From the Wire:

Obama/Budget:

President Obama's budget is so ambitious, with vast new spending on health care, energy independence, education and services for veterans, that experts say he probably will need to hire tens of thousands of new federal government workers to realize his goals (http://www.washingtonpost.com/wp-dyn/content/article/2009/03/02/AR2009030202935.html?wprss=rss_politics).

Economy:

Geithner "Financial Rescue may cost more" (http://www.bloomberg.com/apps/news?pid=20601103&sid=aQldZDlQpohE&refer=news). He also called for the restructuring of AIG.

General Electric Co. is reading the tea leaves of the troubled global economy and has found a new partner to help it weather the storm: government (http://www.marketwatch.com/news/story/ge-seeks-government-partnership-new/story.aspx?guid=%7B86C5CF5B-D7FA-4943-A78E-7A7055BE0C2F%7D&dist=msr_5).

Dow around 7700 and S&P under 700 (http://www.google.com/finance)

Obama: economy will not recover quickly--essential gov unfreeze credit markets (http://www.cnbc.com/id/29490661).

More taxpayer money to banks (http://www.cnbc.com/id/29491464).

Home sales down in Jan. (http://www.cnbc.com/id/29485224).

Bernanke claims AIG operated like a hedge fund. He is "more angry" about AIG than any other aspect of the financial crisis (http://www.bloomberg.com/apps/news?pid=20601103&sid=aCrzJbsxzKdk&refer=us).

Ford continues decline. Toyota has first loss in 59 years. Sales of Ford cars and trucks dropped to 99,400 from 192,799 from last year. Fewest sales in almost 27 years (http://www.bloomberg.com/apps/news?pid=20601087&sid=aNK9Q2yQV8yk&refer=home). Decline anticipated (http://www.cnbc.com/id/29490930). Detroit is in full retreat--sells off global empire (http://www.cnbc.com/id/29464505).

Next Bailout? Public pensions in the U.S. had total liabilities of $2.9 trillion as of Dec. 16, according to the researchers at Boston College. Their total assets are about 30 percent less than that, at $2 trillion. With stock market losses this year, public pensions in the U.S. are now underfunded by more than $1 trillion (http://www.bloomberg.com/apps/news?pid=20601109&sid=alwTE0Z5.1EA&refer=home).

Politics:

CA legislature resolves that Prop. 8 is unconstitutional--Sen. Leno (San Francisco) argued on the floor of the Senate that Prop. 8 violates the California Constitution because it is a "revision" not an "amendment". California Republican describes resolution as a waste of time (http://www.sacbee.com/topstories/story/1666044.html?mi_rss=Top%20Stories).

Defense:

Bush Justice Department opinion: warrantless domestic military actions legal when aimed at stopping terrorism (http://blog.wired.com/27bstroke6/2009/03/bush-lawyers-ap.html).

China takes a more active role internationally. Deploys destroyers and other naval assets to combat piracy in the Indian Ocean (http://informationdissemination.blogspot.com/2009/03/observing-pla-navy-indian-ocean.html).

Logistical Nightmare (Iraq 2010 withdraw) http://blog.wired.com/defense/2009/02/the-logistics-o.html)?

British Royal Navy set to become a component of the U.S. Navy? Britain is set to have 2 aircraft carriers coming online in the next few years. Critics believe it will lack the requisite number of destroyers, frigates, and other smaller ships to adequately protect and service the new ships (http://www.defensetech.org/archives/004714.html#comments).

Uh-oh Pakistani military officers accused of involvement with Mumbai attacks (http://www.longwarjournal.org/archives/2009/02/indian_charges_two_p.php).