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Let the debating begin. President Obama unveiled his inaugural budget on Thursday, a plan that calls for raising taxes for the wealthy and lowering them for the middle class. It includes spending cuts in agriculture, a new energy tax, oh, and another $250 billion provision for ailing banks. It comes at a cost.

Just another year of recession. Fingers crossed. That's the latest assessment of Fed Chairman Ben Bernanke, who sees a potential economic recovery a year away.

The prospect of Uncle Sam nationalizing the country's most vulnerable banks is once again the big concern today, as the Wall Street Journal reveals that Citigroup is seeking more federal backing to cushion against the blow of further mortgage-related losses and to keep its flimsy share price from collapsing.

All eyes are on the Dow Jones industrial average as talk of bank nationalization and bleak economic predictions drove the measure down 6.2 percent—the worst weekly decline since the week of Oct.

Some very wealthy Americans will be choking on their coffee this morning as they read in the Wall Street Journal and New York Times that Swiss bank UBS has agreed to hand over the names of about 250 account holders as part of a $780 million settlement with U.S. prosecutors.

It's crunch time for General Motors. The automaker prepares to file the "largest restructuring plan of its 100-year history," as it seeks to justify its use of the $13.4 billion federal loan package it received back in December, the New York Times reports.

Bloomberg and the Washington Post continue to give top billing to the stimulus bill's executive pay restrictions, while the Wall Street Journal devotes its Sunday coverage to G7 talks over China's currency and the New York Times highlights global joblessness.

How to spend all $800 billion-ish in stimulus money? It's a proposition that proved too much for Republican Sen. Judd Gregg, who yesterday withdrew as President Barack Obama's nominee for commerce secretary, the Washington Post reports.

Treasury Secretary Timothy Geithner, a one-time darling of Wall Street, unveiled a bold $2.5 trillion bank bailout plan yesterday, and stocks plummeted 5 percent in what the Wall Street Journal calls "the worst selloff since President Barack Obama assumed office." While Geithner outlined a plan to restart frozen credit markets and restore the hea

There'll be plenty of time for somber news in the next item, but first let's dwell on some breaking, and much anticipated, tech news: Amazon will announce a new version of its Kindle e-book reader later today, the Wall Street Journal reports. What's more, Amazon has acquired a new work by novelist and early e-book advocate Stephen King that will be available "exclusively, at least for a time, on Kindle," it writes.

The government's newest plan to prop up the foundering economy, to be formally outlined by Treasury Secretary Timothy Geithner in a speech Monday morning, leads today's business stories. Out is the idea of a "bad bank"; in is a multi-pronged approach that will inject additional capital into the market, incentivize investors to absorb "toxic assets" and expand the reach of government entities, including the Fed, Fannie Mae and Freddie Mac, and the FDIC, according to the Wall Street Journal.

Fat cats, you've been warned, today's business press proclaims. From here on in, pay packages for the executives of those stricken firms on taxpayer support must show "common sense," President Barack Obama chided yesterday from the White House. As was leaked earlier in the week, the Obama administration is calling for a $500,000 cap on executive pay and for restrictions on "golden parachute" payouts and when stock incentives can be cashed in (now, who would be foolish enough to do such a thing these days?) until the government assistance is repaid. The limits run deep.