Thompson Decides To Drop Out  —  Ex-Sen. Fred Thompson has told several Republicans that he has decided to drop out of the presidential race and will make public his intentions by close of business.  —  Thompson does not plan to endorse any rivals for now, even though one of his best friends is Sen. John McCain.

Clinton, Edwards hold private post-debate meeting  —  MYRTLE BEACH, South Carolina (CNN) — What were they talking about?  —  Hillary Clinton and John Edwards met privately backstage following a very contentious Democratic presidential debate in this coastal city, sources with both campaigns confirm to CNN.

For immediate release  —  The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.  —  The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth.

Mystery in Brooklyn: Bomb factory at Columbia University professor's home  —  The NY Daily News reports today on a disturbing discovery at a Columbia University instructor's home: … Clatts cannot be located.  Who is he? … The NYTimes reports on a bizarre twist in the case …

Part 1 of CNN Democratic presidential debate  —  Editor's note: This is part one of the transcript for the Democratic presidential debate sponsored by CNN and the Congressional Black Caucus Institute on January 21, 2008.  Click here to connect to part two or part three.

Pre-emptive nuclear strike ‘an option’  —  The west must be ready to resort to a pre-emptive nuclear attack to try to halt the “imminent” spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new Nato by five of the west's most senior military officers and strategists.

Someone Didn't Get The Word  —  Fareed Zakaria: … Ah, those sad, sad, Democrats.  So unaware that the war's over.  The dude who killed at least fourteen and wounded seventeen in Tikrit must, like the Democrats, have been wearing partisan blinders when he failed to acknowledge the surge's success in bringing the war to an end.

Huckabee Broke  —  Less than a month after a huge upset victory, and promises that fundraising would be ramped up, former Arkansas Gov. Mike Huckabee is asking his senior staff to keep working for him without pay, while lower level campaign staff are seeing their salaries cut dramatically or eliminated altogether.

The Paulonomics Factor  —  Republican presidential hopeful Ron Paul sounds radical when he advocates the elimination of the individual income tax, a return to a gold standard, the wholesale downsizing of the federal government, and the abolition of the Internal Revenue Service and the Federal Reserve.

Now McCain Must Convince The Right  —  John McCain has a problem.  After winning South Carolina's primary last Saturday, he should be the overwhelming favorite to capture the Republican presidential nomination.  He's not, at least not yet, and the reason is that he's alienated so many conservatives over the past eight years.