The U.S. House of Representatives was expected to approve President Barack Obama's $825 billion economic stimulus package that supporters say could help create nearly 4 million new jobs and keep the nation out of a depression.
"The American people expect action," Obama said between meetings with House and Senate Republicans on Tuesday. "I don't expect 100-percent agreement from my Republican colleagues, but I do hope that we can all put politics aside and do the American people's business right now."
Obama met this morning with several top corporate leaders to discuss the economy.
"They understand that when it comes to rebuilding our economy, we don't have a moment to spare," Obama said.
Obama was surrounded this morning by several chief executive officers who are supportive of his economic stimulus plan, including: Steve Appleton, CEO of Micron Technology Inc.; David Barger, CEO of JetBlue Airways Corp.; Greg Brown, co-CEO of Motorola Inc.; John Bryson, CEO of Edison International; David Cote, CEO of Honeywell International Inc.; Debra Lee, CEO of BET Holdings Inc.; Anne Mulcahy, CEO of Xerox Corp.; Sam Palmisano, CEO of International Business Machines Corp. (IBM); Antonio Perez, CEO of Eastman Kodak Co.; Eric Schmidt, CEO of Google Inc.; Michael Splinter, CEO of Applied Materials Inc.; Wendell Weeks, CEO of Corning Inc.; and Ron Williams, CEO of Aetna Inc.
"These are people who make things, who hire people. They are on the front lines in seeing the enormous problems in our economy right now," Obama said. "Their ideas and their concerns have helped to shape our recovery package, and I'm grateful that they're here today to talk about why it's so important that we act, and act swiftly, in order to get this economy back on track."
The House bill includes $275 billion in tax cuts for individuals and businesses to go with $523 billion in direct spending.
The vote for the stimulus plan is expected to go mostly along party lines, with Democrats holding a 255-178 majority in the House and a 58-41 majority in the Senate.
The economy lost nearly 2.6 million jobs in 2008 and another 70,000 jobs this week when several large corporations announced large-scale layoffs.
Obama promised public transparency for how the federal funds are spent at a new web site, www.recovery.gov.
The federal plan could fund a variety of public works projects and other programs in Wisconsin. The Wall Street Journal has compiled a graphic that illustrates the state-by-state impact of the stimulus plan, based on an analysis of the House bill. According to the publication, Wisconsin would receive $1.16 billion in assistance to the state government, $795.2 millon for transportation and infrastructure, $317.2 million for school and college modernization and $42.5 million for job training.
Meanwhile, Gov. Jim Doyle said his State of the State address tonight will be a "sober talk" about the economic crisis facing Wisconsin.
Doyle will talk about his priorities as the state deals with 5.8 percent unemployment, the highest since 1986, and a projected $5.4 billion budget shortfall.
"I'm going to lay out the situation that we're in. It is not going to be a time where there's going to be a whole lot of new proposals," Doyle told WisPolitics.com. "But there are some really important ones that we need to continue and continue to build on."
A state stimulus plan also is in the works.
"If we didn't have a new president and we didn't have a recovery act coming, it would be a pretty bleak world that we're looking into," Doyle said. "Now we're looking at a world that's very, very difficult, but in which there's some real hope."
To view the State of the State address live on the Internet, visit www.wisgov.state.wi.us..
On Wall Street, the stock market rallied this morning on the news that the Obama administration is contemplating the formation of a new "bad bank" to be managed by the Federal Deposit Insurance Corp. (FDIC) to absorb bad loans held by some of the nation's largest banks. The Dow Jones Industrial Average posted triple-digit gains this morning. The local stocks in the BizTimes Stock Index also responded in the rally. The largest local gainers this morning were Joy Global Inc. (up "$1.72 to $23.01), Manpower Inc. (up $1.44 to $32.38), Fiserv Inc. (up $1.20 to $33.02) and Kohl's Corp. (up $1.14 to $38.66).

AT&T Inc.'s fourth quarter net profit fell 23.3 percent to $2.4 billion, or 41 cents per share, from $3.1 billion, or 51 cents per share, in the same period a year ago, as more customers continued to eliminate their land lines in exchange for wireless IPhone accounts.
The company's quarterly revenue rose 2.4 percent to $31.4 billion.
AT&T's quarterly results came a day after Verizon Communications Inc. announced a 15-percent increase in quarterly earnings. Verizon also was buoyed by rising wireless sales.
AT&T also received a bump with a net increase of 264,000 customers for its U-verse television service.
"Despite the economic environment, we grew revenues in 2008, and I expect 2009 will be another year of overall revenue growth and solid progress for our company," said Randall Stephenson, AT&T chairman and chief executive officer.
"During the past year, we took major steps to improve AT&T's position for 2009 and beyond. The success of our iPhone 3G launch has driven wireless growth and helped redefine the wireless data space. Our AT&T U-verse TV service continues to ramp. We completed the world's largest deployment of the fastest Internet backbone technology across our U.S. network. We further expanded our industry-leading network capabilities and product sets for the business market," Stephenson said. "I am pleased to say that as we made these advances, we also delivered on our cost initiatives and returned substantial value to shareowners, including our 25th consecutive annual dividend increase, which was announced in December. Looking ahead, while we are cautious about the economic environment, AT&T is well positioned with a strong balance sheet and premier operational assets, and I am very confident in our ability to execute."

Pewaukee-based Skipper Bud's has acquired Heckel's Marine, an Eagle River boat dealer that has been struggling in the recession.
Skipper Bud's saw a unique opportunity to purchase assets, including Heckel's Eagle River property, boats and all parts and accessories in a court-ordered auction.
Skipper Bud's president Mike Pretasky Jr. said, "We saw an opportunity to purchase many boats under the current market value and we are in position to pass those savings on to our customers in the Midwest."
The company is moving quickly on to distribute the inventory to its stores in Wisconsin and northern Illinois.
These boats will be sold on a first-come, first-serve basis, and anyone interested in purchasing inventory items will need to contact the Skipper Bud’s in Wisconsin or Northern Illinois to be placed on a waiting list. The contact phone number is (800) 636-2628 or e-mail repoboats@skipperbuds.com.
Skipper Bud’s has 20 locations throughout the Midwest.

St. Francis-based Stark Investments has agreed to purchase the portfolio of Minnesota-based Deephaven Capital Management Inc., one of the largest hedge fund managers based in the Midwest.
Deephaven is the hedge fund unit of Knight Capital Group Inc., a New Jersey-based financial management firm.
Terms of the deal call for Stark to initially pay about $7.3 million for all of the assets of DCM's fund. The deal also calls for deferred payments of up to $37.4 million between the closing date of the deal and April 15, 2011.
Certain conditions must be met for the deferred and earn-out payments, according to an SEC filing.
The deal will give Deephaven's investors the opportunity to become investors in Stark funds by contributing proportionate shares in the Deephaven Fund Portfolio, according to a letter to Stark's shareholders authored by Brian Stark and Mike Roth, founding principals of the firm.
"Some of these positions, where appropriate, will go into the Stark Master Fund portfolio," the letter stated. "The remaining positions, based primarily on their liquidity characteristics, will be put in a side pocket to which the current investors of Shepherd and Stark Investments LP will not have exposure."
The deal is being made without having to draw down Stark's funds' excess liquidity.
"This is the clearest possible signal to our financing and counterparty relationships that Stark will be one of the survivors of the industry consolidation and we believe will thereby further significantly strengthen those critical relationships that have been a key source of our success to date," the letter stated. "Finally, the deal should provide Stark with an opportunity to open the door to additional opportunities in similar situations to acquire attractive portfolios and, potentially, investment talent."

The Café at The Pfister has agreed to expand its menu to include some of the favorite dishes that were served at the former Heinemann's restaurants and to honor gift certificates held by Heinemann's customers.
Fans of Heinemann's have been deprived of familiar delicacies such as Grilled Coffee Cake, Jogger's French Toast and Brewers in a Blanket recently when the 85-year-old restaurant closed the last of its three locations.
Fans can vote on which three Heinemann's dishes will be added to the Café menu through Feb. 6 at www.thepfisterhotel.com
"We were extremely saddened to learn that Heinemann's was shuttering its doors. The restaurant was an institution in this city, a gathering spot for so many friends and groups," said Joe Kurth, general manager of The Pfister Hotel. "We want to offer those Heinemann's regulars an alternative, a place where they will feel quite at home - our café at the Pfister."
Kurth said the Cafe agreed to honor Heinemann's gift cards to help card-holders, as well as the restaurant owner, Peggy Burns, who was hoping to compensate people for those cards.
"We are very excited to be partnering with another great Milwaukee institution, the Pfister, and so grateful our customers will have the opportunity to redeem their cards and still enjoy some of Heinemann's favorite recipes at the Pfister Café," Burns said.
Each Heinemann's gift cardholder can trade their card for a Café Pfister Card of equal value up to a limit of $25.
"Our current menu is very popular among our regular patrons," said Mark Weber, the newly appointed executive chef of The Pfister Hotel. "We believe that by adding these signature Heinemann's items, we will win over the hearts of new customers and turn them on to some of our signature items, such as our housemade granola and use of all certified organic eggs."
Weber, who is the executive chef of the Mason Street Grill, will now oversee the kitchen serving the Café at the Pfister, The Rouge and Blu.

Milwaukee-based MBO Cleary Advisors Inc. has launched the Health Care Investment Advisory Division and added Nicholas Bauer as senior consultant and Steven Backus as client advisor.
Bauer and Backus will be dedicated to providing investment advisory services for not-for-profit health care and senior living organizations.
Stephanie Chedid, president of MBO Cleary, said, "We are excited about the opportunities in the health care sector and the experience that Nick and Steve bring to our new division.  Adding this discipline works well with where our organization is today and with our focused growth plans."
Prior to joining MBO Cleary, Bauer and Backus worked with not-for-profit health care and senior living organizations at The Ziegler Companies. During Ziegler their tenures, they were responsible for developing investment policy statements, asset allocation strategies and risk management techniques that coincided with clients' capital structures.
MBO Cleary Advisors is a wholly owned subsidiary of Cleary Gull Holdings.

Chortek & Gottschalk LLP, a Waukesha-based accounting, tax, information technology and business consulting firm, today announced its expansion into the Chicago and Los Angeles markets with the addition of Dave Friedman as a new partner.
Friedman is a certified public accountant and a certified fraud examiner with a certificate in financial forensics. He will head up both the Chicago office, located in Northbrook, and the Los Angeles office, located in Beverly Hills.
"We have been serving clients in Wisconsin for over 60 years and we're excited to expand our presence in Illinois and California under Dave's leadership," said Greg Junek, managing partner of CFhortek & Gottschalk. "The addition of Dave and the professional staff he brings with him allows us to expand our offerings and better serve our clients. Dave is long-established in the Chicago and Los Angeles areas and his specialization in the entertainment industry is a great fit for Chortek & Gottschalk."
"I'm excited to be joining Chortek & Gottschalk," Friedman said. "Their depth and professionalism will enable us to better serve our client base. Our expertise in fraud matters and the entertainment industry complements their expertise in tax, technology and business consulting."

United Way of Greater Milwaukee today announced the first two grant recipients of its $200,000 special urgent needs fund.
Community Advocates and Walker's Point Youth & Family Center will each receive $25,000 through United Way's Safety Net fund.
In December 2008, United Way created a special urgent needs fund for its agency partners.
"Over the last few months, agencies have shared stories with us about how the economic downturn has impacted their capacity to deliver services," said Nicole Angresano, vice president, Community Impact, United Way of Greater Milwaukee. "We have heard from our domestic violence services providers that relied-upon state funding has been cut. Several agencies have received word from a variety of federal funding sources that grant awards will be decreased or even discontinued over the next few years. Through the Safety Net fund United Way will help agencies support their immediate and pressing needs."
Safety Net fund grants are limited to one $25,000 award per agency, per year and are available only to those agencies housing programs currently funded by United Way of Greater Milwaukee.
"So many local health and human service agencies have been hit hard by cuts in funding and we need to step up and help them get through these tough times," said Tim Sullivan, board chair of United Way of Greater Milwaukee and president and chief executive officer of Bucyrus International Inc. in South Milwaukee. "People trust United Way to respond to the most critical needs in our community. Thanks to the generosity of thousands of supporters in 2008, United Way was able to implement a special fund to help agencies keep their doors open to continue serving a growing number of people who require critical assistance."

Declining worldwide demand has led to 200 layoffs at Hutchinson Technology Inc.'s manufacturing facility in Eau Claire. The Hutchinson, Minn.-based company announced 100 layoffs in Eau Claire earlier this month and another 100 in its earnings report Tuesday. After the layoffs, HTI will have about 1,150 employees in Eau Claire. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at http://www.biztimes.com/#news.

Minneapolis-based U.S. Bancorp is examining the possibility of redeveloping the 900-space parking structure located to the south of its 42-story office tower in downtown Milwaukee. U.S. Bank hired Brookfield-based Hammes Co. to help create a redevelopment plan for the parking structure. Read more in the new edition of the BizTimes Real Estate Weekly bulletin.

Richard Marcus, associate professor of managerial economics and finance at the Sheldon B. Lubar School of Business at the University of Wisconsin-Milwaukee, says we can expect a double-dip recession with no immediate relief in site. Read more in today's Milwaukee Biz Blog.

The $4 cup of coffee is a luxury many Americans are foregoing in the recession.
A brutal week in the American economy continued to grow worse today with the announcement that Starbucks Corp. will close approximately 300 more underperforming company-operated stores.
The new Starbucks closures will include 200 across the United States and 100 across international markets.
The company did not specify how many of its Wisconsin stores will be closed.
These new closures are in addition to the approximately 600 U.S. and 61 Australian market Starbucks store closures announced in July 2008.
The Seattle, Wash.-based company anticipates that the store closures, combined with reduced store openings for fiscal 2009 and other labor efficiency initiatives, could result in a reduction of as many as 6,000 store positions over the course of fiscal 2009.
Starbucks today reported fiscal first quarter net income of $64.3 million, or 9 cents per share, down from $208.1 million, or 28 cents per share, in the same period a year ago.
"In the midst of the weakening global consumer environment, Starbucks is following a well-developed plan to strengthen our business through more efficient operations and by preserving the fundamental strengths and values of our brand," said Howard Schultz, chairman, president and chief executive officer of Starbucks. "We remain focused on driving the discipline and rigor necessary to create long-term shareholder value, and we are taking aggressive steps to excite customers by providing relevant value and innovation, even during this challenging time."
Troy Alstead, executive vice president and chief financial officer, said, "With a solid balance sheet, strong cash flow and healthy liquidity, Starbucks is well-positioned to weather the challenging global economy. We will continue to take the actions necessary to scale our cost structure to meet current business trends while positioning the company to drive margin expansion when the environment improves."
Earlier this week, , Ill.-based Caterpillar Inc. said it will eliminate 20,000 jobs, Overland Park, Kan.-based Sprint Nextel Corp. announced it will eliminate 8,000 jobs, and Atlanta, Ga.-based The Home Depot Inc. said it will eliminate 7,000 jobs.
Last week, Milwaukee-based Harley-Davidson said it will cut 1,100 jobs.
The decline in the retail sector is making it even more difficult for factory workers who have lost their jobs to find stop-gap employment.

The U.S. House of Representatives today approved an $819 economic stimulus plan proposed by President Barack Obama.
The plan was approved by a vote of 244-188 after a day of debate and proposed amendments in the Capitol. The vote was split generally along party lines, with most Democrats voting in favor of the plan and most Republicans voting against the plan.
The House bill includes $275 billion in tax cuts for individuals and businesses to go with about $523 billion in direct spending.
As chairman of the powerful House Appropriations Committee, U.S. Rep. David Obey (R-Wausau) played a key role in passage of the plan today.
The plan now goes to the U.S. Senate, which has already begun deliberations on the bill.
Obama has urged swift approval of the plan which was a centerpiece to his presidential campaign.
The plan is intended to provide funds for "shovel-ready" projects to rebuild the nation's infrastructure, stabilize state governments, build new schools, upgrade transportation systems, provide broadband access to rural areas and small towns, retrain workers and invest in more efficient technologies.
Obama was surrounded this morning by several chief executive officers who are supportive of his economic stimulus plan, including: Steve Appleton, CEO of Micron Technology Inc.; David Barger, CEO of JetBlue Airways Corp.; Greg Brown, co-CEO of Motorola Inc.; John Bryson, CEO of Edison International; David Cote, CEO of Honeywell International Inc.; Debra Lee, CEO of BET Holdings Inc.; Anne Mulcahy, CEO of Xerox Corp.; Sam Palmisano, CEO of International Business Machines Corp. (IBM); Antonio Perez, CEO of Eastman Kodak Co.; Eric Schmidt, CEO of Google Inc.; Michael Splinter, CEO of Applied Materials Inc.; Wendell Weeks, CEO of Corning Inc.; and Ron Williams, CEO of Aetna Inc.
The federal plan could fund a variety of public works projects and other programs in Wisconsin. The Wall Street Journal has compiled a graphic that illustrates the state-by-state impact of the stimulus plan, based on an analysis of the House bill. According to the publication, Wisconsin would receive $1.16 billion in assistance to the state government, $795.2 million for transportation and infrastructure, $317.2 million for school and college modernization and $42.5 million for job training.
Meanwhile, Gov. Jim Doyle said his State of the State address tonight will be a "sober talk" about the economic crisis facing Wisconsin. Doyle will talk about his priorities as the state deals with 5.8 percent unemployment, the highest since 1986, and a projected $5.4 billion budget shortfall.
To view the State of the State address live on the Internet, visit www.wisgov.state.wi.us.