By Zach Carter, Media Consortium Blogger

President Barack Obama invited leading economic thinkers to a job creation summit on Thursday to help combat the worst unemployment crisis in decades. The stakes couldn’t be higher: If Obama can’t build momentum for robust legislation that will create jobs, the unemployment rate could remain in double-digits all the way through 2011.

The Senate is scheduled to begin voting on proposed amendments to the health care reform bill today. It takes 60 votes to pass an amendment and most of the proposed measures for the health care bill will never pass. It’s a great opportunity to grandstand over pet issues, however.

By Zach Carter, Media Consortium Blogger

Two key lawmakers on the House Financial Services Committee, Reps. Alan Grayson (D-FL) and Ron Paul (R-TX), are pushing to authorize a full, comprehensive audit of the Federal Reserve. The plan has sparked fury from both the Fed and the corporate banking industry, but the proposal is so appealing that the controversy is almost laughable.

On Friday, we learned that the U.S. unemployment rate officially broke 10% for the first time since the early Reagan years. This is about as bad as it gets for a modern, developed economy. No economic force takes a heavier toll on a society than rampant joblessness, and few personal setbacks take a deeper psychological toll than being out of a job for months on end. If Congress and President Obama don’t do something to create jobs fast, both are going to pay a hefty political price when next year’s mid-term elections roll around.

By Lindsay Beyerstein, Media Consortium Blogger

Progressives rejoiced when Senate Majority Leader Harry Reid announced this week that the final Senate health care bill would include a public option. The announcement was a major victory for left-wing Democrats.

Better yet, it would be a public option without a trigger. Earlier proposals called for a triggered public option which would only take effect if private insurers failed to bring down costs on their own. Under the opt-out compromise, the public option would come on line automatically (albeit not until 2013), but states would later have the option of quitting.

The jubilation was short-lived. Alex Koppelman of Salon explains:

For the most part, it’s been a good week for immigration reform. The Senate approved a measure that will end the “Widow Penalty,” which rescinded applications for U.S. residency if one’s spouse of two years or less years dies, and on Tuesday, as RaceWire reports, the San Francisco Board of Supervisors passed legislation that restores the right of due process to immigrant youth.

By Lindsay Beyerstein, Media Consortium Blogger

The U.S. economy has diverged: Wall Street is living high on the hog while everyone else is struggling. The Dow Jones Industrial Average eclipsed 10,000 for the first time since last October this week, even as unemployment continues to spiral out of control. And while President Barack Obama has taken some very real steps to help ordinary people, his administration’s efforts to save Wall Street have far outstripped their support of workers.

President Barack Obama was awarded the Nobel Peace Prize today for his accomplishments in international diplomacy, climate change and attempts to curb nuclear proliferation. The Nobel Committee praised Obama for his “constructive role in meeting the great climatic challenges the world is confronting,” but, Richard Kim of The Nation wonders the award comes too soon, as Obama has not yet committed to attending the international climate summit at Copenhagen.

This week's biggest health care story shouldn't even be making headlines: Democratic leaders in the Senate are finally pressuring the entire caucus to help bring a health care bill to the floor by sticking with the party on procedural motions. Astute readers will ask: "But aren't Senators supposed to stick with their party on procedural motions?" Yes, of course they are.

Health care reform is the Democrats' biggest political battle in two generations and the crown jewel of the president's domestic agenda. It's hardly unreasonable to demand that Senate Democrats side with their party to defeat a filibuster.