Fed chief may support stimulus effort for economy.
Federal Reserve Chairman Ben Bernanke may encourage lawmakers today to stimulate the economy. Legislators are scheduled to question the Fed chief on steps to avoid a possible recession. Democratic lawmakers say Bernanke has already told members of Congress this week that some kind of fiscal stimulus is needed. But analysts say he'll avoid supporting any particular tax or spending policies. Doing so could spark criticism from legislators who oppose them which would put the Fed's reputation for independence at risk.
The Food and Drug Administration is declaring that cold medicines are too risky for babies and toddlers. It hasn't declared yet whether the remedies are okay for older children to continue using. The FDA says the drugs pose serious and potentially life-threatening side effects for children under two. Health groups also say that there's no evidence that oral drugs actually cure cold symptoms in children so young.
Israeli Prime Minister Ehud Olmert is vowing to wage a war to stop Gaza militants from firing rockets into Israel. Militants have fired about 70 rockets at southern part of the country in the past couple of days. In response, an Israeli air strike killed at least two people in Gaza and destroyed a truck. The strike reportedly intended to target a Palestinian rocket position. This is the latest in a surge violence that began after President Bush visited the area last week to spur talks on a Palestinian statehood.
The former adviser to President Bush is dismissing Senator Hillary Clinton's Michigan primary win. During a conference yesterday, Karl Rove said Clinton's victory showed signs of weakness. The former First Lady, who was the only major candidate to appear on the Democratic presidential primary ballot, received about 55 percent of the vote. Another 40 percent of those voting opted for the "uncommitted option." Rove said she ran against quote nobody and nobody got 40 percent of the vote. He also took aim at Clinton's rival, Senator Barak Obama, and questioned his lack of national experience.
