With the ink finally beginning to dry on the MTA bailout deal, some questions are being raised on how the Democrats in the State Senate will be able to get legislation passed from this point on without the painful process that went along with the transit bill negotiations. The bailout saw factions within Democratic senators effectively kill East River tolls (the appropriately titled "Three Amigos") and receive kickbacks for the payroll tax (the desperately needing a publicist "Long Island Two"). The Times points out that the Senate has had to force legislation like overturning the Rockefeller drug laws into the state budget rather than get picked apart as a stand-alone bill. Could it be time for Smith to start sitting down with and courting votes from Republicans rather than relying on these party-line affairs? One senator told the paper, “We can either do 32 out of 32, and always fight for the last two or three votes. Or we can do 32 out of 62, and get a lot more done.” It's also worth noting that two of the Dems' 32 are currently facing felony charges. more ›

Earlier today, President Obama said, "We know the only way to solve the great challenges of our time is to put aside stale ideology and petty partisanship, and embrace what works," while introducing new Commerce Secretary nominee Judd Gregg, a Republican senator. Of course, Gregg is the second nominee for that position—former New Mexico governor Bill Richardson dropped out due to a corruption probe. And, today, two other appointees—Nancy Killefer, Chief Performance Officer nominee, and former Senate majority leader Tom Daschle, Health and Human Services Secretary nominee—withdrew their names from the running due to tax issues, an issue that mired Treasury Secretary Timothy Geithner's confirmation process in some drama. more ›

President Bush just announced loans to the GM and Chrysler totaling $17.4 billion: $13.4 billion now and $4 billion in February, if they, according to Times, "undertak[e] sweeping reorganizations to show that they can return to profitability." The money will come from the TARP bailout. more ›

With the Senate's failure to pass the $14 billion auto industry bailout bill, world stock markets fell: Asian markets fell over 5% and European markets are down more than 3%. Futures suggest that Wall Street will open lower as well, also due to news from JPMorgan Chase (it had a "terrible" November and December) and Bank of America (cutting 35,000 jobs over three years). more ›