NPR 2009-07-18

President Obama speaking at the White House today said healthcare legislation will clear Congress this year and the President said in light of new concerns about the cost of a healthcare overhaul 1, some decisions about cost cutting should be turned over to an independent panel of experts. NPR's Julie Rovner has more.

The Independent Medicare Payment Advisory 3 Commission already makes recommendation to each year for how to cut cost in a massive health program for the elderly and disabled. But as Mr. Obama pointed 4 out--"Unfortunately, this report ends up sitting on the shelf." So the President is pressing Congress to add it to overhauled 5 bill, a measure similar to one being pushed by democratic Senator Jay Rockefeller of West Virginia. It would give the commission more authority forcing first the President and then Congress effectively to vote up or down on the entire package. It's similar to the process Congress set up years ago to address the sensitive political issue of closing surplus military bases. Julie Rovner, NPR News, Washington.

President's top economic advisor 2 thinks in terms of the overall economy, things are definitely looking up. Larry Summers in what was a fairly positive speech delivered to Washington think tank today, said "If we were at the brink 6 of a catastrophe 7 at the beginning of the year, we've now walked some substantial distance back from the abyss."

And Summers said there are other signs of improvement. "A majority of businesses now report that they expect improved market conditions, the opposite of six months ago. Consumer sentiment has also begun to improve."

Echoing recent remarks by President Obama, the head of the National Economic Council said he does expect unemployment to rise in coming months. But Summers still defended the government's $787-billion economic stimulus 8 plan, saying it is proceeding 9 on schedule.

A federal Judge has dismissed a Securities and Exchange Commission insider trading case against Dallas Mavericks 10 owner Mark Cuban. NPR's Wade 11 Goodwyn has more from Dallas.

The case involves accusations 12 of insider trading after Mark Cuban sold 600,000 shares of Mamma.com. Cuban sold the shares after he received confidential 13 information from the company CEO and thereby 14 avoided a three quarters of a million-dollar loss. The stock was subsequently deluded 15 in an offering. The Judge ruled that while Cuban did agree to confidentiality 16, the government had not approved that Cuban agreed not to use the inside information for his own benefit. The SEC has 30 days to file an amended 17 complaint and officials say they are reviewing the ruling and considering their options. Wade Goodwyn, NPR News, Dallas.

Home builders were a bit busier last month, eager to break ground on new homes as first-time buyers take advantage of a tax break that runs out in November. Commerce Department reported today single family home and apartment construction was up 3.6% in June.

On Wall Street today, the Dow Jones Industrial Average gained 32 points to end the week at 8,743. The NASDAQ was up a point. The S&P 500 fell a fraction.

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Fifteen states and the District of Columbia now have unemployment rates of more than 10%. And for the first time since 1984, one state Michigan has a jobless rate of more than 15%. That's the latest grim news from the Labor 18 Department which seemed to show the rising tide of job losses is not yet over. The state numbers come on the heels of reports that show nationally the unemployment rate rose to 9.5% in June, its highest level in 26 years.

The state of Pennsylvania's budget impasse 19 is now hitting its biggest city. From member station WHYY Tom McDonald reports.

Philadelphia mayor Michael Nutter 20 says the city has only about $197-million worth of cash on hand, and a biweekly payroll 21 in the $170 million range because the state hasn't approved the sales tax hike in changes to the city's pension payments that would save millions. The mayor says his city won't pay its venders for now. "That delay will work much like anyone of us, individually my experience, you are just not sending a cheque right now. It's a delayed payment. That's unfortunately what people are doing in this economy pretty much everyday. They are making choices, decisions about which bill they are paying or the timeliness of paying it because of cash flow."

One city councilman is concerned the minority owned and other small businesses would be squeezed. But Mayor Nutter promises the venders will be paid once the state budget impasse is ended. For NPR News, I'm Tom McDonald in Philadelphia.

 Golfer Tiger Woods may have taken himself out of the British Open today after shooting a 4 over 74 in the second round. Woods had two double-bogeys on the backside today that would make it unlikely he will get through to the weekend despite the fact that he birdied two of the last three holes. When Woods left the courts today, he was tied for 77th.