An American cattleman. The Congressional Budget Office announced that a proposed plan to control health-care spending would save only $2 billion over ten years, compared to a proposed $1 trillion in spending, although the agency also pointed out that the legislation could increase the proportion of people receiving insurance through their employers, despite Republican claims to the contrary. Democrats, with control of both the House and Senate, fought among themselves. House Energy and Commerce Chairman Henry Waxman threatened to move the bill to the floor without a committee vote if the Blue Dogs, seven conservative Democrats, refused to cooperate; Nancy …

A Christian martyr. Two days after three candidates and two campaign workers were kidnapped and murdered, Iraqis voted in the first national elections since 2005, choosing between 14,000 candidates running for 440 provincial offices. Two men were shot and wounded at a polling place in Sadr City, and some voters were turned away when their names could not be found on voting rolls dating from food ration lists held over from Saddam Hussein’s reign. CNN“This day is a victory for all Iraqis,” said an Iraqi general in Kirkuk. “I don’t know whom to vote for,” said an inmate at Basra’s …

Israel and Hamas agreed to a one-week ceasefire in Gaza, where Gazan officials estimated that 1,300 Palestinians had died.Hamas Agrees to One-Week Cease-Fire in Gaza Conflict“My grandmother was ill in bed when the Nazis came to her home town of Staszow,” said Sir Gerald Kaufman, a British MP who was raised as an Orthodox Jew. “A German soldier shot her dead in her bed. My grandmother did not die to provide cover for Israeli soldiers murdering Palestinian grandmothers.”UK Jewish lawmaker: Israeli forces acting like NazisA Berlin court ruled to allow the display of Hamas flags and paraphernalia at anti-Israel protests, …

An American cattleman. President George W. Bush announced a $13.4 billion bailout for General Motors and Chrysler. The bailout, which will make use of funds authorized by Congress in October for the rescue of U.S. financial institutions, requires among other things that the automakers sell their fleets of private aircraft. “I’ve abandoned free-market principles,” said Bush, “to save the free-market system.”New York TimesBreitbartPresident-elect Barack Obama called for an expansion of his economic recovery plan in order to save a half-million more jobs atop the 2.5 million he already hopes to save, at a total cost of $600 billion or $700 …

The Labor Department reported that 533,000 people lost their jobs in November, a further 621,000 people were forced into part-time employment, and 422,000 more simply dropped out of the labor force. The report, describing a situation far worse than economists expected, also recorded 24,000 layoffs by auto dealers.MarketwatchRepresentatives of the Big Three car companies, facing their lowest sales in decades and, in the case of Chrysler and General Motors, imminent collapse, again appeared before Congress (traveling by car and commercial flights this time, rather than on private jets) to ask for $34 billion in aid, a few billion less than …

Doctors in Berlin announced that they had cured a man of AIDS by giving him transplanted blood stem cells from a donor naturally resistant to the virus; other researchers cautioned that the treatment was of little immediate use, and justified in this case only because the patient had leukemia. “Frankly,” said Dr. Robert C. Gallo of the University of Maryland School of Medicine, “I’d rather take the medicine.”NYTA German shoplifter with no arms stole a 24-inch television. “It’s hard to believe,” said a police officer, “that the sight of an armless man walking along with a giant TV clamped to …

The world economy continued its collapse. The Dow Jones Industrial Average declined 22 percent over eight days, Wall Street lost $2.4 trillion in market value, and Iceland went bankrupt.CNNBusiness WeekThe head of the International Monetary Fund warned that the world was on the “brink of systemic meltdown,”BBCand Democrats in Congress called for a $150 billion economic stimulus plan to rebuild America’s crumbling infrastructure.Yahoo! NewsBarack Obama called for firms that create jobs to be rewarded with tax credits and for a moratorium on foreclosures;AFPJohn McCain refused to answer questions about his economic plan, but was reportedly considering a cut in the …

An American cattleman. The U.S. Senate and House of Representatives passed the Emergency Economic Stabilization Act of 2008. The legislation, which originated as a three-page proposal by Treasury Secretary Henry Paulson and grew to 451 pages after House and Senate negotiations, established the Troubled Asset Relief Program (TARP) to grant the Secretary of the Treasury up to $700 billion to buy troubled assets owned by financial institutions, to allow the Treasury to limit executive compensation and “golden parachutes” at those institutions, and to establish an oversight board to monitor the Treasury. The act also provides wooden arrow manufacturers an exemption …

After more than a week of fighting and one failed cease-fire, Russia and Georgia signed a revised cease-fire agreement, but Russian troops remained within 25 miles of the Georgian capital, Tbilisi. Russian President Dmitri Medvedev promised French President Nicolas Sarkozy, who negotiated the agreement, that Russian forces would soon withdraw from Georgia. He also insisted that troops would remain in the breakaway Georgian territory South Ossetia. “The superpower showed that she was able to defend her people,” said Marina Katayeva, a 30-year-old Russian doctor. “Now we will be more respected.” Georgian President Mikheil Saakashvili said Russians were “twenty-first-century barbarians” who …

Claiming that South Ossetian separatists had attacked its villages, U.S. ally Georgia sent troops to capture the city of Tskhinvali. Russia retaliated by sending ground troops into Tskhinvali, then into Georgia proper; Georgia claimed that hundreds of troops had been killed on both sides along with “huge numbers” of civilians. Georgian President Mikheil Saakashvili described Russia’s troop actions as “the preplanned, cold-blooded, premeditated murder of a small country.”NYTimes.comItar-TassBloomberg.comThe Olympics began in Beijing, heralded on television by fake, computer-generated fireworks.All Headline NewsPresident George W. Bush told Bob Costas that China “is a big, important nation…it is important for this country to …

The U.S. Office of Thrift Supervision seized the IndyMac Bank of California, worth an estimated 32 billion dollars, after the bank’s closure in the wake of mortgage industry collapse,AFPand the Bush Administration proposed a rescue package for ailing mortgage companies Fannie Mae and Freddie Mac that would allow the Treasury to buy billions of dollars of their stock and lend them billions more to meet their short-term funding needs. The two companies’ total debt is estimated at $1.54 trillion.NYTimesAbu Dhabi bought New York City’sChrysler building for $800 million,GuardianUKand the Belgian brewer InBev planned to buy Anheuser-Busch for nearly $50 billion.AP …

Colombian military commandos infiltrated a settlement operated by the guerilla group FARC and freed 15 hostages, among them three U.S. contractors and the Colombian-French politician Ingrid Betancourt. President George W. Bush called Colombian President Alvaro Uribe to congratulate him. “What a joyous occasion it must be to know that the plan had worked,” said Bush. “That people who were unjustly held were now free to be with their families.”WhiteHouse.govA federal appeals court ruled that evidence against Hozaifa Parhat, a ChineseMuslim held at Guantanamo Bay for six years, consisted of nothing more than the reassertion of his guilt in three top-secret …

The Supreme Court overturned the 32-year ban on handguns in Washington, D.C., ruling 5-4 that there is a Second Amendment right to own a gun for personal use. Justice John Paul Stevens wrote in his dissent that the court’s ruling, its first on the Second Amendment in 70 years, showed a lack of “respect for the well-settled views of all of our predecessors on the court, and for the rule of law itself.” The National Rifle Association promptly brought lawsuits against five other cities with handgun bans, including San Francisco, Chicago, and Oak Park, Illinois. “It’s just completely befuddling,” said …

Senator Barack Obama, having amassed more than the 2,118 delegates needed to secure a majority, was acknowledged as the Democratic presidential nominee and claimed victory before a crowd of almost 20,000 people in St. Paul, Minnesota, knocking knuckles with his wife, Michelle, in a gesture known as “dap.” “It thrilled a lot of black folks,” said author Ta-Nehisi Coates. “He wears his cultural blackness all over the place. Barack is like Black Folks 2.0.”New York TimesWashington PostEarlier that evening, Senator John McCain delivered a speech to a crowd of a few hundred in Kenner, Louisiana, in which he tried to …

President George W. Bush gave a radio address for Memorial Day weekend, invoking the sacrifice of 4,071 U.S. soldiers in Iraq and 432 in Afghanistan. Later, for the last time in his capacity as President, he placed a wreath at the Tomb of the Unknown Soldier at Arlington National Cemetery.APBloomberg.comTen thousand Iraqi troops met little resistance as they took control of Mahdi Army-controlled Sadr City under the terms of a cease-fire agreement.Oil rose above $130 a barrel,APand Barack Obama won the Democratic primary in Oregon, while Hillary Clinton won in Kentucky.CNNPolitics.comClinton insisted that her candidacy was still viable. “My husband …

Caught in the Web, 1860. The military junta in Myanmar put the official death toll from last week’s Cyclone Nargis (Urdu for “daffodil”) at 28,458, while foreign observers, taking into account that heavy rains were expected to continue, with malaria, tuberculosis, cholera, typhoid, and dysentery to follow, expected that as many as 100,000 people would die. Before distributing foreign-aid packages, the junta re-labeled them with the names of its generals; a referendum on a new constitution that will perpetuate the junta’s rule was not delayed. “Let’s go cast a vote,” sang two female pop vocalists on state-run television. “With sincere …

Cyclone Nargis tore off roofs, shredded trees, overturned cars, and killed more than 10,000 people in Myanmar.Local 6Tens of thousands of Somalis rioted in Mogadishu over the high cost of food,CNNPresident Bush pledged $770 million in international food aid,BBCand an inmate awaiting trial for murder sued an Arkansas county jail for underfeeding him after he shed 105 pounds from his 413-pound frame. “About an hour after each meal,” he stated in a complaint, “my stomach starts to hurt and growl [and] I feel hungry again. We are literally being starved to death.”CBSThe sister-in-law of Josef Fritzl, the Austrian electrician accused …