Clinton Confirmation Begins

Several of Obamas cabinet picks face confirmation hearings today, and House lawmakers debate releasing the rest of the Wall Street bailout funds.

She was Barack Obamas surprise choice as Secretary of State but Hillary Clintons Senate colleagues have lined up to support her.

Expect questions today about her husbands business dealings, war in Gaza, the prospect of diplomacy with Iran, and about Guantanamo prison. The New York Times today reports Obama will order it closed on day one as president.

Drawing as much attention today on Capitol Hill: debate over unlocking the rest of the huge bank bailout.

To Obama a necessity:

Mr. Obama said "it is clear that the financial system, although improved from where it was in September, is still fragile."

It took a phone call from Obama shortly after President Bush said this, for the White House to ask Congress for the money.

President Bush said "if he felt that he needed the $350 billion, I would be willing to ask for it."

But the president-elect will have to work harder than that to convince GOP lawmakers the moneys needed.

Texas Congressman Mike Conaway said "the risks to the banking system that we were trying to address with the bailout bill, I think have been addressed."

In a letter to Congressional leaders, Obama economic adviser Lawrence Summers said the funds would be used to help smaller banks around the country, not just the largest.

Economics professor Peter Morici from the University of Maryland says "they havent been helping the banks in Topeka, Kansas and that is why this money has not been getting down to main street and on main street credit is tight."

Summers said the money would also go toward homeowners, as part of what he called a sweeping effort to curb foreclosures.

Over lunch today the president-elect will lobby Democratic senators for the bailout money and for his stimulus. Aides now say one tax break, a $3,000 per job credit to businesses wont be included, after critics said it was ripe for abuse.