House OKs bailout reform

final grilling
Bush defendshis record
Outgoing President George W. Bush admits mistakes but says U.S. still stands for freedom; wishes Obama well.

Mortgage reform deal advances
Bill to allow bankruptcy judges to eliminate some mortgage debt clears big hurdle after Citigroup and lawmakers reach agreement on the measure.

What next for oil shale?
Political and economic realities may put  potentially enormous source of hydrocarbons back on the back burner.

Fed survey shows downswing deepens
Latest regional survey by the Fed of economic conditions across the country showed that the few areas that had been boosters for the economy no longer offered any respite from the gloom. • Capitol Report: Fault lines at the Fed

Trade gap falls almost 30% in November
The U.S. trade balance with the rest of the world plunges in November to $40.4 billion, as imports fall a record 12% and imported oil prices drop.

Fed chief says more help needed
There will be no "lasting" recovery without more government action and additional money to strengthen the financial system, Fed Chairman Bernanke says in a sober address in London.

Unemployment at 7.2%; 524,000 jobs cut
Grim jobs report in December closes out the worst year for job losses since World War II. Nearly 2.6 million jobs were lost in 2008, as the total of unemployed rises to 11.1 million.

• Households pay down record debt
• U.S. deficit seen swelling to $1.2 trillion
• Fed policy makers see grim specter in December
• Factory shipments post a record drop in November
• Crisis of confidence grips consumers
• Bush extends help to GM, Chrysler
• GDP contracts 0.5%, as expectedSt