ALSO: Be sure to check out Steph on CNN’s “Reliable Sources” (now a part of John King’s “State of the Nation”) this Sunday at 10am Eastern / 7am Pacific!

• Rep. Gregory Meeks (D-NY) calls in at 7:30am Pacific to talk about Congress’ passage of the omnibus spending bill.

• Rep. Brad Sherman (D-CA) calls in at 8:06am Pacific to talk about his offer to debate Rush Limbaugh.

• Angela V. Shelton and Frances Callier (Frangela) have fallen ill today, and won’t be able to do their regular “Fridays with Frangela” segment.  They will be filling in for Steph and the Mooks during their vacation later this month, however!

• Confronting misgivings, even in his own party, President Obama mounted a stout defense of his blueprint to overhaul the economy yesterday, declaring the national crisis is “not as bad as we think” and his plans will speed recovery. He said that Americans shouldn’t be whipsawed by bursts of either bad or good news and he was “highly optimistic” about the long term.

• President Obama and Vice President Biden yesterday rallied a gathering of state officials yesterday, telling the people he is counting on to help turn around the economy and warning anew that he will not tolerate wasteful spending of his $787 billion economic stimulus package.

• GOP national chairman Michael Steele said yesterday that he’s opposed to abortion and that Roe v. Wade should be repealed, commenting a day after GQ Magazine quoted him as saying abortion was “an individual choice.”

• Admitted Ponzi scheme operator Bernard Madoff pled guilty to 11 felony counts of fraud yesterday and a Manhattan judge ordered him handcuffed and taken straight to jail. He faces a 150 year sentence.