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On Day Six, Obama Takes on Global Warming

President Barack Obama asked regulators to reconsider waivers that would allow California and other states to set their own standards for auto emissions and responded to new concerns about the economy at the start of his first full week in office. Jeffrey Brown reports on the developments.

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    This was a day of carnage across nearly all sectors of the U.S. economy. At least 45,000 American workers got word they're losing their jobs, mostly by layoffs.

    Nearly half the cuts came at Caterpillar, maker of construction and mining machines. It's shedding almost 20,000 positions.

    The world's largest drug-maker, Pfizer, announced that it would cut 8,000 workers in just the first wave of layoffs, as it buys rival Wyeth for $68 billion.

    Sprint Nextel also announced the loss of 8,000 jobs in its wireless phone business.

    The nation's largest home improvement retailer, Home Depot, said that it is eliminating 7,000 jobs.

    And General Motors said that it will drop another 2,000 workers.

    Foreign companies joined in, announcing cuts totaling 17,000 more jobs in Europe.

    The cascade of bad news greeted President Obama on day six of his administration. Jeffrey Brown has our report.


    President Obama wasted no time this morning responding to the job losses.


    Over the last few days, we've learned that Microsoft, Intel, United Airlines, Home Depot, Sprint Nextel, and Caterpillar are each cutting thousands of jobs. These are not just numbers on a page. As with the millions of jobs lost in 2008, these are working men and women whose families have been disrupted and whose dreams have been put on hold.