Wednesday morning headlines

Stocks slightly lower: Still sorting out tax agreement, plus end-of-year maneuverings. Dow is down 15.

Bonds take dip: Extending the tax cuts will boost the deficit even further, which isn't doing much for the bond market. Treasury prices are falling sharply, though they are pushing up yields.

How stimulating is the tax deal?: It could save or create more than 3 million jobs, according to the left-leaning Center for American Progress. That's a lot of jobs, though not a game-changer for the economy. (Economix)

Stunning stat: The average American has put away a paltry $20,000 in retirement savings, which is less than 7 percent of the desired retirement nest egg, according to a new survey (much higher in places like Socal). From Reuters:

"Too many Americans have their heads in the sand in the face of obvious savings deficits," said Laurie Nordquist, director of Wells Fargo Institutional Retirement Trust. "Barring a miracle, a winning lottery ticket or a big inheritance, they're going to be forced to dramatically cut back their lifestyles after retirement." Even those fast approaching retirement age are not well-funded. Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.

Jobless checks may be delayed: Unless Congress signs off on a one-year extension of unemployment benefits this week, which seems unlikely, more than 200,000 Californians may see an interruption of benefits. (OC Register)

Brown's budget summit: The governor-elect gathers a bunch of state and local officials this morning in Sacramento to discuss the state's shortfall. (Capitol Alert)

Oil prices back off $90: A stronger dollar might be helping the pullback from Tuesday. But crude prices are definitely trending upward - as is gas. (WSJ)

Business at the Supreme Court: The U.S. Chamber of Commerce challenges the legality of an Arizona statute that takes away business licenses if employers are found to have hired illegal aliens. From Bloomberg:

The challengers say the employer-sanctions provision runs afoul of a 1986 federal statute that bars states and cities from penalizing employers for hiring illegal aliens except through "licensing and similar laws." A central question in the case is whether that exception is broad enough to let a state revoke the charter of a company that hires illegal workers. The opponents also say the employer-sanctions provision undermines Congress's intent to have a national policy govern immigrant employment.

Mayor vetoes council's ballot measure: The proposal would have allowed the City Council to fire the head of the DWP, as well as the utility's commissioners. At this point, there aren't enough votes to overturn the veto. (LAT)

Feds looking into TCW-Gundlach squabble: Employees and former employees of Jeffrey Gundlach's DoubleLine firm have been interviewed by the office of the U.S. attorney in Manhattan. And TCW, which sued its former employee, has received a subpoena. (LAT)