Fed signals readiness for more rate cuts to avert recession
The Fed indicates another intermeeting rate cut could come before the May meeting as economists warn the economy needs a further boost. Wall Street reacts with a selloff. the Dow falls about 140 points while the Nasdaq holds near flat early trading. The central bank’s cut to 5 percent follows two prior 0.5 point reductions this year, signaling continued liquidity support amid inflation steadying and global weakness. Prime lending rates fall to 8 percent, lowering auto, home equity, credit card, student and short-term business loan costs.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Fed
Wall Street
Alan Greenspan
U.S
David Orr
First Union
Mark Zandi
Economy.com
Paul Volcker
Campaign finance reformers wary of amendments
Washington AP report on McCain Feingold struggles to keep core ban on soft money while facing amendments. debate centers on millionaire donations and TV ad pricing. lawmakers fear erosion of unity as bipartisan votes react to changes. Notable figures include McCain Feingold allies, Torricelli proposals, and Bennett Smith amendments.
MENTIONED IN THIS ARTICLE
Washington
Senate
John McCain
R-Ariz
Russell Feingold
D-Wis
McCain-Feingold
Jon Corzine
New Jersey
Robert Bennett
Utah
Gordon Smith
R-Ore
Congress
First U.S. seizure of farm animals over mad cow fears
Federal agents began seizing 233 sheep owned by Houghton Freeman in Vermont amid concerns the animals imported from Belgium carried a disease akin to mad cow. A second flock of 140 sheep owned by Larry and Linda Faillace faced later seizure. Sheep will be killed after brain samples are taken at federal labs in Iowa.
MENTIONED IN THIS ARTICLE
Greensboro
U.S
Houghton Freeman
Agriculture Department
Department
Belgium
Ed Curlett
USDA
Freeman Farm
Ers
Freeman
Thomas Amidon
Federal
Iowa
Larry
Linda Faillace
East Warren
Curlett
Linda Fairlace
Lyndonville
Vermont
Patrick Leahy
James Jeffords
Bernard Sanders
Europe
U.S. District Court
Fairlaces
Debate Opens On Faith Based Aid Bill
Congress moves with Bush plan to fund religious groups via new programs and tax credits while a Senate version omits charitable choice. House leaders push broader access to housing job training and welfare programs for religious groups amid civil liberties concerns and church autonomy debates.
MENTIONED IN THIS ARTICLE
Congress
Washington
Bush
Capitol Hill
House
Senate
White House
Scott McClellan
American Civil Liberties Union
J.C. Watts
Okla
Tony Hall
Ohio
Rick Santorum
R-Pa
Joseph Lieberman
D-Conn
Santorum
Lieberman
GAO finds loopholes in gun checks in five states
Undercover congressional investigators used fake IDs to buy guns in Virginia West Virginia Montana New Mexico and Arizona. The GAO report says the national background check system cannot ensure a buyer is not a felon and does not verify that the ID used is real. Rep. Waxman led the probe as part of a broader study on false information to obtain firearms.
MENTIONED IN THIS ARTICLE
Washington
General Accounting Office
Henry Waxman
Dcalif
GAO
Office of Special Investigations
House Government Reform Committee
Waxman
Congress
Virginia
West Virginia
Montana
New Mexico
Arizona
House Republicans unveil 1.94 trillion fiscal 2002 budget
The GOP aims to accelerate Bush tax cuts within a 1.94 trillion fiscal 2002 budget blueprint. It centers on a 10-year 1.6 trillion tax cut and could grow larger if future federal surpluses rise. Democrats call the plan bloated and seek amendments for smaller cuts, school funding, Medicare drug benefit, and debt reduction.
MENTIONED IN THIS ARTICLE
Washington
House
Bush
House Budget Committee
GOP
America
Jim Nussle
Iowa
James Moran
D-Va
Also Mentioned on This Page
Robert Torricelli
D-N.j
Torricelli
Harry Reid
Nevada
Bauman
Waunt
Uie
Ren At
Azn
Pas
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