Inspectors found that 13 percent of dairy firms inspected since last week had produced melamine-tainted formula, state TV reported Tuesday. Critics say state regulation alone won???t prevent more food scandals.
Barack Obama seized upon his rival's idea for an economic study and offered it as an example of how he believes John McCain had failed to present a serious plan to deal with the economic crisis.
AP - The government is increasingly likely to step in to help rescue the huge insurer AIG, a person with knowledge of the situation said Tuesday. AIG's failure could open the ugliest chapter yet of the financial meltdown.
AP - John McCain and Barack Obama traded increasingly barbed insults along with prescriptions for the ailing economy Tuesday as financial fears shoved aside lipstick on pigs and every other political issue in a blink with just weeks left in the long presidential campaign.
AP - With little explanation, President Bush on Tuesday scrapped a statement he planned to give on the tumultuous financial markets, abandoning any press coverage of his meeting with key economic advisers as more developments roiled Wall Street.
As President Bush visited storm-damaged Houston and Galveston today, thousands of people remained in shelters in Texas and more than 1.5 million customers were without power. The Houston Food Bank says it is "utterly overwhelmed" and needs 500,000 pounds of food a day for the next six weeks.
Allies of Alaska Gov. Sarah Palin asked a judge Tuesday to halt the state Legislature's investigation into the firing of her public service commissioner, calling the probe a "McCarthyistic" inquisition.
Stocks rallied Tuesday as investors focused on the positive implications for the economy in the Federal Reserve's decision to hold interest rates steady, and on diminishing fears about AIG's solvency.