Palestinians breach wall, flood into Egypt
Tens of thousands of people from Gaza are reaching food and fuel in Egypt after militants destroyed a border wall earlier today. Last week, Israel closed all border crossings with Gaza to punish Hamas for days of rocket attacks on the southern part of the country. Since then, food and other necessities in Gaza have been in short supply and residents there have struggled with major power cuts. Egyptian guards reportedly didn't intervene as scores of people washed over the fences.
Former Senator Fred Thompson is abandoning his bid for the White House. His decision follows a disappointing third-place finish in South Carolina's GOP primary last Saturday. Thompson entered the race in September, long after his Republican rivals had announced their candidacies and began raising money. Analysts say the late entry may have hurt the former "Law and Order" actor.
And yesterday's rate cut by the Fed is giving borrowers immediate relief. Analysts say the average borrower could save hundreds of dollars in just a few months. The nation's 75 million homeowners are reportedly likely to feel the most significant and immediate benefits. But the rate cut could hurt those who save. Rates on money market accounts and certificates of deposits have been dropping in recent weeks.
President Bush says that common ground can be reached on an economic stimulus package. Last week, Bush proposed a temporary, broad-based tax relief package aimed at spurring the nation's slowing economy. That package would infuse about $140 billion into the economy. The Democratic congressional leadership has vowed to pass a stimulus bill quickly. Senate Majority Leader Harry Reid says their hope is to have something on the President's desk before President's Day, which is Feb. 18.
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