First-time jobless claims rise to highest level since 1992: Job losses in the U.S. have totaled 1.2 million this year. | Bloomberg

Chances for aid to automakers wane: Kit Bond is working with Democrats on possible help, but most other Republicans oppose a bailout. | Detroit Free Press

Stocks fall sharply on latest economic news: The Dow dropped below 8,000 as hope for a bailout of U.S. automakers failed and worries rose about deflation. | New York Times

Consumer prices register record 1 percent drop in October: Fuel costs plummeted and retailers used discounts for cars and clothing to entice consumers hobbled by job losses and sinking home values. | Bloomberg

State propositions run the gamut: Same-sex marriage, animal rights, physician-assisted suicide and more were decided by voters nationwide on Tuesday. | AP/Washington Times

How they voted: A national exit poll shows Obama did better among women than men, better among young than old, better among Jews than Protestants. | New York Times

Democrats pick up at least 19 House seats: The gain builds on the 30 seats the party captured two years ago. | AP

Democrats gain at least five Senate seats: Several races - Minnesota, Alaska, Georgia and Oregon - were still too close to call on Wednesday morning. But the Dems appeared unlikely to gain attain a filibuster-proof 60 seats. | New York Times

Daschle accepts Health and Human Services post, sources say: The former Senate majority leader was a close Obama adviser during the campaign. | AP/Rapid City Journal

Texas grand jury indicts Cheney, Gonzales: The vice president and former attorney general were charged with engaging in organized criminal activity. | mysanantonio.com

Obama said to favor Eric Holder Jr. for attorney general: The former judge, U.S. attorney and deputy attorney general will be nominated if he can garner enough Senate support, sources say. He would be the first African American to hold the post. | Washington Post

Stevens loses Senate seat in Alaska: The Republican who was found guilty of seven felonies a week before the election was defeated by Anchorage Mayor Mark Begich, who will be the first Democrat to represent Alaska in the Senate in nearly 30 years. | Anchorage Daily News

California Supreme Court will weigh gay marriage ban: It accepted a challenge to the newly adopted measure but refused to allow same-sex weddings to resume. | San Francisco Chronicle

Changes aim to ease holiday travel congestion: In an effort to clear space for crowded planes, airspace typically dedicated to the military will be temporarily opened to commercial airliners. | AP/Chicago Tribune

Dunwoody becomes first female four-star general: She hailed those who had helped her throughout her career and pledged to do the same for those she now leads.| CNN

InBev must unload Labatt: The Justice Department says that InBev has to sell the Canadian brewery before it can go forward with its purchase of Anheuser-Busch. | Marketplace