FIRST LOOK: California adopts cap-and-trade law

The Lookout

Welcome to First Look, our daily roundup of early-bird news:

• The tax cut compromise bill has passed. (AP)

• And it may have won Obama re-election, according to conservative columnist Charles Krauthammer. (Washington Post)

• PolitiFact has named the lie of the year, and it's GOP strategist Frank Luntz's rechristening of health care reform as a "government takeover." (Politifact)

• New Nixon tapes reveal Henry Kissinger's shocking statements about Jews. (NYT)

• Five people charged in insider trading case. (WSJ)

• California adopts cap-and-trade system to lower carbon emissions. (WSJ)

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