NPR 2008-03-19

From NPR news in Washington, I’m Carl Kasell.

The Federal Reserve is expected to announce another cut in interest rates later today, but analysts 1 remain divided on how far the Fed will go. NPR’s Dave Mattingly reports.

The question on Wall Street isn’t if the Fed will cut the federal funds rate; it’s by how much. Some analysts are expecting the Fed to announce a half point cut in the rate banks charge each other for overnight loans; others are predicting a more aggressive cut of a full percentage point to help calm nervous investors 2. Ken 3 Mayland is the chief economist 4 of ClearView Economics. “We are still really on the borderline of a recession and things can go either way.'' The Fed has been lowering interest rates since last September, amid mounting evidence of a weakening US economy, the latest being the Fed's stepping in to help JPMorgan Chase purchase Bear Stearns. Dave Mattingly, NPR News, Washington.

The Supreme 5 Court enters a debate over the Second Amendment 6's right to bear arms. Being challenged is the District of Columbia’s ban on handguns. At issue is whether an individual's right to own guns is protected by the Constitution. The issue is so controversial that it has divided even the president and vice 7 president. NPR’s Nina Totenberg reports.

More than five dozen friend of the court briefs have been filed in the case, including one filed by a majority of the House and Senate and also signed by Vice President Dick Cheney. That puts the vice president at odds 8 with President Bush and his Justice Department. Administration sources say Cheney did not advise the Justice Department or the White House Counsel's office before signing the brief. Cheney contends that he’s acting 9 not as a member of the executive branch, but as president of the Senate. The brief he signed argues that any gun that is a lineal descendant of guns used when the Second Amendment was enacted 10 cannot be banned. The Bush administration argues that if that standard were in force, it would cast doubt over many federal laws including those that outlaw 11 machine guns and assault weapons. Nina Totenberg, NPR News, Washington.

Vice President Dick Cheney spent the night at Ballad 12 Air Base in Iraq. The vice president told troops that the Middle East will remain a place of stagnation 13, resentment 14 and violence ready for export as long as freedom is suppressed. He also praised President Bush’s decision on the Iraq troop surge. He said sending the 30,000 extra troops has led to more effective raids to root out enemies, as well as get better intelligence. The vice president plans to meet with Iraqi leaders before continuing his Middle East tour today.

Japanese share prices rose today. The Nikkei Average was up by 1.5 percent or 176 points. Oil prices held steady in Asian trading. U.S. light crude for April delivery rose by 43 cents to $106.11 a barrel in electronic trading on the New York Mercantile Exchange.

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Michigan is a step closer toward holding a re-vote over January Democratic nominating contest. The state legislature is considering a proposal for a privately 15 funded Democratic primary on June 3rd. Meanwhile, Florida Democrats 16, who also had been reconsidering a re-vote, have ruled out a do-over. They say they will appeal to the national party to restore delegates stripped because it held its primary too early. From Miami, NPR’s Greg Allen reports.

Florida's Democratic Party says it has given up on a plan to hold a mail-in primary. The idea proposed last week was immediately rejected by the state’s Democratic Congressional Delegation 17. They said problems with verifying signatures and possible discrimination against voters from disadvantaged communities could lead to legal challenges. In a statement, state Party Chair Karen Thurman said a consensus 18 has emerged among Florida Democrats that they don’t want to hold another vote and that a solution will have to come from national party leaders. Because Florida violated party rules by holding its primary in January, the Democratic National Committee penalized 19 the state by stripping it of all its delegates. With Hillary Clinton and Barack Obama still locked in a tight race, Democrats worry that unless Florida and Michigan’s delegate problems are resolved soon, they could lead to a battle at the Democratic convention in August. Greg Allen, NPR News, Miami.

States financially strapped 20 are looking to take away government health insurance and benefits from millions of Americans already struggling with a failing economy. A review of the budgets of all 50 states by the Associated Press revealed that coverage 21 would be eliminated for hundreds of thousands of poor children, disabled as well as the elderly. Despite the dire 22 conditions, only a handful of states were seriously considering tax increases.

I’m Carl Kasell in Washington.