Obama Warns of Consequences Without Stimulus

President-elect Barack Obama warned of dire and lasting consequences if Congress doesn't pump unprecedented dollars into the economy, making an urgent pitch Thursday for his mammoth spending proposal in his first speech since his election.

UPI VIDEO NEWS 01.31.08

Schwarzenegger to endorse McCain.

California governor Arnold Schwarzenegger is expected to announce today that he'll endorse Republican White House hopeful John McCain. The governor's backing could be key to the Arizona senator winning California in next week's Super Tuesday nominating contest. McCain is also set to receive endorsements from Georgia's two Republican senators in the next few days. Georgia will also participate in Super Tuesday.

Meanwhile, John McCain and his rival Mitt Romney traded fire in last night's debate in California as they fought for their party's top spot. Romney accused McCain of using dirty tricks and misrepresenting his position on the Iraq war. McCain said the former Massachusetts governor lacked the experience and judgment to be commander in chief. Former Arkansas governor Mike Huckabee complained about the time given to McCain and Romney, saying he didn't come to umpire a ballgame between the two.

Voters for former Senator John Edwards are up for grabs. Yesterday, Edwards dropped out of the race for the Democratic presidential nomination. At the time, he didn't endorse either of his rivals, Senators Hillary Clinton and Barack Obama. But one of his aides says he may back one of them in the future. Political analysts say an endorsement from Edwards would have a significant impact on the race.

The Senate could debate an economic stimulus package passed by the Senate Finance Committee as early as today. The package would inject nearly $200 billion into the economy over two years to help ward off a recession. It's reportedly similar to a bill passed earlier this week by the House. But there are some differences. The Senate's eligibility caps are double those in the House version. President Bush backs the House version of the bill and has urged the Senate to abandon its efforts to pass a different measure.

UPI VIDEO NEWS 01.24.08

Economic stimulus package imminent.

A deal to boost the lagging U.S. economy with a $150 billion stimulus package is reportedly imminent. Government officials say an announcement on the plan could come as early as this afternoon. Final details are still being negotiated, but officials say the current outlines of the package would give individuals a tax rebate check for about $800. Families could get up to $1600.

Two new polls show Republican presidential hopeful Rudy Giuliani is slipping in Florida. Florida is a state he once called crucial to his presidential chances. The former New York mayor reportedly registers 15 percent among Republican primary voters. He's tied with former Arkansas governor Mike Huckabee, who only has a fraction of the organization that Giuliani has in Florida. Polls indicate John McCain is at 25 percent in the state and Mitt Romney's at 23 percent.

And on the Democratic side, Barack Obama's big lead over rival Hillary Clinton has slipped slightly, but he still has the lead in South Carolina. That's according to a new poll just released two days before the state's presidential primary. The Illinois senator reportedly lost three points overnight and is now at 39 percent. Clinton stands at 24 percent. The shift apparently occurred since Monday night's angry debate between the two when they traded harsh accusations. Since then, John Edwards, who wasn't part of the argument, has climbed four points and is now at 19 percent.

People from Gaza are pouring into Egypt for a second day today. Yesterday, militants blew open the border separating Gaza and Egypt, allowing at least 400 thousand people to cross and stock up on supplies. At least 300 thousand Gazans have reportedly crossed today. Last week, Israel blocked off the territory after days of rocket attacks. That's prohibited deliveries of things like fuel and food.