Schwarzenegger defeated in vote but may fight again
SAN FRANCISCO (Reuters) - Arnold Schwarzenegger picked the fight and emerged badly bloodied, but supporters say the governor can come back strong in his attempt to change California politics after Tuesday's special election. The vote he called shaved 20 points off Schwarzenegger's popularity rating in polls over the year and cost $300 million in campaign spending, including $7 million of his own money.
Democrat wins signal trouble for Bush
WASHINGTON (Reuters) - Democrats on Wednesday celebrated hard-fought wins in governors' races in Virginia and New Jersey that underlined the political troubles of President George W. Bush and Republicans heading into next year's congressional elections. Democrats retained governor's offices in conservative Virginia and Democratic-leaning New Jersey on Tuesday after sometimes nasty campaigns. They also dealt California's Republican Gov. Arnold Schwarzenegger an across-the-board defeat on four ballot initiatives he had championed.
State insurance chiefs urge U.S. disaster fund
WASHINGTON (Reuters) - Gulf coast state insurance commissioners urged lawmakers on Wednesday to create a national catastrophe insurance fund, saying it was needed to backstop insurers against future devastating losses and preserve coverage. Without such a fund to help them absorb losses from future disasters, insurers will cut back risk coverage to mitigate risks, the regulators from the hurricane-prone states of Florida, Louisiana, Mississippi, Alabama and Texas told the House Financial Services subcommittee on insurance.
U.S. House panel eases pension reform timeline
WASHINGTON (Reuters) - U.S. companies would get another year, until 2007, before they have to start following stricter pension funding rules under legislation approved on Wednesday by a U.S. House panel. The House Ways and Means Committee approved the bill by a vote of 23-17. It aims to repair the huge underfunding of many traditional pensions and avoid a possible taxpayer bailout of the federal agency that insures pensions, the Pension Benefit Guaranty Corp. (PBGC).
Oil execs defend profits at Senate
WASHINGTON (Reuters) - Under fire for high fuel prices, five major oil companies on Wednesday warned the U.S. Senate against levying a windfall profits tax and showed little interest in donating money to help poor Americans pay winter heating bills. The companies, which earned a collective $30 billion in the third quarter, also surprised lawmakers at a Senate hearing by saying they didn't need the billions of dollars in tax breaks and energy incentives recently approved by Congress.
Auction of JFK memorabilia planned in New York
NEW YORK (Reuters) - A treasure-trove of John F. Kennedy memorabilia will be auctioned next month ranging from the watch he wore to his 1961 presidential inauguration to his doodles during talks on the Cuban missile crisis. The private collection of Robert White, who began collecting Kennedy artifacts in the 1950s, represents most of the nearly 2,000 items that will be put up for sale from December 15 to 17 at the Park Avenue Armory by Guernsey's auctioneers.
