Your president drinks Bud Light

President Obama and Vice President Biden have beers with Henry Louis Gates and the Cambridge police officer who arrested him. (NYT)

Cash for Clunkers program is suspended after it runs out of funds, but Press Secretary Robert Gibbs says it will honor backlogged requests. (WSJ)

A report sent out by New York Attorney General Andrew Cuomo reveals nine of the financial firms on the bailout list paid out employee bonuses in 2008. (NYT)

Representatives Barney Frank and Collin Peterson lead a House bill that more heavily regulates the derivatives market. (Reuters)

Chair of the Senate Finance Committee Max Baucus says the panel will meet as long as they can to discuss health care reform, but will not be ready until after the August recess. (WSJ)