NPR 2009-02-18

President Barack Obama traveled to Denver today where he has signed into law the 787-billion-dollar economic stimulus 1 bill sent to him by Congress last week. The president called it a “balanced plan” which he said contains a mixture of tax cuts and investments and represents a new level of transparency and accountability. “With a recovery package of this size comes a responsibility to assure every tax payer that we are being careful with the money they work so hard to earn. And that’s why I’m assigning a team of managers to ensure that the precious dollars we’ve invested are being spent wisely and well." President promised to continue the effort to boost the economy including a plan to help people stay in their homes. Speaking on Air Force One on the way to Denver, the president’s Press Secretary Robert Gibbs said the White House isn’t ruling out another economic stimulus plan, however, he said there are currently no plans set in the works.

General Motors and Chrysler are due to submit their restructuring efforts to the US Treasury 2 today. Both companies are expected to say they’ll cut more jobs, close plants and reduce dealerships. Michigan Radio’s Tracy Samilton reports.

Both Chrysler and GM say people would stop buying their vehicles if they file for bankruptcy 3. Auto 4 industry analyst 5 Eric Merkle says the companies may have to mention it as an option to show they are being realistic given the terrible tumble in auto sales. But he says bankruptcy could cost taxpayers 6 much more than federal loans and it would be a huge mess if GM failed while in bankruptcy. “The government would be first in line for GM’s assets but I don’t know what the government would do with a, with a transmission plant miscellany." Congress told the automakers to get concessions 7 from investors 8 and the UAW, but negotiations 9 have been difficult. Merkle thinks the companies will get a little more time to reach the deals if they needed. For NPR News, I’m Tracy Samilton in Ann Arbor 10.

 Iraq’s Independent Election Commission says it has reviewed most complaints about last month’s elections for provincial 11 council and that none would affect the results. Commission says it will release the final vote tallies 12 on Thursday. NPR’s Corey Flintoff reports from Baghdad.The election was held to choose members of Iraqi provincial councils which are roughly equivalent to state legislatures in the United States. But it was widely seen as a forecast of what may happen when Iraq calls national elections later this year. The vote was largely peaceful and election officials said today that it was also free from major fraud. The head of the election commission said officials decided 13 to throw out about 60 of the more than 40,000 boxes of ballots 14, but that was because of a failure to follow election procedures rather than deliberate fraud. Some political groups especially in Iraq’s western Anbar province have charged that there was extensive vote rigging in their area and threatened not to accept the results. Corey Flintoff, NPR News, Baghdad.

On Wall Street, the Dow Jones Industrial Average fell 297 points today. The NASDAQ lost 63 points.

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President Obama signed off on additional troops for Afghanistan today. The president has agreed to send one additional army brigade as well as more marines to the region. One official said that translates to around 12,000 additional combat troops. The announcement is part of the initial installment 15 of what is expected to be a larger influx 16 of US forces to the region. Officials say the plan will put more US troops on the ground ahead of warmer weather that often brings increased fighting in Afghanistan.

The founder 17 of Laura Ashley fashion and home furnishings has died.  As Larry Miller 18 reports from London, he was credited with building the brand into a global business.

Sir Bernard Ashley took his wife Laura’s flair 19 for design and sold it. After a trip to Italy in 1953, she designed some headscarves with a small investment in a screen, dyes and linens 20. The business grew from there. Bernard Ashley once said they were two suburban 21 kids who wanted the whole world. In retail 22 terms they achieve their goal. By the time his wife Laura died in 1985 they had 200 stores in 12 countries. Five years later, the group had its first loss. Expansion into the US was difficult due to changing fashions and management clashes. A former chairman of the business said Bernard had the drive, Laura had better judgment 23. The Laura Ashley brand was sold to a Malaysian company in 1998. Bernard Ashley was 82 when he died at his home in Wales. For NPR News, I’m Larry Miller in London.

Satellite radio company Sirius XM has been saved from bankruptcy. That’s after Denver-based Liberty Media agreed to lend Sirius 530 million dollars in exchange for a 40% equity 24 stake in the company. Liberty Media is controlled by cable mogul John Malone and sees few direct synergies for possible marketing 25 possibilities.