursday of explaining that while he strongly opposed the state of Israel, his hostility did not extend to the Israeli people.
State News
Washington Post - Marine Denied Medal of Honor
Sergeant Took Grenade's Blast in Fallujah, Was Lauded by Bush
NY Times - After Impasse, New California Budget Agreement
After presenting a budget Tuesday to Gov. Arnold Schwarzenegger that he vowed to veto, the four legislative leaders came to an agreement with the governor Thursday that was expected to go to the full Legislature for a final vote Friday afternoon.
Sacramento Bee Prison guards back recall pressure on governor
With a tiny measure of qualification, Thursday's re-election of the combative president of the state prison guards union signaled a strong likelihood that they will go ahead with their recall campaign against Gov. Arnold Schwarzenegger.
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