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:
President Obama is venturing out of the White House today for a Western swing that will see him sign into law the $787-billion stimulus package and roll out a plan meant to keep struggling families from losing their homes. (Los Angeles Times)
With billions of dollars being poured into the nation's infrastructure, experts push for new solutions. The vision--known as "smart" infrastructure--promises to make the nation more productive and competitive, while helping the environment and saving lives. Not to mention saving money by making what we've got work better and break down less often. (Wall Street Journal)
In the scramble to pass a bill, lawmakers made changes that left out millions of middle-class Americans who have lost their jobs and are struggling to fill a prescription or pay for a visit to the doctor. (Los Angeles Times)
The unsold cars and trucks piling up at dealerships and assembly lines as consumers cut back and auto companies scramble for federal aid are just one sign of a major problem hurting the economy and only likely to get worse. (Washington Post)
The Obama administration is betting that an extra $8 a week in most Americans' paychecks will boost consumer spending and help pull the U.S. out of its downturn. The $116 billion in tax credits for 95% of Americans will come largely through reduced tax withholding from paychecks, over two years, rather than one-time payments. (Wall Street Journal)
Bank Bailout:
President Obama?s plan to reduce the flood of home foreclosures will include a mix of government inducements and new pressure on lenders to reduce monthly payments for borrowers at risk of losing their houses. (New York Times)
Just days before Treasury Secretary Timothy F. Geithner was scheduled to lay out his much-anticipated plan to deal with the toxic assets imperiling the financial system, he and his team made a sudden about-face. (Washington Post)
Auto Industry:
General Motors and Chrysler raced to save their place in the American auto industry yesterday, putting the final touches on plans to curb production, cut jobs and pare brands in hopes of securing billions of dollars in additional federal aid. (Washington Post)
One of the top academic experts on distressed debt is calling for the Obama administration to dispense with niceties and push the carmakers into bankruptcy. (Deal Book)
Personal Finances:
As credit card fee increases squeeze more consumers, lawmakers are stepping up efforts to reform criticized practices. Some lawmakers said the moves were angering consumers and Congress alike?and giving reason for an immediate crackdown on credit card practices. (USA Today)
Digital TV Transition:
At midnight, more than 400 broadcasters across the country plan to permanently shut off analog signals and air only digital programming. (Washington Post)
Salmonella Outbreak:
Food banks nationwide are being forced to toss thousands of pounds of food containing peanut products recalled in the salmonella outbreak ? a particularly painful process as those same pantries struggle to meet a growing demand in a floundering economy. (Associated Press)
Lead Law:
A new federal law aimed at protecting children from lead in toys has also forced a nationwide halt in sales of off-road motorcycles and recreational vehicles built for young riders, killing off a multimillion-dollar industry that was thriving despite the recession. (USA Today)
Digital Rights:
Facebook's terms of service (TOS) used to say that when you closed an account on their network, any rights they claimed to the original content you uploaded would expire. Not anymore. Now, anything you upload to Facebook can be used by Facebook in any way they deem fit, forever, no matter what you do later. (Consumerist)
The founder of Facebook has tried to dampen a growing row over the ownership of user data on the social network. In a blog post Mark Zuckerberg stressed that users "own their information and control who they share it with." (BBC)
[/SIZE] [SIZE=-1]Subscribe now![/SIZE]
Subscribe to [SIZE=-1]ConsumerReports.org[/SIZE] for expert Ratings, buying advice and reliability on hundreds of products. [SIZE=-1]Update your feed preferences[/SIZE]