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October 01, 2008 - Image 3

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The Michigan Daily, 2008-10-01

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The Michigan Daily - michigandaily.com

Wednesday, October 1, 2008 - 3A

NEWS BRIEFS
WASHINGTON
Mich. Democrat
gets backing from
key Republican
Former Republican Rep. Joe
Schwarz, who railed against an
anti-tat group's role in his unsuc-
cessful 2006 primary, endorsed
Democrat Mark Schauer on Tues-
day because the organization tar-
geted the congressional challenger.
Schwarz told The Associated
Press in aninterview thathe decided
to endorse Schauer over Republican
Rep. Tim Walberg in the south-
central Michigan congressional dis-
trict because the anti-tax Club for
Growth began running ads critical
of Schauer's positions on taxes.
The Club for Growth injected
more than $1 million into the 2006
primary, helping Walberg, R-Tip-
ton, defeat Schwarz, a first-term
congressman, with 53 percent of
the vote. The anti-tax group criti-
cized Schwarz's record on taxes
and painted him as too moderate
for the district.
Schwarz is a supporter of John
McCains presidential campaign.
JODHPUR, India
At least 168 killed in
Indian stampede
Thousands of pilgrims panicked
by false rumors of a bomb stam-
peded at a Hindu temple in western
India yesterday, killing at least 168
people in the crush to escape.
Television footage showed doz-
ens of bodies lying on the sidewalk,
while nearby frantic people tried to
revive unconscious devotees, slap-
ping their faces and pressing on
their chests.
One child sat on the ground next to
the bodyof awoman,rubbingher fore-
head and crying"Mother, Mother."
The disaster occurred just as
the doors of the temple were being
opened forworship at dawnformore
than 12,000 people celebratingakey
Hindu festival in the historic city of
Jodhpur in Rajasthan state.
NEW YORK
Home prices see
sharpest annual
decline ever
A closely watched index released
Tuesday showed home prices tum-
bling by the sharpest annual rate
ever in July, and though the month-
ly rate of decline is slowing, there is
no turnaround in sight.
The Standard &Poor's/Case-Shill-
er 20-city housing index fell a record
16.3 percent in July from the year-
ago month, the largest drop since its
inception in 2000. The 10-city index
plunged 17.5 percent, its biggest
decline in its 21-year history.
Prices in the 20-city index have
plummeted nearly 20 percent since
peaking in July 2006. The 10-city
index has fallen more than 21 per-
cent since its peak in June 2006.
NEW YORK
Bloomberg seeking

third term as NYC
mayor
Mayor Michael Bloomberg has
decided to try to reverse the term-
limits law he had long supported
so he can seek a third term next
year and help the city emerge from
financial turmoil, a person close to
the mayor who has been briefed
on the matter told The Associated
Press yesterday.
Bloomberg made the deci-
sion over the weekend and will
announce it Thursday, according
to the person, who spoke on con-
dition of anonymity because the
announcement hasn't been made.
The person said the mayor has been
wrestling with the decision for the
past couple of months.
The billionaire former CEO will
cite the nation's precarious eco-
nomic situation as the reason that
New York needs a tested financial
manager to stay and guide the city,
the person said.
- Compiled from.
Daily wire reports
a
176
Number of American service
members who have died in the
war in Iraq, according to The
Associated Press. There were no
deaths identified yesterday.

Senate to vote tonight on revised bailout bill

With added tax cuts,
senate leaders hope
bill will clear House
WASHINGTON (AP) - In asbold
bid to revive President Bush's multi-
billion-dollar financial rescue plan,
Senate leaders scheduled a vote for
tonight on a version of the bill that
adds substantial tax cuts meant to
appeal to Republicans when it reach-
es the House.
The goal is to net at least 12 more
House votes than the rescue propos-
al received Monday, when lawmak-
ers rocked the political and financial
worlds by rejecting it.
The gambit is certain to anger
some conservative House Demo-
crats, who object to tax cuts that are
not offset with spending cuts. But
Senate strategists assume it will gain
more House votes than it will lose.
If so, Congress would be poised to
pass landmark legislation giving the
government billions of dollars to buy
deeply discounted mortgage-backed
securities that are choking off credit
and roiling the markets.
The strategy is riskybecause some
House members might see it as a
high-handed move by senators. Sen-
U.S. official
travels to N.
Korea for
nuclear talks
SEOUL, South Korea (AP) -
The chief U.S. nuclear negotia-
tor arrived in North Korea today
carrying a compromise aimed at
salvaging a derailed nuclear dis-
armament pact, officials said.
Assistance Secretary of State
Christopher Hill crossed into
the North through the heav-
ily fortified Demilitarized Zone
dividing the two Koreas, said
U.S. Embassy spokesman Aaron
Tarver.
His trip comes with Pyong-
yang growing increasingly defi-
ant toward international efforts
to convince the communist
state to eliminate its nuclear
program. Since mid-August, the
North has begun to restore its
nuclear facilities and ordered
U.N. nuclear monitors to leave
the country in violation of an
international accord.
Hill said last night that his
goal was to persuade North
Korea's Vice Foreign Minis-
ter Kim Kye Gwan to agree to
Washington's demand for a ver-
ification system to account for
the North's nuclear arsenal. But
he acknowledged it would be a
difficult task.
The North has rejected U.S.
requests on verification and
accused Washington of not liv-
ing up to its end of the deal and
removing North Korea from a
list of state sponsors of terror-
ism. It recently reversed the
process of dismantling its nucle-
ar facilities.
"We are in a very difficult,
very tough phase of negotia-
tions," Hill told reporters last

night after meeting with his
South Korean counterpart, Kim
Sook, to discuss ways to per-
suade the North to return to the
disarmament process.
In Washington, a senior U.S.
official said Hill is bringing a
new face-saving proposal that
would have North Korea agree 6
to a verification program and
submit it first to. its Chinese
allies. The official spoke on con-
dition of anonymity because
Hill has not presented the pro-
posal.
IT'S NOT TOO LATE
TO BEGIN WRITING
FOR THE DAILY. THE
NEWS STAFF ACCEPTS
APPLICATIONS ALL
YEAR.
E-MAIL NEWS@
MICHIGANDAILY.COM
FOR MORE
INFORMATION.

ate passage of a bailout measure has
seemed assured all along. The show-
down is in the House, but now the
Senate is trying to force the House's
hand.
Sen. Charles Schumer (D-N.Y.)
called it "a brilliant move" that will
"help pick up votes on both sides of
the aisle."
House Speaker Nancy Pelosi's
reaction was much cooler. "The Sen-
ate has made a decision about how
to proceed and what can pass that
body," the California Democrat said.
"The Senate will vote tomorrow
night, and the Congress will work its
will."
The new approach, announced
last night by Senate Majority Leader
Harry Reid (D-Nev.) and Minor-
ity Leader Mitch McConnell (R-Ky)
would tack large and contentious tax
measures to the bailout bill. Senate
leaders figure the House will have to
approve it because the tax cuts are
too appealingto Republicans and the
financial rescue plan will still seem
essential tomost Democrats.
The Senate approach uses big,
game-changing amendments. House
leaders earlier were considering the
smallest possible tweaks to the bill in
hopes of picking up 12 more votes.
The Senate bill would raise federal

deposit insurance limits to $250,000
from $100,000, as called for presi-
dential nominees Barack Obama and
John McCain only hours earlier.
House Minority Leader John
Boehner (R-Ohio) praised the move,
but many Democrats had signaled
approval as well.
McCain, Obama and Sen. Joe
Biden of Delaware, the Democratic
vice presidential nominee, signaled
plans to return to Washington for
the vote tonight. If Obama and Biden
vote for the measure, it would make
it more difficult for Pelosi and other
Democrats to reject or change the
Senate measure.
The Senate measure will graft
the bailout language to a tax bill it
approved last week, on a 93-2 vote.
It includes: a provision to prevent
more than 20 million middle-class
taxpayers from feeling the bite of the
alternative minimum tax, $8 billion
in tax relief for those hit by natu-
ral disasters in the Midwest, Texas
and Louisiana and some $78 billion
in renewable energy incentives and
extensions of expiring tax breaks.
In a compromise worked out with
Republicans, the bill does not pay for
the AMT and disaster provisions but
does have revenue offsets for part of
the energy and extension measures.

A person walks along Wall Street in front of the New York Stock Exchange
in New York yesterday. Stocks Monday logged their steepest losses in years
when the House voted down a proposed $700 billion rescue plan Monday,

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