Bailout debate plays out in real time

Congress debates the $700 billion bailout plan; NHL uses online outreach; China faces tainted milk crisis; and more.

As Congressional leaders and Treasury officials continue to discuss the $700 billion plan to bail out the financial sector, the media is paying close attention, and some Web sites are offering live updates as the hearings proceed.

US Treasury secretary Henry Paulson and Federal Reserve chairman Ben Bernanke urged Congress to take swift action, but doubts are permeating not only Congress, but the public as well.

Meanwhile, a CNN/Opinion Research Corp. survey found that the public blames the Republicans more than Democrats for the financial crisis. And presidential candidate Barack Obama admitted that the bailout would hinder some spending programs he has promised during his campaign.

Also:

As part of an aggressive online push, the National Hockey league introduced GameCenter Live, an online service that allows visitors to watch almost all NHL games live online.

The slow housing market, increased unemployment, and slow income growth will all contribute to the lowest holiday sales since 2002, according to the National Retail Federation.

As fears surrounding the tainted milk crisis in China spread globally, the country promised to increase inspections and change its food safety laws.

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