The CNN Washington Bureau’s morning speed read of the top stories making news from around the country and the world. Click on the headlines for more.
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CNN: House defeats Republican spending plan
In a major blow to the Republican leadership, the U.S. House on Wednesday defeated a temporary spending measure that would have required spending cuts to offset additional money for federal disaster relief efforts.
POLITICO: Vote on House spending bill reveals John Boehner’s lack of control
Wednesday night’s rank-and-file rebuke of GOP leadership — with 48 Republicans bolting on a temporary spending bill — underscored the fact that the House Republican majority is still struggling to find unity on major spending bills. It also showed they still need Democratic votes to help them govern.
CNNMoney: Federal Reserve launches Operation Twist
The Federal Reserve announced "Operation Twist" Wednesday, a widely expected stimulus move reviving a policy from the 1960's. The policy involves selling $400 billion in short-term Treasuries in exchange for the same amount of longer-term bonds, starting in October and ending in June 2012.
CNNMoney: Big bank bailouts less likely. Thanks Dodd-Frank!
When Moody's downgraded three banks on Wednesday, it gave a big thumbs up to the Dodd-Frank Wall Street reforms that aim to ensure there won't be any more big bank bailouts. Moody's made clear it believes that the U.S. government is less likely to step in to save a troubled bank, and downgraded Bank of America, Wells Fargo and Citigroup.
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CNN: Troy Davis put to death in Georgia
Troy Davis, whose case drew international attention, was put to death by lethal injection for the 1989 killing of an off-duty police officer in Savannah, Georgia, prison officials announced Wednesday night. Until the very end, Davis maintained his innocence.
CBS News: ATF 'Fast and Furious' secret audio: Murder of Border Patrol agent 'collateral damage'
In secretly recorded conversations between two individuals deeply entwined in the ATF's controversial "Fast and Furious" operation, the murder of Border Patrol Agent Brian Terry is described as "collateral damage."
USA Today: Rising rents lessen the affordability of housing
The share of renters paying 30% or more of their household income on housing costs — the government threshold to determine if housing is unaffordable — rose to 53% last year from 51.5% in 2009 and about 50% in 2008, according to 2010 Census data released today.
CNN: Washington governor meets with striking teachers, school officials
Washington Gov. Christine Gregoire is wading into the feud between the Tacoma school district and striking teachers that has kept thousands of students from classrooms for seven days.
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CNN: Palestinian statehood issue coming to a boil at U.N.
Confronted with the prospect of a Palestinian bid for full U.N. membership, U.S. President Barack Obama issued a sharp rebuke Wednesday to those pressing for statehood - a rebuke likely to bring criticism from the Arab world.
CNN: Freed American hikers arrive in Oman
American hikers Josh Fattal and Shane Bauer bounded down the steps of the aircraft that took them from Iran to Oman late Wednesday, rushing into the arms of loved ones who had sought their freedom for more than two years.
CNN: China warns U.S. against arms sales to Taiwan
China warned the United States Thursday that a multi-billion dollar arms sales to Taiwan will create "severe obstacles" between Beijing and Washington, the state-run Xinhua news agency reported.
CNNMoney: Greece announces more cuts
The Greek government announced budget cuts Wednesday aimed at securing additional aid from its European partners as the debt-stricken nation struggles to dig itself out of a deep hole.
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CNNMoney: Stocks plunge after Fed disappoints
Investors aren't digging the Twist. Stocks plunged after the Federal Reserve made it official - no change in rates and Operation Twist is a go. Stocks ended near the lowest levels of the day after the Fed said it will shift $400 billion from short-term Treasuries into long-term Treasuries in an effort to boost lending and spur the economy.
CNNMoney: Google on trial: Mr. Schmidt goes to Washington
Google booked record sales and earnings in the first half of this year, made a series of splashy acquisitions, and is on a hiring spree. But in the eyes of Google chairman Eric Schmidt, the company is fighting for its survival. That's the story Schmidt spun Wednesday afternoon in the testimony he delivered to a Senate panel looking into Google's growing dominance.
CNNMoney: HP stock rises 7% on rumor CEO Leo Apotheker is getting fired
Shares of Hewlett-Packard soared almost 7% on reports that the board is considering firing CEO Léo Apotheker. HP plans to offer the position to former eBay head Meg Whitman, a source told Fortune Wednesday morning. Whitman, 55, has been an HP director since early this year.
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