NPR 2008-04-08

From NPR news in Washington, I'm Jack 1 Speer.

 Senator John McCain says Democrats 2 who offer a quick withdrawal 3 from Iraq are not being honest about the consequences of defeat there. McCain spoke 4 to a group of veterans at the National World War I Museum in Kansas City today. Frank Morris of member station KCUR reports.

 Presumptive Republican presidential nominee 5 John McCain says that 4 years under a flawed military strategy in Iraq, brought the US almost to the point of no return. But he argues that the troop surge led by General David Petraeus has brought a measure of normalcy and order to Iraq. That's something he says his rivals Senator Clinton and Obama refuse to acknowledge. "We're no longer staring into the abyss of defeat, and we can now look ahead to the genuine prospect 6 of success." McCain says establishing Iraq as a peaceful, democratic, stabilizing 7 force in the region will be a long, hard process. But he says speedy withdrawal could uncork a civil war, boost Iran's stature 8 and possibly draw US forces into an even more costly 9, wider war in the Middle East. For NPR news, I'm Frank Morris in Kansas City.

 President Bush says it's too soon to talk about the need for a second economic stimulus 10 package. While speaking at the White House, the president said he understands how high gas prices and falling of home values are weighing on Americans. Emerging from a meeting with owners of small and mid-sized businesses, the president said the economic stimulus measure that would deliver tax rebate 11 cheques to millions of Americans starting next month needs to be given time to work. "We're in a rough time right now, I'm confident we are gonna come out of it, and when we do, we're gonna be a stronger, stronger and better country." President's comments come at a time when nation's unemployment rate is at two and a half year high. Some Democrats have called for additional measures to boost the lagging economy.

 Last year home foreclosure soared more than 50% and analysts 12 expected the problem will get even worse this year. Ohio was one of the hardest hit states, but the governor there has announced what he's calling a first-in-the-nation agreement with lenders that could ease the situation. Bill Cohen of Ohio Public Radio reports.

 Nine major lenders in Ohio have agreed to sign a compact with state government here. In it they agreed to modify some existing mortgage loans so the terms are easier for homeowners, and foreclosures could be avoided. Some of the companies even have agreed to freeze their initial interest rate for a few years, and not adjust upward as scheduled. Governor Ted 13 Strickland says it's the first time lenders have agreed in writing to make changes and have them monitored by state government. Even though the pacts 14 are being labeled non-binding, Strickland expects them to be followed. "We think, that by signing these agreements, these major companies are putting their, their honor and their prestige on the line." Last year, more than 400,000 US households lost their homes to foreclosure. For NPR news, I'm Bill Cohen in Columbus.

 On Wall Street, the Dow Jones Industrial Average was up 3 points today to close at 12,612. The S&P was up 2 points. This is NPR.

 Swiss drug maker 15 Novartis announced today it's agreed to pay nearly 39 billion dollars for majority stake in eye-care products company Alcon. Novartis says it will buy 25% of Alcon from Nestle with an option to purchase the rest of the Fort Worth-based company in a future date. If the deal gets regulatory approval, it will be one of the biggest in Swiss history. Novartis, which is Europe's second biggest pharmaceutical 16 makers 17, had been looking to broaden its business from prescriptions 18 drugs amid increased competition from generic 19 brands.

 Gas prices are continuing their climb higher, lifted by surging crude-oil futures 20 prices in the belief supplies will fall as summer driving season heats up. Oil futures were worth more than 2 dollars a barrel today, pump prices were up another 3.60 cents a gallon over the weekend.