(CNN)— The political world saw two resignations Wednesday. Eliot Spitzer announced he will resign as governor of New York effective Monday and former Democratic Party vice presidential nominee Geraldine Ferraro announced her resignation from the finance committee of Sen. Hillary Clinton's presidential campaign.
In the latest episode of CNN=Politics Daily, Mary Snow reports on Spitzer's resignation and CNN Justice Correspondent Kelli Arena explains the criminal penalties Spitzer may face if prosecuted in connection with his involvement with a high-priced prostitution ring.
Suzanne Malveaux reports from the campaign trail about Geraldine Ferraro's decision to sever her formal ties with the Clinton campaign after Ferraro's recent remarks about Sen. Barack Obama caused controversy within the Democratic Party.
Finally, Clinton, Obama and Sen. John McCain may disagree about many things but Kate Bouldan reports on one thing the three presidential contenders agree on - the need to curb Congressional earmarks in the federal budget.
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–CNN Associate Producer Martina Stewart