Coverage previewing President Obama's meetings today with the presidents of Pakistan and Afghanistan was intertwined with reporting on the conflict in Pakistan's Swat valley. Most coverage tended to focus on the conflict in Pakistan, the President's upcoming meetings with President Asif Ali Zardari, and Obama's limited options in dealing with the situation. The CBS Evening News reported, "Barack Obama's greatest foreign policy challenge so far in the hands of these two men, Pakistani's Asif Ali Zardari and Afghanistan's Hamid Karzai." NBC Nightly News it will be "almost an unprecedented event. They are calling it a trilateral summit." The Los Angeles Times reports Obama "will meet separately" with Zardari and Karzai, "and then will meet with them together." The Politico reports that US officials "are pushing for the three presidents to announce a new joint strategy under which the U.S. will provide funds for stepped-up training for Pakistani troops and police," additional equipment, "and support for joint border posts aimed at halting the flow of Taliban fighters across the Afghan-Pakistan border."
In a front-page article, the Washington Post reports that "skepticism" about Karzai "drives the administration's evolving policy toward Afghanistan." Senior members of Obama's national security consider Karzai "to be a mercurial and vacillating chieftain who has tolerated corruption and failed to project his authority beyond the gates of Kabul." Obama will "maintain an arm's-length relationship with Karzai."
ABC World News reported on late news that the Justice Department Office of Professional Responsibility has recommended two Bush Administration lawyers "who wrote memos authorizing harsh interrogations of terror suspects," Jay Bybee and John Yoo, "should be disciplined by state bar associations for their actions, but they should not be prosecuted." NBC Nightly News also reported that "the draft of a long-awaited report from the Justice Department on the secret memos that authorized harsh CIA interrogation methods does not recommend prosecution for any of the memo's authors." According to the AP, the report is "still in draft form and subject to revisions." Attorney General Eric Holder "also may make his own determination about what steps to take once the report has been finalized." In a letter to Sens. Richard Durbin and Sheldon Whitehouse, the Justice Department "said a key deadline in the inquiry expired Monday, signaling that most of the work on the matter was completed." The letter "did not indicate what the findings of the final report would be."
On its front page, the New York Times reports that the draft report "is described as very detailed, tracing e-mail messages between Justice Department lawyers and officials at the White House" and CIA. Roll Call says the release of the report "could set the stage for potential judicial impeachment hearings in the House and for a renewed partisan battle over how the previous administration approved the use of harsh interrogation methods against detainees."
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The Wall Street Journal reports on its front page that regulators have told Bank of America that the it "needs to take steps to address a roughly $35 billion capital shortfall based on results of the government's stress tests, according to people familiar with the situation." Bank of America "already has received $45 billion in capital from the federal government, some of it to help the bank cover losses stemming from its purchase" of Merrill Lynch. Bloomberg News reports Citigroup's shortfall "is more limited because the company already plans to convert government preferred shares to common stock, people familiar with the results said. JPMorgan Chase & Co. doesn't need a deeper reserve against losses, according to people familiar with that company's result."
The Washington Post reports on its front page that the "Obama administration's plan to 'stress-test' 19 large banks is yielding benefits even before the findings are released tomorrow. The announcement of the tests in February roiled the markets initially. But the 12-week wait for results has since provided a respite, allowing investors to breathe deeply and giving time for a raft of federal rescue programs to start showing results." However, the Washington Times reports some investors are saying the stress tests "are not stressful enough." The banks "targeted by Treasury were subjected to worst-case scenarios in which unemployment rises to a 9 percent rate this year from 8.5 percent today -- but many economists say 10 percent or higher is a more realistic scenario."
Regulators To Issue "Tough Conditions" On Early TARP Repayment The Financial Times reports regulators "are moving to impose tough conditions on banks that want to repay federal bail-out funds, requiring them to prove that they can issue debt without government insurance." The new requirement "could deter some banks from trying to repay funds early." The New York Times notes that the new rule would require healthier banks to "show that they can issue debt without the guarantees before they are allowed to repay the money." The Wall Street Journal reports, "Several banks have been chomping at the bit to return their TARP funds, in part to prove their financial health, but also to escape from tough rules governing executive compensation, dividend payments and stock repurchases."
AIG Now Says It Paid $454 Million In Bonuses In 2008 ABC World News reported that "AIG has disclosed new information about its corporate bonuses, and this version has the largest numbers yet." AIG "now says it paid out more than $454 million in bonuses last year. That's almost four times as much as earlier acknowledged."
Bloomberg News reports Chrysler LLC "won approval to auction most of its assets by May 27 with an offer from Italy's Fiat SpA as the lead bid." US Bankruptcy Judge Arthur Gonzalez approved Chrysler's auction plan on Tuesday, overruling "an objection from a group of Chrysler's secured lenders that said the process was too heavily influenced" by the Obama Administration "and would distribute proceeds improperly." The Washington Post reports the ruling "provides a critical boost to the government's goal of quickly reorganizing the automaker so as not to scare away suppliers and potential customers." The New York Times calls Gonzalez's decision "a victory for Chrysler and the government," and the Detroit Free Press reports Chrysler "can start the clock ticking on its sale to a partnership with Fiat."
Federal Reserve Board Chairman Ben Bernanke testified on the state of the economy before the Joint Economic Committee on Tuesday. Media coverage of Bernanke's appearance tended to focus on the positive and the Fed Chairman's optimism that the economy had reached a bottom, but most sources did not neglect Bernanke's dire predictions that the recovery will be gradual and unemployment will continue to grow. Among the networks, CBS and NBC ran the as their lead; ABC did not mention Bernanke's appearance.
The AP reports Bernanke "gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year - although the comeback could be weak and more jobs will disappear even after a recovery takes hold.",,
The CBS Evening News reported Bernanke "says the end is in sight now, telling Congress today he sees a turnaround later this year." NBC Nightly News noted Bernanke "said today the economic downturn may be nearing a bottom, but he also said it will get worse before it gets better." However, Bernanke also "faced criticism from lawmakers who charged he's worked hard to protect banks but not consumers."
The Wall Street Journal reports Bernanke "offered reassurances Tuesday that the economy is in the early stages of healing, and that banks can raise needed capital without straining for much more government help." The Financial Times reports Bernanke said "demand in the US 'may be stabilising'" in "guardedly optimistic remarks that suggest the recession is likely to end this year." His "comments came as main money market rates fell to record lows underscoring recovering confidence among bankers." USA Today reports Bernanke "also said major sectors of the economy remain weak, there will likely be 'further sizable job losses,' and the recovery will be slow."
The Washington Post reports, "Reflecting a change in the tone of recent economic discussions, Bernanke encountered more questions about how and when the Fed will end its aggressive steps to stimulate the economy than about what further steps he could take to ameliorate a severe recession." The New York Times called it his "most upbeat assessment in a long time," and Bernanke's "view reinforced the growing consensus among private forecasters that the worst of the crisis might be past."
The Washington Post reports President Obama's "first selection of a Supreme Court justice is being managed by a small group of senior advisers," including include Vice President Biden, White House Chief of Staff Rahm Emanuel, counsel Gregory B. Craig and deputy counsel Cassandra Q. Butts. The "selection of a small and very senior group of administration officials to help manage the nomination is designed, in part, to avoid the kinds of leaks that angered several Cabinet nominees during Obama's transition."
Meanwhile, USA Today reports that "Obama is under pressure from groups such as the National Women's Law Center to nominate another woman," and The Politico reports "gay rights groups...are pushing" Obama "to put the first openly gay justice on the Supreme Court."
Sessions Elected Top GOP Member On Judiciary Panel Roll Call reports the "aftershocks from Sen. Arlen Specter's (Pa.) defection continued Tuesday as Democrats officially welcomed him into their ranks and Republicans agreed to place Sen. Jeff Sessions (R-Ala.) in the forefront of the looming Supreme Court nomination fight." Republicans "voted to elevate Sessions, a strong conservative and former judge, to become the ranking member on the Judiciary Committee." The Hill reports President Obama's "judicial nominees are less likely to face a Republican filibuster under" Sessions "than they would have been under Sen. Chuck Grassley (R-Iowa)."
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The H1N1 virus story receded a bit in coverage last night and this morning as officials gave further signs that the virus is not as dangerous as originally featured. Secretary of Health and Human Services Kathleen Sebelius said Tuesday, "This is a more mild version of the disease than originally feared. The lethality seems to be lower." At the same time, there was a second death inside the US -- the first of a US citizen. The AP notes the 33-year-old Texas woman "lived not far from the Mexico border and had chronic medical conditions."
ABC World News said, "What a difference a week makes," and the CBS Evening News reported health officials "are no longer recommending schools close because of the flu now that the virus has turned out to be milder than initially feared." USA Today reports, "A number of schools across the USA are planning to reopen today" after the CDC "released new guidance saying there is no need to close if they have students" with the flu."
The AP reports President Barack Obama and Vice President Joe Biden "took a short - but wholly noticeable - motorcade ride from the White House to Virginia and pulled into a small, independent burger joint called Ray's Hell Burger." The "two leaders went right up to the counter where the meat was being grilled and ordered. Each fetched cash from his pocket and paid, and then the pair stood like the rest and waited for their number to be called before going to a table."
The CBS Evening News called it "a power lunch in a burger joint," and NBC Nightly News noted Obama and Biden were "just a couple of guys out for burgers today." The Washington Post reports, "Barack and Joe wanted to show they're still in touch with the people -- and what better way than waiting in line for a big juicy burger."
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On its website, the New York Times provides a "condensed and edited" version of an interview Deborah Solomon recently conducted with Pennsylvania Sen. Arlen Specter (D), slated to appear in the Sunday May 10 edition of New York Times Magazine. Solomon asked Specter, "With your departure from the Republican Party, there are no more Jewish Republicans in the Senate. Do you care about that?" Specter responded, "I sure do. There's still time for the Minnesota courts to do justice and declare Norm Coleman the winner."
But CQ Politics reports Specter "said he misspoke in a New York Times magazine interview and is supporting Democrats." Specter said, "In the swirl of moving from one caucus to another, I have to get used to my new teammates." The Politico reports National Republican Senatorial Committee spokesman Brian Walsh said, "Between his vote against President Obama's budget, his continued opposition to card check and his support for Norm Coleman, we've never agreed so many times with Arlen Specter."
Specter Loses Seniority The Washington Post reports the Senate "stripped Sen. Arlen Specter (Pa.) of his seniority on committees, a week after the 29-year veteran of the chamber quit the Republican Party to join the Democrats." By "voice vote last night, the Senate approved a resolution that made Specter the most junior Democrat on four committees for the remainder of this Congress."
McClatchy reports Kentucky Sen. Jim Bunning (R) yesterday "acknowledged to reporters that he encouraged his friend, Kentucky Secretary of State Trey Grayson, to explore running for his Senate seat, but insisted he has no plans to drop out of the race," then "launched his harshest attack yet" on Senate Minority Leader Mitch McConnell, blaming him for GOP losses over the last two cycles.
On its front page, the New York Times reports that supporters of New Jersey Gov. Jon Corzine (D) "are so worried about his re-election prospects that they are going to start spending and advertising heavily -- in the Republican primary," attacking top GOP prospect Christopher Christie in hopes that lesser-known candidate Steven Lonegan will beat him. Meanwhile, the AP reports that Christie has brought in $4.7 million in donations and matching state funds while Lonegan has gotten about $2.3 million, but the two camps have both spent between $1.6 million and $1.8 million, giving Christie a major edge in available cash going into the June 2 primary.
The Richmond Times-Dispatch reports a Public Policy Polling (D) survey of 583 likely Virginia Democratic primary voters taken May 1-4 shows Terry McAuliffe leading the Democratic primary with 30%, followed by Brian Moran with 20% and Creigh Deeds with 14%. On the GOP side, the AP reports Common Sense Virginia, a Democratic political action committee, is spending $550k on TV spots target Bob McDonnell (R) "for his opposition to enhanced unemployment benefits."
The AP reports that ex-Florida House Speaker Marco Rubio (R) yesterday entered the race for Florida's open Senate seat, acknowledging that "he will have a difficult campaign ahead of him, particularly if Gov. Charlie Crist also enters the GOP primary," which the St. Petersburg Times says may happen as early as next week.
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Jay Leno: "The White House announced today that Vice President Joe Biden has laryngitis. They...said that he has a rare strain they hope lasts until 2012."
Jay Leno: President Obama has "promised to 'detect and pursue' American tax evaders, as opposed to his first 100 days, in which he detected and nominated American tax evaders."
David Letterman: President Obama "accidentally referred to Cinco de Mayo as 'Cinco de Quatro.' He apologized and said he only knows about 15 words of Spanish. Big deal." George W. Bush "only knew about 15 words of English."
Jimmy Fallon: "It's a big day here in New York City" because "Michelle Obama's in town. ... She's going all over the city." And when baseball player Alex Rodriguez "saw her, he asked, 'What are you putting in those biceps?'"
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