Presidential Transition

NBC News Channel
Published: January 2, 2009

President-elect Barack Obama arrived back on the U.S. mainland early Friday morning.

He’ll be wrapping up last-minute business in Chicago before heading to Washington this weekend.

Meanwhile, President Bush returned from the ranch in Crawford and both are preparing for the presidential handoff on January 20th.
This New Year begins with some very familiar problems on the front burner beginning with the economy.

All eyes are on the stock market as it reopened Friday morning.

Speaking of markets, a sudden surplus of milk is a growing problem for Uncle Sam.

Americans are cutting back on groceries but dairy cows can’t just cut production.

Another unsettling economic indicator, the steel industry.

Experts say a sudden collapse may necessitate an auto-industry style bailout.

Overseas, Iraq appears to be improving its fragile security situation.

The heavily fortified green zone was officially handed from U.S. to Iraqi control on Thursday.
But the fighting in Gaza threatens to intensify and further destabilize the region.

But for President Obama, the home front will have to come first.

“He’s the fix-America’s-broken-house president. He’s going to have to involve himself consequently in foreign policy but that is not going to be his first and overriding priority,“ said Middle East analyst Aaron David Miller.