Obama Giving Economic Speech Today, While Administration Warns Of More Immediate Bad Times
President Obama will be giving a speech on at the economy at Georgetown University, at 11:35 a.m. ET. Obama will discuss the steps his administration has taken to fix the economic crisis. At the same time, the administration are hedging their rhetorical bets and bracing the country for less than stellar news. Appearing on NBC's The Today Show, economic adviser Christina Romer said that there are "small little signs that maybe some parts of the economy are stabilizing," but also that there will likely be "several more months of job losses."

Report: Obama To Tap Fannie Mae's Herbert Allison To Administer TARP
The Washington Post reports that the Treasury Department plans to tap Fannie Mae CEO Herbert Allison to run the financial recovery program. Note that Allison became head of Fannie Mae after the government took it over this past September, and would be replacing the current Bush-appointed TARP head Neel Kashkari.

Biden's Day Ahead
Vice President Biden is meeting for breakfast with Hillary Clinton at the Naval Observatory today. He will also host two conference calls to discuss stimulus implementation, one with a group of governors and the other with a group of mayors from across the country.

NYT: Administration Considers Dropping Major Precondition For Talks With Iran
The New York Times reports that the Obama administration and European allies are considering the option of dropping a major precondition for talks with Iran: that Iran shut down its nuclear facilities during the early phases of any negotiations over its nuclear program. However, no final decision has yet been made, and any approach on this issue would still have as its overall goal that Iran cease enriching uranium.

Rival Labor Federations Reach Accord On Immigration
The New York Times reports that the AFL-CIO and the Change to Win labor federations have reached an agreement on immigration reform, and will lay out their position today in Washington. Their accord calls for legalizing those illegal immigrants already in the United States, while at the same time opposing a guest-worker program, and endorsing the creation of a special commission to manage immigration.

Obama's Mexico Trip To Focus On Economy, Climate And Drug War
The Hill reports that President Obama's trip to Mexico this week will focus on such issues as the economic crisis, climate change and drug-war violence. Other recent issues such as trade and illegal immigration seem to have been shifted into the background, as the other concerns have taken priority.

Blago To Be Arraigned Today
Former Gov. Rod Blagojevich (D-IL) will be arraigned today in his corruption trial. Blago will appear with his brother Robert, former chief fundraiser Christopher G. Kelly, and defense attorney Sheldon Sorosky.

Pakistan Tells Kerry Do Not Attach Strings To Aid
During a trip to Pakistan yesterday, John Kerry was told by the country's leadership that the United States should not attach conditions to President Obama's proposed $7.5 billion in foreign aid. "The U.S. should not attach conditionalities to the assistance package being presented to the U.S. Congress," explained Prime Minister Yousuf Raza Gilani, "as aid with strings attached would fail to generate the desired goodwill and results in Pakistan."