Investors are dumping government bonds in reaction to President Obama’s announcement Tuesday to extend tax cuts, unemployment benefits and other economic stimulus programs. They’re worried about possible effects on the federal deficit. Meanwhile, proponents of the tax cut plan say the plan will spur growth.

One stimulus program that didn’t make the cut in the Obama-Congress tax cut compromise: The Build America bond program, which was intended to help cities and states invest in infrastructure projects.

In other news, the Supreme Court today will hear an immigration case regarding an Arizona law that punishes employers for knowingly hiring undocumented workers. And British pub owners may have good reason to drown their sorrows. They say the global economic slowdown means people are buying fewer drinks.