BEHIND THE NEWS: Race against time

January 28, 2009 1:50:55 PM PST
"We don't have a moment to spare."

That's the warning tonight from Pres. Obama. But Republicans in the house are acting like there's not much rush.

Some honeymoon period for the new President.

Despite Mr. Obama's pleading, House Republican leaders remain opposed to the White House stimulus plan -- objecting to the President's increased spending and pushing tax cuts.

There is huge debate on this. But many experts believe that, especially during a recession, tax cuts aren't the answer because they don't create jobs quickly or in any huge numbers. Government spending programs, many experts argue, do.

Republicans in the House clearly disagree with that. Still, the package could be passed tonight. (Read more)

We'll have the latest on the President's stimulus package, and what it means for your wallet, tonight at 11.

Meanwhile, the jobs cuts just keep on comin'.

Today, Boeing, the world's second largest airplane maker, said it would reduce its workforce by 10,000; Best Buy said it would cut its front-office workforce because not enough employees took the voluntary buyout; And Starbucks, reporting this afternoon dramatically lower profits, says it will close another 300 stores and cut nearly 7,000 workers -- this on top of the 600 stores set for closure and 1,000 workers targeted for layoffs last summer.

How bad is it? The government today said that "mass layoffs" - layoffs of 50 or more workers in one fell swoop - hit 21,137 last year. That's higher by 40% than the last recession - 2001, the year of the terror attacks.

We're also keeping tabs on the weather. A nasty day today. Yes, Lee Goldberg predicted it. And, true to form, it was a mess. Doesn't make it any easier, though.

The snow and then rain will freeze on the roads tonight, making the commute home and the commute in the morning not-so-nice. We're out in it tonight.

We're also in Harlem, where they're celebrating the 75th anniversary of the famed Apollo Theatre. (See photos)

We'll also have any breaking news of the night, plus Scott Clark with the night's sports. I hope you can join us, tonight at 11.