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Republicans claim a mandate to cut spending, but which programs do this week's voters want sacrificed? The GOP will be in control of the House, and the Senate Minority Leader wants Barack Obama to be a one-term president.  Will the White House be looking for compromise?  Also, stock investors love the Fed's big bond buy, and now that he's been elected to the US Senate, supporters are calling Republican Marco Rubio, "our Cuban Barack Obama."

Banner image: House Minority Leader John Boehner (R-OH) (C) answers questions from reporters at the US Capitol with Senate Minority Leader Mitch McConnell (R-KY) (L) and Mississippi Gov. Haley Barbour (R) November 3, 2010 in Washington, DC. Photo: Win McNamee/Getty Images

Making News Fed Announces Big Bond Buy, Stocks Soar despite Jobless Numbers 7 MIN, 48 SEC

The Federal Reserve plans to buy $600 billion in US government bonds -- $75 billion a month — to drive down interest rates and encourage the borrowing that stimulates growth. Stock market investors love it, but some call it a "Hail Mary" pass by Fed Chairman Ben Bernanke. That's according to today's Wall Street Journal. Sudeep Reddy reports for the paper and blogs for Real Time Economics.

Sudeep Reddy, Wall Street Journal (@Reddy)

Main Topic The New Congress and the Old One's Unfinished Business 35 MIN, 37 SEC

Republicans claim a voter mandate to cut federal spending, but what programs do they have in mind? The big gorillas are Medicare and Social Security. President Bush's prescription drug plan will cost more over 10 years than Obama's stimulus and health plans combined. Will they reduce defense spending or cut back on the war in Afghanistan? What about the lame-duck session of the current Congress starting in ten days? Not a single appropriation bill has been passed. The Bush tax cuts are set to expire. Nuclear arms cuts with Russia are on the table. President Obama has invited future House Speaker John Boehner and Senate Minority Leader Mitch McConnell to the White House two weeks from today, while the lame duck session of the current Congress is trying to deal with unfinished business. 

Anna Fifield, US Political Correspondent, Financial Times
John Fortier, Research Fellow, American Enterprise Institute
David Corn, Mother Jones magazine (@DavidCornDC)
Matthew Continetti, Washington Free Beacon
Spencer Ackerman, Daily Beast (@attackerman)

Reporter's Notebook Florida's Marco Rubio Is Suddenly a GOP Rising Star 8 MIN, 6 SEC

When Governor Charlie Crist hugged President Obama and supported the federal stimulus plan, Florida politics changed forever. In his US Senate run, Republican Crist had to turn Independent, and proceeded to lose big Tuesday to a rising GOP star. Today's New York Times quotes a supporter calling Marco Rubio, "our Cuban Barack Obama." As the first Cuban-American Speaker of the state's lower house, he was early to recognize the power of Tea Party sentiment. Gary Fineout is Capitol Bureau Chief for the Herald-Tribune in Sarasota.

Gary Fineout, Reporter, Sarasota Herald-Tribune

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