The Georgia Mae Morning News

North Dakota is in a race against time as residents try to shore up huge sandbag levees ahead of record-breaking flooding expected to hit this weekend. Forecasters predict the Red River’s waters will crest at 41 feet by early Saturday, exceeding record levels set in 1997. Water reached 35.6 feet in Fargo by midday Wednesday. City officials said they’ll add another foot to the dikes — already 42 feet high — in an effort to withstand the river’s crest. President Obama has already declared a the state a federal disaster area. ABC News

The Obama administration is proposing an extensive overhaul of financial regulations in an effort to prevent a repeat of the banking crisis last fall that toppled once-mighty institutions and wiped out trillions of dollars in investor wealth. The administration will seek to regulate the market for credit default swaps and other types of derivatives and require hedge funds to register with the Securities and Exchange Commission. Treasury Secretary Timothy Geithner is scheduled to outline the administration’s proposals today before the House Financial Services Committee. FOX News

An F-22A Raptor, the Air Force’s top-of-the line fighter jet, crashed Wednesday in a remote area of the Mojave Desert, killing a test pilot for prime contractor Lockheed Martin Corp. The pilot was David Cooley, 49, was a 21-year Air Force veteran who joined Lockheed Martin in 2003. The jet crashed at 10 a.m. about 35 miles northeast of Edwards, a vast unpopulated area of flat desert. It’s not known if Cooley attempted to eject. MSNBC

After remaining tight-lipped for weeks, Gov. Jim Douglas of Vermont said Wednesday that he would veto a same-sex marriage bill if it reached his desk, setting a new hurdle for a measure that had been moving swiftly through the legislature. However, Douglas, a Republican, did say “legislative leaders would not have advanced this bill if they did not have the votes to override a veto.” The Senate overwhelmingly approved the bill Friday, and a House committee is hearing testimony on it this week. NY Times

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