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USA UK and Malta News
22/01/2008 - 23:02

USA today Editoweb, 22 jan 2008

Dems feel urgency to enact stimulus plan - Jose Padilla is sentenced to 17 years - Fred Thompson quits presidential race - Stocks plunge on recession fears - DNA frees Colo. man convicted of murder - Fed cuts interest rates.

Dems feel urgency to enact stimulus plan
Congressional Democratic leaders said Tuesday that they feel urgency to enact an economic stimulus plan and are confident they can work with President Bush to craft it quickly. The president also expressed confidence but said any deal must be done right, not just fast.
"The urgency that we feel at home is now even more urgent as we see the impact of our markets on others," House Speaker Nancy Pelosi said after lawmakers of both parties met with Bush at the White House.

Jose Padilla is sentenced to 17 years
Jose Padilla, once accused of plotting with al-Qaida to blow up a radioactive "dirty bomb," was sentenced Tuesday to 17 years and four months on terrorism conspiracy charges that don't mention those initial allegations.

Fred Thompson quits presidential race
Republican Fred Thompson, the actor-politician who attracted more attention as a potential presidential candidate than as a real one, quit the race for the White House on Tuesday after a string of poor finishes in early primary and caucus states.
"Today, I have withdrawn my candidacy for president of the United States. I hope that my country and my party have benefited from our having made this effort," the former Tennessee senator said in a brief statement.

Stocks plunge on recession fears
An unusual emergency interest rate cut by the Federal Reserve gave Wall Street a partial rebound Tuesday from a precipitious early decline — and perhaps the first steps toward a long-term recovery. The rest of the comeback, for the economy as well as the stock market, may depend on a turnaround in the battered housing market and renewed confidence among U.S. consumers.

DNA frees Colo. man convicted of murder
Timothy Masters walked out of court a free man for the first time in nearly a decade Tuesday, his murder conviction wiped out by DNA evidence that points to another suspect.
Masters, 36, who was sentenced to life in prison in 1999, was ordered freed on a personal recognizance bond by Larimer County District Judge Joseph Weatherby. Prosecutors promised to decide quickly whether to try him again.

Fed cuts interest rates
The Federal Reserve unexpectedly slashed a key interest rate by a bold three-fourths of a percentage point on Tuesday, responding to a global plunge in stock markets that heightened concerns about a recession. The Fed signaled that further rate cuts were likely.
The reduction in the federal funds rate from 4.25 percent down to 3.5 percent marked the biggest reduction in this target rate for overnight loans on records going back to 1990.

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