House Speaker Nancy Pelosi reacted to the news today from the National Bureau of Economic Research -- that the U.S. economy has been in recession since December 2007 -- to call on President Bush and Senate Republicans to join in supporting an economic recovery package.

Here is Pelosi's full statement:

"Today's report from the National Bureau of Economic Research comes as no surprise to America's families and underscores the need for immediate, bipartisan action to create jobs and get America moving again.

"The report is a clear signal to President Bush and Senate Republicans to drop their opposition to the House-passed economic recovery package that will help lift our economy and begin creating jobs again.

"Congress will continue our commitment to new jobs and opportunity by working with President-elect Obama to enact bold economic recovery and job creation legislation in January that will cut taxes, invest in a cleaner and independent energy future, rebuild and modernize schools, roads, and bridges, and expand 21st century communications and energy infrastructure across the nation."

Sen. Saxby Chambliss (R) holds a 7-point lead over Jim Martin (D) in the runoff for a Senate seat in Georgia, according to the latest PPP poll (Nov. 29-30, 1276 LV, MoE +/- 2.7%).

Chambliss 53 (+1 vs. last poll, Nov. 22-23)
Martin 46 (nc)

Chambliss leads by 5.0 points in the RCP Average

The National Bureau of Economic Research, a private, nonprofit research organization, announced today its finding that the U.S. economy began a recession in December 2007:

The Business Cycle Dating Committee of the National Bureau of Economic Research met by conference call on Friday, November 28. The committee maintains a chronology of the beginning and ending dates (months and quarters) of U.S. recessions. The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.

A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income, and other indicators. A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.

Speaker Nancy Pelosi released a statement late Wednesday, on Thanksgiving eve, that she expects a House Ethics committee report on the questioned dealings of Ways and Means Committee chairman Charles Rangel (D-N.Y.) to be completed by Jan. 3.

Pelosi's statement followed two days of renewed questions regarding Rangel, after a New York Times article reported he "was instrumental in preserving a lucrative tax loophole that benefited an oil-drilling company last year, while at the same time its chief executive was pledging $1 million" to help fund a new City College of New York school of public service that will be named in Rangel's honor.

This latest New York Times story was followed the next day by an editorial in the same paper, which called on Pelosi to ensure the ethics investigation was moving forward. "We hope that Speaker Nancy Pelosi is shocked into action. She should insist that the ethics investigation move forward -- and that Mr. Rangel relinquish his chairmanship during the inquiry. If Mr. Rangel continues to resist, the speaker should permanently reassign the gavel. In a deep economic crisis, the committee, and the country, cannot afford the distraction," the Times editorialized.

The Washington Post jumped into the fray as well, writing Saturday that Rangel "should step aside as chairman while the ethics committee expands its inquiry."

National Journal's Richard E. Cohen, one of the most knowledgeable and well-sourced House reporters, wrote in Congress Daily on Friday that Rangel "faces a potential double-barreled challenge when the new Congress convenes in January: House members could seek to force a vote on whether he should get another two years in his powerful post; at the same time the House Ethics Committee is scheduled to issue a report on its investigation of several news reports about his possible ethical violations."

What's ahead for Rangel remains unknown, but one thing is for sure: Pelosi will not be able to side-step this investigation, as all eyes are on the chairman of this powerful tax-writing committee.

Running a transition team for the next POTUS is not free, and Congress appropriates only part of the total cost depending on how much the team spends. President-elect Obama's team has been forced to raise funds -- using the same lobbyist-free restrictions that his campaign had -- and has now released the names on his donor list.

Click here to see the names in alphabetical order on his transition website.

The massacre in Mumbai ranks as the fifth worst terrorist attack since 9/11. RealClearWorld has a look at the other four.

President-elect Obama was asked similar questions in a few different ways at his morning press conference announcing his national security team. Asked by ABC News's Jake Tapper about the disagreements between Obama and other members of his newly-announced team, Obama said:

"I did not ask for assurances from these individuals that they would agree with me at all times. I think they understand they would not be joining this team unless they understood and were prepared to carry out the decisions that were made by me after a full discussion. Most of the people standing here are people who I've worked with. And on the broad, core vision of where America needs to go, we are in almost complete agreement."

Former Pres. Bill Clinton, in a released statement, reacts to Hillary Clinton's nomination as secretary of state:

As an American, I am thankful that President-elect Barack Obama has asked Hillary to be Secretary of State and that she has accepted. As her husband, I am deeply proud.

She is the right person for the job of helping to restore America's image abroad, end the war in Iraq, advance peace and increase our security, by building a future for our children with more partners and fewer adversaries, one of shared responsibilities and opportunities.

She has already earned the respect of foreign leaders and diplomats through her work to promote human rights and the empowerment of women through access to education, healthcare and economic opportunity. And Americans know, from her leadership in the Senate on national security, that she will always put the security, values and the interests of our people first.

In her service to the people of New York and our nation, Hillary has demonstrated the knowledge, passion, resilience, and capacity to learn that our country needs at this critical time. She loves being a Senator from New York, but as she has in all the thirty-seven years I've known her, she answered the call to serve. I commend President-Elect Obama for asking her to be a part of a great national security team. America will be well-served.

After a week of introducing the economic team he'll work with in the new administration, President-elect Obama introduced this morning his national security team. Here is the press release announcing the six nominations:

CHICAGO – President-elect Barack Obama and Vice President-elect Joe Biden officially announced key members of their national security team today: nominating Senator Hillary Clinton as Secretary of State, selecting Defense Secretary Robert Gates to remain as Secretary of Defense, nominating Eric Holder as Attorney General, nominating Arizona Governor Janet Napolitano as Secretary of the Department of Homeland Security, nominating Susan Rice as Ambassador to the United Nations and selecting General Jim Jones, USMC (Ret) as National Security Adviser.

"In this uncertain world, the time has come for a new beginning – a new dawn of American leadership to overcome the challenges of the 21st century, and to seize the opportunities embedded in those challenges. To succeed, we must pursue a new strategy that skillfully uses, balances, and integrates all elements of American power: our military and diplomacy; our intelligence and law enforcement; our economy and the power of our moral example. The team that we have assembled here today is uniquely suited to do just that. They share my pragmatism about the use of power, and my sense of purpose about America's role as a leader in the world," said President-elect Obama.

"It is an honor to be a part of this team, led by the President Elect – a team that will see to it that America can lead the world not only by the example of our power, but also by the power of our example. I believe we have assembled a national security team that is poised to recapture the totality of America's strength," said Vice President-elect Biden.

Who better than Maureen Dowd to write a campy, puff piece on comic superstar Tina Fey for the January cover of Vanity Fair?