GWEN IFILL: Worries over the auto industry and the broad economy sent Wall Street into another steep dive today. Stocks gave up all of yesterday's rally and kept going south.
The Dow Jones industrial average lost 427 points to close at 7,997, its first close below 8,000 in five years. The Nasdaq fell more than 96 points to close at 1,386.
Doubts about an immediate government rescue for the domestic auto industry helped drive the stock sell-off. CEOs for General Motors, Ford, and Chrysler spent a second day on Capitol Hill pleading for $25 billion to stave off bankruptcy.
But the chairman of the Senate Banking Committee, Democrat Chris Dodd, said flatly, "The idea that there's going to be a bill is remote." And Senate Majority Leader Harry Reid said it may be all up to the Bush administration.
SEN. HARRY REID, D-Nev., Senate majority leader: So I hope that we can pass legislation to aid the auto industry in this next day or two. But if we can't do it here legislatively, I would hope that the secretary of treasury would listen loud and clear, because they could take this into their own hands and do what I think is appropriate from their perspective.
GWEN IFILL: White House officials said they still oppose using any of the $700 billion rescue effort to help the automakers. Instead, they said Congress should reallocate $25 billion it already approved for building fuel-efficient cars.
DANA PERINO, White House spokeswoman: What we're concerned about is that Congress could leave without acting on it. And if Congress leaves for a two-month vacation without having addressed this important issue, and especially if the Senate leaves without Senator Reid even allowing a vote on this amendment, then the Congress will bear responsibility for anything that happens in the next couple of months during their long vacation.
GWEN IFILL: We'll have much more on this story right after the news summary.
The nation's health insurers said today they would be willing to provide mandatory coverage for all Americans regardless of pre-existing conditions. But in return, the industry said it wants Congress to require that all adults buy coverage.
President-elect Obama opposed that kind of individual mandate during the campaign. Congress plans to take up major health care legislation early next year.
Another name for the Obama cabinet leaked out today. It was widely reported former Senate Democratic Leader Tom Daschle has been tapped as secretary of health and human services.
And former President Clinton reportedly offered concessions to help his wife, Sen. Hillary Clinton, become secretary of state. Those include identifying major donors to his foundation.
Also today, a top Obama campaign aide, David Axelrod, was named a senior presidential adviser. Former Clinton White House figure Greg Craig will be White House counsel. We'll have more on the transition and the vetting process later in the program.
House Republicans elected their leaders today. John Boehner of Ohio will stay as minority leader. The others will be new faces: Eric Cantor of Virginia as minority whip, and Mike Pence of Indiana as chairman of the House Republican Conference. They called for reform.
REP. ERIC CANTOR, R-Va.: We are united in the thought that we are going to serve as the honest opposition to the administration of the president-elect. We will serve as a check and the balance to the power of President-elect Obama and Speaker Pelosi.
As for our road forward, we have committed ourselves to putting together a very specific, but bold and radically different way for America, and that will be very heavy on reform.
GWEN IFILL: House Republicans will have at least 20 fewer members in the next Congress. Five races are still undecided. And in the presidential race, the last state to report, Missouri, went to Republican John McCain today.
One of three outstanding Senate races has been decided, and a recount has begun in another. In Alaska, veteran Republican Senator Ted Stevens lost his re-election bid to Democrat Mark Begich. Stevens was convicted of federal corruption charges just days before the election. That gives Democrats 58 seats in the next Senate -- including two independents -- to 40 for Republicans.
The race in Minnesota went to a recount today, with Republican Senator Norm Coleman leading Democrat Al Franken by just 200 votes.
The Senate contest in Georgia is heading for a runoff next month.
The California Supreme Court agreed today to rule on a new ban on gay marriage in the state. This month, voters approved the ban in Proposition 8, an amendment to the state constitution. It overrode a previous decision by the court. Gay right advocates have since filed suit; they argue voters had no authority to deny civil rights.
The Indian navy reported a victory today in the battle with pirates off east Africa. Overnight, an Indian warship fought and sank a mother ship acting as a base for pirate speed boats off Somalia.
In London, the enforcement arm of the International Chamber of Commerce welcomed the news.
CAPT. POTTENGAL MUKUNDAN, director, International Maritime Bureau: In our view, this is exactly the kind of action which is required by the naval vessels over there. The pirates have been operating with impunity in these waters, and it is time now -- it's well overdue that we send a signal to the pirates that they cannot conduct these criminal operations without sanction.
GWEN IFILL: Also today, officials in Saudi Arabia said the owners of a supertanker are negotiating with Somali pirates who seized it over the weekend. It carried $100 million worth of oil.
