The Note’s Must-Reads for Wednesday, May 5, 2010

The Note’s Must-Reads are a round-up of today’s political headlines and stories from ABC News and the top U.S. newspapers. Posted Monday through Friday right here at www.abcnews.com

Compiled by ABC News’ JAYCE HENDERSON, PETER MARTINEZ, KRISTEN RED-HORSE, CLAUDIA MORALES AND CARRIE HALPERIN

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PRESIDENT OBAMA:

The Washington Post’s Karen Tumulty: “Oil spill, failed bombing offer Obama a challenge of message, management” LINK

The New York Times’ Helene Cooper: “Obama Tries to Mend Fences With American Jews” LINK

The New York Times’ Jackie Calmes: “Michigan High School Snags Obama as Speaker” LINK

The Wall Street Journal’s Martin Vaughan: “White House Recasts Bailout Funds Recovery” LINK

USA Today’s Cathy Lynn Grossman: “Franklin Graham wants Obama to step in on Prayer Day slight” LINK

FOREIGN AFFAIRS:

A Wall Street Journal Roundup: “Iraqi Shiite Blocs Ally, Move Closer to Majority” LINK

Bloomberg’s Bill Varner: “Ahmadinejad Hails U.S. Arms Disclosure, Warns Against Sanctions” LINK

USA Today’s The Oval: “Wiesel says tension is gone between Obama, Israel” LINK

Boston Globe’s Farah Stockman and James F. Smith: “Sanctions would backfire on US, Iranian leader warns” LINK

Boston Globe’s Political Notebook: “Obama, Wiesel discuss Mideast” LINK

Boston Globe’s Political Intelligence: “Ahmadinejad says sanctions would block progress in Iran” LINK

The Associated Press: “Obama praises Indonesia on test ban treaty” LINK

Time’s Bill Powell: “Kim’s Travels: What the N. Korean Leader Wants in China” LINK

TIMES SQUARE BOMB CASE / TERRORISM:

ABC News’ Jake Tapper: “Obama administration says Emirates Airlines Dropped the Ball; 9/11 Commission Vice-Chair Says U.S. Govt Is Dropping the Ball” LINK

The Washington Post’s Karin Brulliard: “In wake of bomb scare, U.S. may lean on Pakistan to hit harder against militants” LINK

The Wall Street Journal’s Evan Perez and Devlin Barrett in Washington and Zahid Hussain in Karachi, Pakistan: “Suspect Admits Bomb Plot” LINK

The Wall Street Journal’s Kara Scannell: “SEC Investigates Firms Doing Business in Terror Hubs” LINK

Bloomberg’s Henry Meyer: “Emirates Passengers Didn’t Know About Terror Suspect’s Arrest” LINK

USA Today’s Kevin Johnson and Thomas Frank: “Dramatic airport arrest nets Times Square bomb suspect” LINK

Time’s Tony Karon, Massimo Calabresi, Mark Thompson: “Times Square Bombing Arrest Raises Questions About U.S. Security” LINK

Time’s Rania Abouzeid and Omar Waraich: “The Times Square Suspect’s Pakistan Connection” LINK

Politics Daily’s Christopher Weber: “Timeline of White House Response to Times Square Bombing Attempt” LINK

GULF OIL SPILL:

The New York Times’ John Broder, Campbell Robertson and Clifford Krauss: “Amount of Spill Could Escalate, Company Admits” LINK

The Hill’s Jim Snyder and Ben Geman: “As oil slick spreads, BP criticism mounts” LINK

The Los Angeles Times’ Richard Fausset and Jill Leovy, and Jim Tankersley: “BP gives Congress gloomy outlook on gulf oil spill” LINK

Bloomberg’s Julianna Goldman and Lisa Lerer: “Julianna Goldman and Lisa Lerer” LINK

Time’s Bryan Walsh: “Will the Oil Spill Change U.S. Energy Policy?” LINK

Politics Daily’s Patricia Murphy: “Oil Spill Could Last Three Months, BP’s Chief Tells Congress” LINK

Politics Daily’s Christopher Weber: “Gulf Oil Spill Spurs Calif. Gov. Schwarzenegger to Dump Drilling Plan” LINK

FINANCIAL OVERHAUL / GOLDMAN / ECONOMY:

The Washington Post’s Robert O’Harrow Jr.: “Financial overhaul likely to benefit clearinghouses” LINK

The Hill’s Silla Brush: “Amendments piling up for Wall St. reform” LINK

The Los Angeles Times’ Tina Susman and Richard A. Serrano: “Times Square bomb suspect admits involvement in failed attack” LINK

The New York Daily News’ Michael Mcauliff: “Suspected Times Square car bomber Faisal Shahzad reignites debate – terrorist or criminal?” LINK

The Wall Street Journal’s John D. Mckinnon: “Lawmakers Target Investment Banks” LINK

Bloomberg’s Jonathan D. Salant and Kristin Jensen: “Orthodontists, Auto Dealers Take Aim at Finance Rules Rewrite” LINK

Bloomberg’s Ian Katz and Timothy R. Homan: “Geithner Casts Off Wall Street Taint to Sell Financial Overhaul” LINK

USA Today’s The Oval: “Obama: Government can ‘help foster sustained economic growth’” LINK

Politics Daily’s John Lund: “Bank Bailout Tax: ‘Simple and Fair,’ Geithner Says” LINK

IMMIGRATION:

Politico’s Carol E. Lee and Kasie Hunt: “W.H. eyes unsure GOP on immigration” LINK

Time’s Amy Sullivan: “Religious Groups Push for Immigration Reform” LINK

SUPREME COURT:

USA Today’s On Deadline: “AP: Obama again interviews Diane Wood for Supreme Court” LINK

FORMER FIRST LADY, LAURA BUSH:

USA Today’s Susan Page: “Laura Bush’s life, straight from the ‘Heart’” LINK

SENATE:

Politico’s Meredith Shiner: “Reid hammers Republicans on Wall St. reform delay” LINK

Politico’s David Rogers: “Baucus moves on biz tax packages” LINK

G.O.P. / TEA PARTY / DEMOCRATS:

The New York Times’ Jennifer Steinhauer: “Black Hopefuls Pick This Year in G.O.P. Races” LINK

The New York Times’ Carl Hulse: “Ex-Senator Coats, Seeking a Return, Wins G.O.P. Primary in Indiana” LINK

The Washington Post’s Amy Gardner and Krissah Thompson: “Tea party groups battling perceptions of racism” LINK

The Wall Street Journal’s Neil King Jr.: “Running on Their Own Dime” LINK

The Wall Street Journal’s Naftali Bendavid: “Leftist Moves to Center Stage” LINK

Bloomberg’s John McCormick: “Coats Wins Indiana Republican Primary for Bayh’s Senate Seat” LINK

USA Today’s Kathy Kiely: “Ex-senator wins GOP spot in Indiana contest” LINK

USA Today’s On Politics: “McConnell backs Grayson in Kentucky GOP primary” LINK

2010 ELECTIONS:

ABC News’ David Chalian: “2010 Elections: Primary Season Kicks Into High Gear” LINK

ABC News’ David Chalian: “Primary Voters Back National Party Picks” LINK

OTHER:

The New York Times’ Ashley Southall: “Washington, D.C., Approves Medical Use of Marijuana” LINK

The Washington Post’s Lyndsey Layton: “FDA: Plant that made Tylenol and other pediatric medicine lacked quality control” LINK

The Hill’s Kevin Bogardus: “Multinationals wary of Citizens ‘fix’” LINK

Boston Globe’s James Vaznis: “Virtual schools soon reality in Mass.” LINK

Time’s Adam Sorenson: “Specter and Lincoln Unveil New Reelection Ads” LINK

Politics Daily’s Christopher Weber: “Apple’s iPhone Restrictions Could Bring Antitrust Investigation” LINK

Politics Daily’s Lynn Sweet: “Michelle Obama to Headline Democratic Fundraiser; Is Her Role Growing?” LINK

ABC NEWS VIDEOS:

“Pawlenty Talks Economy, Oil Spill, Immigration” LINK

“Obama’s Joke Draws Fire” LINK

“Shahzad ‘Shouldn’t Have Been’ on the Plane” LINK

“Rubio on Immigration: FL not AZ” LINK