NPR 2008-02-14

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From NPR News in Washington, I'm Jack¹ Speer.

Flanked by lawmakers in red and blue ties, President Bush today signed into the law a 152-billion-dollar economic stimulus² package in the East Room of the White House, NPR's David Nogueras reports.

President Bush said that after 6 years of economic growth, the economy has begun to slow, causing many Americans to worry about its overall health.' And so in January, important phone call with the leaders of the Congress, to talk about whether or not we could come together to provide a booster shot for our economy.' That booster shot came through one stroke of the pen, providing tax rebates³ and tax incentives⁴ for small business. Under the plan, most individual tax payers will receive a check for up to 600 dollars, that's 1200 dollars per couple. Couples with children will receive additional 300 dollars per child. Whether or not the stimulus package will actually fight off recession, it's a topic of great debate. Many economists⁵ are worried that people will use the money to pay off their debt rather than spend. David Nogueras NPR News, Washington.

Baseball star Roger Clemens and the man who has accused him of using illegal performance-enhancing drugs, former trainer Brian McNamee were both on Capitol Hill today where they were grilled⁶ by lawmakers. Clemens was asked to explain statements made by his long-time friend and teammate Andy Pettitte, who contends that Clemens admitted to him he used human growth hormone⁷. Clemens said that Pettitte had misremembered the conversation. As for McNamee, lawmakers wanted to know why he held on to what he says is proof he injected the baseball star with drugs, used syringes he contends contain DNA⁸ evidence linking Clemens to the use of banned substances. McNamee said he did so because he did not trust the pitcher⁹. Clemens has denied using illegal performance-enhancing drugs.

The number of home foreclosures skyrocketed last year. Detroit had the highest number, nearly 5 times than national average. Steve Julian at member station KPCC says half a dozen cities in California also made the top 20 list.

More than 41,000 homes in the Detroit metro¹⁰ area are in some stage of foreclosure. That's a 68% jump from 2006. James Saccacio with California-based RealtyTrac says 86 of the nation's top 100 metro areas reported increases last year. In California, the slump¹¹ has hit inland regions where home prices ran up and lending standards grew tighter. The Riverside-San Bernardino area, east of Los Angeles, was ranked 4th, and Sacramento, 5th. Also in the top 20, were California cities Bakersfield, Fresno and Oakland. Ohio had 4 metro areas among the top 20. Florida had 2. Treasury¹² Secretary Henry Paulson this week announced Project Lifeline. It gives homeowners facing foreclosure a 30-day reprieve¹³. For NPR News, I'm Steve Julian, in Los Angeles.

On Wall Street, the Dow Jones Industrial Average was up 178 points today to close at 12,552, the NASDAQ gained 53 points, the S&P 500 was up 18.

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After a string of losses to Barack Obama in the race for the Democratic presidential nomination¹⁴, Hillary Clinton is trying to regain¹⁵ momentum¹⁶. She spent today in Texas, the state where she hopes support from Latino voters can help her win a primary on March 4th. More from NPR's David Greene.

Senator Clinton spoke¹⁷ to reporters after a rally in McAllen, Texas. She for the first time congratulated Barack Obama for his Tuesday victories in Maryland, Virginia and Washington DC. Clinton was asked if she was worried that Obama's beginning to do well among groups who usually support her like women and older voters. 'No. You know, this is the back and forth¹⁸ of a campaign. Now it's on to Texas, Ohio, Pennsylvania, Rhode Island, Wisconsin next week. This is a very competitive campaign.' Clinton said both she and Obama will have ups and downs and even as she lost a number of contests, Clinton said she's still been picking up delegates. David Greene, NPR News, McAllen, Texas.

Democratic presidential hopeful Barack Obama howled of his primary wins, outlined his plan to help the ailing¹⁹ U.S. economy today. Speaking in Wisconsin, Obama said that as president he would spend more than 200 billion dollars on creating new jobs in construction and environmental industries, with the money coming from reducing tax rates for corporations and wealthy individuals and ending the war in Iraq. Obama said 150 billion dollars, that money would go to create so-called 'green collar' jobs, remaining funds will be allocated²⁰ to what he termed a National Infrastructure²¹ Reinvestment Bank which will rebuild the highways, bridges, airports and other public projects.

Crude oil futures²² ended the day higher today, the near month contract for benchmark crude rose 49 cents a barrel to close at 93.27 a barrel on the New York Mercantile Exchange.

I'm Jack Speer, NPR News, in Washington.