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GMAC is the most recent beneficiary of a government bailout. As the financing arm of General Motors, it supplies funding for auto dealers to buy inventory and credit for consumers to buy cars. It is also a major player in the home mortgage market.

An appeals court heard arguments in the case of Maher Arar, a Canadian citizen who was arrested in New York and sent to Syria for interrogation. Arar is seeking permission to sue the U.S. government for violating his right to due process.

Five Blackwater Worldwide security guards were indicted and a sixth is in plea negotiations with prosecutors for a 2007 shooting in Baghdad. The shooting killed 17 Iraqis.

Congress and the White House are working toward a $15 billion short-term agreement to bail out the auto industry. Senate Majority Leader Harry Reid says Congress could act on an auto bailout as early as the end of the day.

Congressional Democrats say they have agreed with the White House on a plan to bailout the auto industry with $15 billion in emergency loans. The House could vote on it later Wednesday. The measure faces fierce Republican opposition in the Senate.

More bad news for the economy this week: A new report showed more than a half-million American jobs lost in November alone — the most since 1974. Meanwhile, a report says 1 in 10 homeowners with mortages are a month behind in payments or already in foreclosure. And automakers are begging for financial help.

The Obama campaign's post-election report shows that he raised nearly $750 million in his run for the White House. During the course of the campaign, he gathered 4 million donors and his fundraising surpassed the combined total of all the candidates in 2004.

The Detroit auto companies made another pitch to the Senate Banking Committee for massive loans to keep operating. They were more contrite than last month and offered a lot more details. But it is still unclear whether they will get the $34 billion they say they need to keep going. The auto executives will appear before the House Financial Services Committee Friday.

The CEOs of the Big Three automakers are back on Capitol Hill, this time facing skeptics on the House Financial Services Committee. Lawmakers are reaching for solutions as they assert they cannot let the car companies fail, while insisting they aren't writing any blank checks.

As bad as that is, there is another, broader measure of unemployment that shows things are getting worse. Financial strategist Barry Ritholtz breaks down the numbers.