Consumer Reports Morning Update[SIZE=-1]Good morning, here are the top stories our editors are keeping an eye on today. Check back with ConsumerReports.org throughout the day for updates and analysis on these topics and many more.
Economic Stimulus Bill:
Senate Democratic leaders conceded yesterday that they do not have the votes to pass the stimulus bill as currently written and said that to gain bipartisan support, they will seek to cut provisions that would not provide an immediate boost to the economy. (Washington Post)
Sen. John McCain, the former Republican presidential nominee, asked his campaign supporters to oppose the stimulus bill. "Our country does not need just another spending bill, particularly not one that will load future generations with the burden of massive debt," McCain wrote in an e-mail. (CNN)
President Obama made the opposite pitch in an e-mail to his campaign supporters earlier in the week. (CR Money Blog)
State lawmakers are pushing their federal counterparts to get moving on the stimulus package before massive budget gaps begin to swallow up programs and services. (CNN)
Executive Compensation:
The White House plans to limit pay to $500,000 a year for executives of government-assisted financial institutions in a new get-tough approach to bankers and Wall Street, a senior administration official said Tuesday. (Associated Press)
Housing Crisis:
Senate Republicans say they want more of the stimulus bill to deal with the problem that put the economy in a tailspin in the first place: Housing. They plan to offer amendments to push down mortgage rates and double the tax break for home buyers to $15,000. (NPR)
You can't please everybody: Some frustrated consumers are discovering that today's lower mortgage interest rates don't apply to buying or refinancing higher-priced homes, sparking calls for help from Congress. (USA Today)
From Consumers Union: Beyond the statistics, there are real people, real families fighting to keep the most precious thing they own. Watch personal stories from Americans *experiencing a crisis as a result of the mortgage meltdown. (DefendYoursDollars.org)
Health Care Reform:
Former Sen. Tom Daschle's exit from the nomination to head the Health and Human Services department won't slow health care reform. Senior lawmakers on Capitol Hill are moving ahead with plans for legislation to advance many of the goals outlined by Obama and Daschle. (Los Angeles Times)*
Or maybe it will. None of about a half-dozen potential successors to Daschle as the U.S. Health and Human Services Department secretary carry the political influence and health-care expertise of the former Senate majority leader, analysts said. (Bloomberg)
Auto Industry:
More bad news for troubled car makers, which reported dismal January results as U.S. sales for the month fell below those in China for the first time, according to industry estimates. (Los Angeles Times)
The Senate gave its approval to provide tax breaks to purchasers of new cars and light trucks. The proposal, buyers of new cars, light trucks or minivans would be allowed to deduct the state sales or excise tax on the purchase of a car, as well as interest payments on the car loan, on their federal income taxes. The provision would apply to families earning up to $250,000 a year or to individuals with incomes up to $125,000. (Baltimore Sun)
Digital TV Transition:
The House will likely vote this week -- maybe today -- on the second version of a bill which would delay the transition date from analog to digital television broadcasts. (CR Electronics Blog)
If you're still looking for a way to get a DTV converter coupon, you could try getting matched up with someone who already has one. (engadgetHD)
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