democratic lawmakers

With the economy in crisis, President-elect Barack Obama pledged Monday to honor the commitments the outgoing Bush administration has made to rescue financial markets and urged the new, incoming Congress to pass a major stimulus package 'right away' to restore growth and create jobs.

'Most experts now believe that we could lose millions of jobs next year,' Obama said at a somber news conference 57 days before he takes the oath of office.

The Bush administration is moving in its last weeks to rush through "midnight rules" on online gambling. The effort is being led by William Wichterman, a former NFL lobbyist who lobbied against online gambling for the league just months ago.

The move is drawing hot protests from Democratic lawmakers, most notably House FSC Chairman Barney Frank.

Democratic lawmakers echoed the Treasury secretary’s call for urgent action and voiced support for a new economic stimulus package.

Three corporate executives called in for a shaming by Democratic lawmakers Friday defended raking in hundreds of millions of dollars despite contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on the edge of recession.