CNN 2009-01-09

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Hello everyone, from the CNN headquarters here in Atlanta. I'm Catharine Calleway and thanks for checking in with us. Here is a look at what's happening NOW IN THE NEWS.

Israeli diplomats¹ have arrived in Egypt today for talks on the ending the Gaza offensive. Meanwhile fighting between Israel and Hamas has intensified² there. Israeli forces attacked some sixty targets across Gaza overnight. In a seperate development, four rockets fired from southern Lebanon landed in Israel. There was no claim of responsibility and Lebanese prime minister condemned³ the rocket attacks.

Barack Obama faces a trillion dollar challenge when he becomes president in just twelve days. He'll deliver what his transition team is calling "a major speech" on the economy coming up later this morning. He is expected to provide more details of his nearly 800-billion-dollar economic recovery plan that's aimed at creating jobs and consumer spending and also cutting taxes for individuals and businesses.

Macy's is the latest company to announce some cutbacks. Eleven locations will be shut down across the country after one of the weakest holiday shopping seasons in decades. Nearly a thousand employees will be affected⁴ by the closures. The company says that the move is normal pruning⁵ process to keep the corporation healthy.

Well the porn industry is begging for a bailout, that’s right. Girls Gone Wild creator Joe Francis and Husler's Larry Flynt say that they need about five billion dollars to save jobs in the adult entertainment industry. The request is believed  to be a bit of a tongue-in-cheek suggestion though. Both Flynt and Francis considered the porn industry, frankly⁶, is in no financial danger.

Confirmation⁷ hearing is beginning today. President-elect Obama's cabinet for, his cabinet choices in first step today is Tom Daschle,the choice for secretary of Health and Human services. The former South Dakota senator's expected to fill some questions on Obama's healthcare plans.

More than a foot of rain is forcing tens of thousands of people to evacuate⁸ as flooding reaches historic levels in western Washington State. The problem’s even worse because unseasonably high temperatures are causing a lot of the snow to melt. Many roads and railways are closed because of flooding and landslides⁹ there.

Be sure to stick with CNN.com 24/7 for news around the world and of course we will have updates for you right here throughout the day.