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The governor of New Mexico and former presidential candidate has withdrawn his nomination to be President-elect Barack Obama's commerce secretary.

President-elect Obama named former White House Chief of Staff Leon Panetta to head the CIA and retired Adm. Dennis Blair to be national intelligence director.

Congressional Democrats say they have agreed with the White House on a plan to bailout the auto industry with $15 billion in emergency loans. The House could vote on it later Wednesday. The measure faces fierce Republican opposition in the Senate.

Illinois Gov. Rod Blajogevich and his chief of staff, John Harris, are free on bond after being arrested yesterday on corruption charges. Blajogevich is accused of putting a price tag on the U.S. senate seat vacated by Sen. Barack Obama and auctioning it off to the highest bidder, among other complaints.

An appeals court heard arguments in the case of Maher Arar, a Canadian citizen who was arrested in New York and sent to Syria for interrogation. Arar is seeking permission to sue the U.S. government for violating his right to due process.

More bad news for the economy this week: A new report showed more than a half-million American jobs lost in November alone — the most since 1974. Meanwhile, a report says 1 in 10 homeowners with mortages are a month behind in payments or already in foreclosure. And automakers are begging for financial help.

Congress and the White House are working toward a $15 billion short-term agreement to bail out the auto industry. Senate Majority Leader Harry Reid says Congress could act on an auto bailout as early as the end of the day.

Five Blackwater Worldwide security guards were indicted and a sixth is in plea negotiations with prosecutors for a 2007 shooting in Baghdad. The shooting killed 17 Iraqis.

The Obama campaign's post-election report shows that he raised nearly $750 million in his run for the White House. During the course of the campaign, he gathered 4 million donors and his fundraising surpassed the combined total of all the candidates in 2004.

The CEOs of the Big Three automakers are back on Capitol Hill, this time facing skeptics on the House Financial Services Committee. Lawmakers are reaching for solutions as they assert they cannot let the car companies fail, while insisting they aren't writing any blank checks.