Wednesday morning headlines

Stocks stay positive: Modest but consistent gains in recent days - Dow is up about 40 points, to 11,518.

Senate set to pass tax cut package: Look for a vote later today. Then it's on to the House, where the outlook is less clear. (Bloomberg)

Tame inflation in Socal: Actually, consumer prices fell 0.4 percent from October to November and are up just 0.7 percent in the last year, lower than the nation's 1.1 percent rate. (OC Register)

Stunning stat: More than a million people in the state have been out of work for six months or longer. That's nearly half of the total number of unemployed in California. (OC Register)

L.A. budget gets an airing: The city's escalating deficit and possible cuts will be discussed at a today's council hearing.

Bizfolk meet Obama: They'll be gabbing about economic growth and stuff. (Bloomberg)

Irvine Co. nears Chicago deal: The OC developer, normally focused locally, is going after the 49-story Hyatt Center for about $625 million. Property is being sold by the Pritzkers. (WSJ)

Big nursing home deal: HCR ManorCare is being purchased by HCP, a Long Beach-based real estate investment trust, for $6.1 billion. HCR has post-acute, skilled nursing and assisted-living properties in 30 states. From the LAT:

Despite their staid image, nursing homes have become darlings of Wall Street in recent years. They're especially popular among free-wheeling private-equity funds, which are seeking ways to cash in on the aging of the American population. In the last five years, there have been 46 buyouts of nursing home companies totaling $20 billion, according to research firm Dealogic.

OC company must pay up: Westminster-based Laundry Room Clothing was ordered to shell out $887,000 in back wages and damages for failing to pay its workers minimum wage and overtime. (LAT)

More kudos for Facebook: Besides founder Mark Zukerberg being named Time's Person of the Year, the company was picked top-ranked U.S. employer for 2010. In second place is Southwest Airlines followed by Bain & Company, General Mills and Edelman. (AP, All Things Digital)