NPR 2008-11-07

President Bush is promising 1 a smooth transition for the administration of President-elect Barack Obama. Mr. Bush said it would include briefings on issues ranging from national security to the economy and a planned trip to the White House Monday where the two men will hold their first substantive 2 talks. Speaking at a White House press conference today, Mr. Bush said it is important the president-elect be able to, in his words, hit the ground running over the next 75 days.

"In coming weeks we will ask administration officials to brief the Obama team on ongoing 3 policy issues ranging from the financial markets to the war in Iraq. "

In a statement, Mr. Obama thanked President Bush for reaching out in the spirit of bipartisanship and it also was confirmed by the president-elect to be his chosen Illinois representative Rahm Emanuel as Chief of Staff. Emanuel was a political and policy aide in the Clinton White House.

In one of the last states to be decided 4 in the presidential race, NPR is projecting Barack Obama has narrowly won North Carolina. NPR's Adam Hochberg has more.

President-elect Obama's margin 5 of victory in North Carolina is less than 0. 5%, but that is another bid of history in his campaign. He becomes the first Democrat 6 to carry North Carolina since Jimmy Carter and the first to carry both North Carolina and neighboring Virginia since Lyndon Johnson. Much of Senator Obama's strength came in North Carolina's fast growing cities and suburbs, especially around Rolley. But he ran stronger in rural areas than Democrats 7 typically do and dominated the African-American vote. Mr. Obama also had a nine-point advantage among people who voted early, compared to senator McCain's seven-point advantage on the Election Day. Adam Hochberg, NPR News, Chapel 8 Hill, North Carolina.

The Bank of England delivered a surprising 1. 5 percent point cut in interest rates today and the European Central Bank cut its rate by half of a percentage point. NPR's Rob Gifford reports from London.

Most analysts 9 have predicted only a half-point reduction, but it seems the Bank of England judged the economic outlook had worsened sufficiently 10 in recent months for even more drastic action. The 1. 5 percent cut, the largest rate cut since 1981, brings UK interest rates down to 3%, their lowest in more than 50 years, though still substantially higher than US rates. The British cut made the reduction of rates by the European Central Bank, or ECB, looked timid in comparison. Though analysts say Britain is likely to be hit harder by the current economic downturn. A half percentage point cut by the ECB reflects the Eurozone deteriorating 11 economic outlook as the recently established Euro currency faces its first ever recession. Rob Gifford, NPR News, London.

US retailers 12 had their worst October on record as consumers hit by the global credit crisis stayed away from stores in droves. The International Council of Shopping Center says sales at stores open for at least one year plunged 13 0. 9% last month compared to a year ago.

On Wall Street, the Dow was down 443 points. The NASDAQ lost 72 points today. This is NPR.

Philadelphia's mayor says tough economic times are going to mean some difficult choices for the city. Mayor Michael Nutter 14 announced today that along with cutting more than 800 jobs and trimming salaries for some administrators 15, the city also plans to close libraries and swimming pools and suspend planned tax cuts. Nutter said the moves are necessary to deal with what could eventually become a one-billion-dollar budget shortfall. Philadelphia is facing a 108-million-dollar deficit 16 this year which is expected to get much worse in coming years.

Federal prosecutors 17 in New York have announced that they will not bring criminal charges against Eliot Spitzer, the former governor of New York who left office in disgrace eight months ago after it was discovered he had been a client of prostitutes. NPR's Margot Adler reports.

In recent months, four people have pleaded guilty to running the call-girl operation that ultimately brought Eliot Spitzer down. But Manhattan US Attorney Michael Garcia said that investigators 18 found no evidence that Spitzer or his office used public or campaign funds to pay for the prostitutes. And Federal prosecutors typically do not prosecute 19 people for simply being clients. Garcia noted 20 that Spitzer had taken responsibility for his conduct and said the public interest would not be further advanced by filing criminal charges. The former governor issued a statement expressing relief and remorse 21. Spitzer said he resigned his position as governor because "I recognize that my conduct was unworthy of an elected official, I once again apologize for my actions. Margot Adler, NPR News, New York.

Tropical Storm Paloma, the 16th named storm of the 2008 Atlantic hurricane season is picking up strength as it heads towards the Cayman Islands in Cuba, currently Paloma at some 200 miles south of Grand Cayman with top winds of 65 miles an hour.