CNN Money: Top business headlines for Feb. 20

LITTLE ROCK, Ark. (KTHV) -- CNN's Stacey Delikat has your top business and financial news on this Wednesday, February 20.

Hawker, now 'Beechcraft,' emerges from Chapter 11 bankruptcy
Hawker Beechcraft said Tuesday that it has emerged from Chapter 11 bankruptcy, calling itself "Beechcraft" and claiming it is stronger and more financially stable. In a statement, the company said its joint plan of reorganization had been approved by the U.S. Bankruptcy Court for the Southern District of New York on Feb. 1 and became effective on Friday. "Today marks the rebirth of an 80-year-old American aircraft manufacturing business with a globally recognized brand," Bill Boisture, Beechcraft's CEO, said in a news release.

Obama, Republicans clash on forced spending cuts
President Barack Obama warned Tuesday of diminished emergency services, longer airport security lines and other problems if Congress fails to reach agreement on avoiding the harshest impacts of automatic, across-the-board spending cuts set to begin March 1. With firefighters, police officers and other emergency responders standing behind him, Obama said that "people will lose their jobs" if the forced cuts are allowed to take effect. The cuts -- known as sequestration in Washington jargon -- won't help grow the economy or achieve jobs, Obama said, calling those goals the top priority of his administration.

Preschoolers to discover what budget cuts mean
Come March 1, Head Start stands to lose more than $400 million of its nationwide funding. For 20 toddlers hoping to enroll in pre-kindergarten programs run by Kids Central in southwest Virginia, it means no preschool. It also means that one teacher, two teaching aides, one bus driver and one cook will lose their jobs. Some of the parents may have to quit jobs to watch their children, according to Darrell Edwards, executive director of the Norton, Va.-based program, which has 86 children on its waiting list.

The Postal Service's next move? A clothing line
The United States Postal Service has been delivering mail in rain, snow and gloom of night for hundreds of years. Now, as the agency struggles to find revenue sources, it's hoping to bring you something to wear. On Tuesday, the agency announced plans to come out with a line of clothing and accessories, called "Rain Heat & Snow." It licensed its unofficial motto to Cleveland-based fashion apparel company Wahconah Group, Inc., which will design the line of accessories and apparel.


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