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In an interview with the Associated Press, the watchdog for the government’s $700 billion bailout program expressed frustration with the Bush administration’s delay in providing a plan for allocating bailout funds. Elizabeth Warren, the chairwoman of the Congressional Oversight Panel, is also angry over the apparent secrecy surrounding the Treasury Department’s decisions. Warren has previously expressed these disappointments in an interview with the New York Times and in her report to congress. (Associated Press)

The Government Accountability Office has found in a new report that the U.S. Navy is storing at least $7.5 billion worth of spare parts in warehouses across the country. Excess amounts reach into the millions, including 2 million unneccesary aircraft parts and 10 million unnecessary ship parts. The revelation could provide fuel for those who argue for cuts to the Defense Department’s budget. (Boston Globe)

Sen. Jim Bunning (R-KY) has drawn scrutiny for his role as the single salaried employee of a charity he set up in 1996. The Jim Bunning Foundation has paid the senator $180,000 and yet only distributed $136,435 to Kentucky charities. Watchdog groups are concerned that the foundation skirts IRS and Senate rules governing outside income for senators. (Associated Press)

An audit of FBI salaries by the Inspector General of the Department of Justice shows that between 2003 and 2007 the Bureau paid $7.8 million in improper wages. Most of the money went to FBI agents temporarily posted to Iraq, where taxpayers paid them $45,000 each every year in overtime pay. (Associated Press)

Transcripts of radio communications made between Blackwater contractors in Iraq indicate that the five former contractors who were recently charged in the deadly shootings of Iraqi civilians may have acted in self defense. Documents indicate that a convoy led by the men reported taking fire from Iraqi insurgents and policemen. (Associated Press)

Defense Secretary Robert Gates is currently working on plans for the closure of the military prison at Guantanamo Bay. Both Gates and President-elect Obama have spoken publicly about their desire to close the facility. (McClatchy)

Alaska state Sen. John Cowdery plans to enter a guilty plea today in his corruption trial. Originally charged with one count of conspiracy to commit bribery and extortion and one count of bribery, Cowdery will now only face the first charge after he changes his plea. Cowdery was involved in the same corruption probe that netted Sen. Ted Stevens (R-AK) and several state lawmakers. (Anchorage Daily News)

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