updated 3/10/2009 3:25:09 PM ET 2009-03-10T19:25:09

Happy Monday!

Hello everybody and welcome to the Shuster "Daily Briefing" for March 9, 2009.  Special thanks today to Zachary Gold, a terrific new intern on "1600."  Zach put most of this briefing together and did an excellent job.  Bravo!

Settle in and get ready for a great show tonight. Today's big story is the economy again, with even Warren Buffet claiming that the economy has "fallen off a cliff."

Tonight though, we will start our show with a look at what the President focused on, at least in public. And today he provided a major break from the Bush administration on science policies. President Obama signed an executive order reversing the Bush administration's policy on stem cell research. Some of the details, however, will be left up to Congress.  

After a quick review of the President's day, we will turn to the ailing global economy with Nobel Peace Prize winning economist Paul Krugman. He insists that the bailout is not big enough and, in an article in Rolling Stone, talked about how nationalization could help the banks and the economy as a whole. 

Meanwhile, some lawmakers, including Sen. Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, and former presidential candidate Sen. John McCain, R-Ariz., are in favor of letting some banks fail and letting General Motors file for bankruptcy.

The House Minority Leader John Boehner, R-Ohio, is pushing for a government spending freeze and for Obama to veto the upcoming $410 billion spending bill.

At the same time, some legislators, including some Republicans are defending the earmark process.

We will take a closer look at how much states get back from the federal government for every dollar they send to Washington in federal income taxes.

In "Hypocrisy Watch," Karl Rove is now criticizing the Obama Administration for exploding the federal budget. He claims that President Obama is spending too much money in the $410 billion omnibus bill and has failed to change Washington's earmark culture.

During former President George Bush’s time in office, though, the deficit exploded thanks, in part, to the Iraq war. Plus, earmark spending was higher in 2005 than it is now.  

In our back half panel, we will be talking to Chris Plante and Chris Kofinis about stem cell research and the latest views on the President's economic policy. Also, we will go through the rip roaring fight over bank nationalization. What is "nationalization?"  Watch Krugman first, he’s going to explain for all of us.

Also, our panel will take a look at whether President Obama is trying to do too much at once.

Plus, did you see the Saturday Night Live satire of RNC chair Michael Steele? It was funny.  We will play part of it for you again.  Also, Rep. Neil Abercrombie (D-Hawaii) announced his intention to run for governor of Hawaii on both his website and on twitter. Bravo Congressman Abercrombie!

Finally, we will ask our panel to weigh in on a few of the videos you recommended via Twitter
Our "Quote of the Day," is from Mahatma Gandhi:

"I believe in equality for everyone, except reporters and photographers."

Thanks in advance for watching tonight's show.  "1600" airs at 6 p.m. in Washington, D.C.; 5 p.m. in Little Rock; 4 p.m. in Santa Fe; and 3 p.m. in Oakland.

Shuster


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