For immediate release  —  The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.  —  Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending …

Blagojevich Impeachment Inquiry Stalls  —  SPRINGFIELD, Ill. — A committee of the Illinois House considering evidence and testimony in an impeachment inquiry against Gov. Rod R. Blagojevich adjourned its first day of hearings after about an hour on Tuesday, after the governor's lawyer …

Clinton chides supporters on Kennedy  —  Hillary Clinton has told her supporters not to involve her in their efforts to stop Caroline Kennedy's path to the U.S. Senate, a person familiar with replacement discussions said.  —  The move clears a major obstacle between Kennedy and the seat.

Newt denounces Blago attacks  —  Former House Speaker Newt Gingrich is denouncing Republican attempts to link President-elect Barack Obama and disgraced Illinois Governor Rod Blagojevich.  —  Senator John McCain Sunday distanced himself from Republican National Committee attacks on Obama …

Vilsack Picked for Agriculture Secretary  —  CHICAGO - President-elect Barack Obama has settled on Tom Vilsack, a former governor of Iowa, as his Agriculture Secretary.  The announcement will be made here on Wednesday morning, according to Democrats familiar with the decision …

GOP probes Holder's role in Elian Gonzales case  —  Senate Republicans have requested information about Attorney General nominee Eric Holder's role in the Elian Gonzales controversy as part of a broad probe into his tenure with the Clinton administration and potential ties to presidential scandals during that era.

Rahm's calls on tape  —  The Blago scandal . . .  Sneed hears rumbles President-elect Barack Obama's chief of staff, Rahm Emanuel, is reportedly on 21 different taped conversations by the feds — dealing with his boss' vacant Senate seat!  —  A lot of chit-chat?  —  Hot air?  —  Or trouble?

Jackson, Jr. may have been working with feds to investigate gov.  —  Jackson has been fighting for his reputation since the federal complaint revealed his supporters were willing to raise money for the governor, if Jackson was appointed to the Senate.  —  The new information appears …

Exclusive: Cheney Says He's Changed  —  Vice President Reflects on Time in Office, Assesses Obama's Team  —  In an exclusive interview with ABC News, a reflective Vice President Dick Cheney praised President-elect Barack Obama's national security team and admitted he's changed during his time in office.

MEET ARNE DUNCAN, OBAMA'S EDUCATION PICK.  —  With the Democratic Party embroiled in internal debate over public school reform, it is very much like Barack Obama to tap Chicago public schools CEO Arne Duncan as education secretary.  Duncan is one of the only prominent education leaders …

An Empire of Sentimentality  —  I think this kind of sentiment from Dave Dilegge at the COIN hotspot Small Wars Journal reflects some dangerous trends in American culture: … Americans love and respect the men and women who volunteer for military service under our flag.

Foreign Auto Makers Won Billions in Government Subsidies  —  General Motors production line.  (Flickr: steelcityhobbies)  —  To hear Southern Republicans tell the story, the financial burdens facing Detroit's automakers are self-made troubles to be settled by the laws of Adam-Smith capitalism.

SEAN PENN FOR SENATOR!  —  The cover of the December 15th Nation magazine features an article by the veteran foreign correspondent Sean Penn on his recent trip to Venezuela and Cuba.  Travelling in the company of Douglas Brinkley, the noted actor, and Christopher Hitchens …

Pelosi lays down the law with Rahm  —  In a recent conversation with House Speaker Nancy Pelosi, Rahm Emanuel offered some advice on a Democratic House leadership race.  Pelosi's response, according to several Democratic sources: It is “an internal House Democratic Caucus matter, and we'll handle it.”

Iraqi Shoe-Thrower to Appear in Court  —  BAGHDAD — The Iraqi television reporter who threw his shoes at President Bush during a news conference is scheduled to appear before a judge on Wednesday, the first step in a potential criminal prosecution against him, a senior lawyer and the reporter' s brother said on Tuesday.

Video: Joe Scarborough rips the Tanning Bed Media  —  Via the Newsbusters, Joe Scarborough belatedly discovers the vast difference in how the media treated Barack Obama and Sarah Palin in this election.  As I mentioned a number of times, the national media rushed to Wasilla to cover …

Electoral College could be weakened  —  Two Atlanta lawmakers want measure to let popular vote decide presidential elections.  Other states have voted on similar bills.  —  Atlanta area lawmakers plan to push legislation next year calling for the popular vote —  rather than the Electoral College —