24/7 Wall St.

According to Reuters, cities and states are facing shortfalls and potential defaults.

Reuters reports that the US steel industry is starting a "buy America" campaign.

Reuters reports that Fannie Mae (FNM) believes that IndyMac may owe it $1 billion.

Reuters reports that China’s factory output fell sharply in December

The Wall Street Journal reports that Russia’s Gazprom has cut supplies to the Ukraine.

The Wall Street Journal reports that the FDIC may use some of the same tools that it did in the S&L crisis.

The Wall Street Journal reports that drug approvals at the FDA increased last year.

The Wall Street Journal reports that "Eli Lilly may soon receive a decision from regulators on blood-thinning drug prasugrel after heart doctors were asked to help review it."

The Wall Street Journal reports that Microsoft (MSFT) applauded an anti-piracy ruling in China which involved its software.

The Wall Street Journal writes that a clock problem caused the shutdown of Microsoft Zunes.

The Wall Street Journal reports that "Alt-A" loans may still hurt credit markets this year.

The Wall Street Journal reports that a Saudi investor cut his investment in HSBS (HBC).

The Wall Street Journal reports that Washington will be the key to the stock market this year.

The Wall Street Journal reports that McDonald’s (MCD) and Wal-Mart (WMT) were the only gainers in the Dow last year.

The New York Times reports that the steel industry will seek a stimulus package of nearly $1 trillion over the next two years.

The New York Times reports that the downturn is causing a milk surplus.

The FT writes that Paulson claims that a drop in yields on safe investments pushed investors into risky ones helping to cause the credit crisis.

The FT reports that hybrid car sales are being hurt by high prices and the recession.

The FT reports that mutual funds had $320 billion in outflows last year.

The FT reports that Nokia (NOK) vowed that is would become the largest manufacturer of touchscreen phones.

The FT reports that Republicans may try to hold up the stimulus package.

Bloomberg reports that GM (GM) and Chrysler may lead the December drop in US car sales.

Bloomberg reports that Berkshire Hathaway’s (BRK) Buffett had nowhere to hide as his stock dropped the most in three decades.

Douglas A. McIntyre