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Good morning from the CNN Center in Atlanta. I'm Reggie Aqui. Thanks for checking in. Here's what's happening NOW IN THE NEWS.

 The U. S economy officially now in a recession, and stock markets worldwide are suffering the consequences. Asian exchanges fell for a second day. The Nikkei in Tokyo closed down more than 6 percent. Markets in Europe also down sharply. The U. S market tumbled almost 8 percent yesterday. New fallout from the biggest bank failure in U. S history, JP Morgan Chase says it is cutting close to 10, 000 jobs at Washington Mutual¹. That's about a fifth of its workforce². Chase took over WaMu in September after it collapsed³ in the mortgage crisis.

Also today is the deadline for Detroit's Big Three automakers. They have to submit a plan in hopes of getting 25 billion dollars in bailout money. The carmakers are expected to present very detailed⁵ reports as to how they will restructure their businesses to become more competitive. And though the executives will not be arriving in Washington on private jets this time, they are arranging alternative transportation.

 Indian security officials are confirming to CNN they were warned by the U. S in fact about the possibility of a terror attack in Mumbai, not once, but twice. A U. S counterterrorism official told CNN the Indian government had detailed intelligence about a potential maritime⁶ assault at least a month before last week's massacre⁷. Indian officials are under fire for the security lapse⁴ that allowed a terror siege to occur.

 Today here in Georgia, voters go to the polls in a U. S Senator run-off. We are talking about challenger Jim Martin, who is trying to unseat incumbent⁸ Republican Saxby Chambliss on the right.  Now, if Martin wins, the Democrats¹⁰ would be one seat away from a filibuster-proof majority. One other race is still undecided, that's in Minnesota. A recount is underway there in the race between Republican Senator Norm Coleman and Democrat⁹ Al Franken.

 And that's what's happening right now. Please stick with us here at CNN. COM 24/7 as we bring you the news from around the world. Of course we are gonna  have your updates right here throughout the day.