NEW ECONOMICAL STIMULUS

ANCHOR: AT AN ECONOMIC EVENT IN LOUISIANA, PRESIDENT BUSH AND FEDERAL RESERVE CHAIRMAN BEN BERNANKE THREW THEIR WEIGHT BEHIND A NEW ECONOMIC STIMULUS PACKAGE THAT THEY EARLIER OPPOSED.

[REPORTER VO/SHOWING DEMOCRAT MEMBERS OF CONGRESS ENTERING THE CAPITOL BUILDING]
DEMOCRATS ON CAPITOL HILL HAVE BEEN PUSHING FOR ANOTHER STIMULUS PLAN, BUT THE BUSH ADMINISTRATION HAS BEEN COOL TO THE IDEA AS THE FEDERAL BUDGET DEFICIT EXPLODES.

[REPORTER/STANDUP. CG: Egija Hartmane, NewsTeam Boulder. THE CAPITOL BUILDING IS IN THE BACKGROUND]
SPEAKING TO THE HOUSE BUDGET COMMITTEE, BERNANKE ENCOURAGED CONGRESS TO DESIGN A STIMULUS PACKAGE THAT WILL BE TIMELY, WELL TARGETED AND WOULD LIMIT THE LONGER-TERM AFFECTS ON THE GOVERNMENT'S BUDGET DEFICIT.

[VIDEO: BERNANKE SPEAKS. CG: Ben Bernanke/Federal Reserve Chairman]
"IF THE CONGRESS PROCEEDS WITH A FISCAL PACKAGE, IT SHOULD CONSIDER INCLUDING MEASURES TO HELP IMPROVE ACCESS TO CREDIT BY CONSUMERS, HOME BUYERS, BUSINESSES AND OTHER BORROWERS. SUCH ACTIONS MIGHT BE PARTICULARLY EFFECTIVE AT PROMOTING ECONOMIC GROWTH AND JOB CREATION."
[REPORTER VO/VIDEO: SHOWING DIFFERENT BANKS, LIKE, WACHOVIA, BANK OF AMERICA]
SO FAR, THE DRASTIC ACTIONS OF BUSH AND THE FED ADMINISTRATION HAVE NOT TURNED AROUND A BUNKER MENTALITY. BANKS FEAR LENDING MONEY TO EACH OTHER AND TO THEIR CUSTOMERS. BUSINESSES ARE RELUCTANT TO HIRE AND BOOST CAPITAL INVESTMENTS.

[REPORTER VO/VIDEO: HOUSES WITH “SALE” SIGNS, SHOWING HANDS THAT ARE HOLDING CREDIT CARDS, AND SENIORS LOOKING THROUGH THEIR BILLS]
ACCORDING TO AN ASSOCIATED PRESS-YAHOO NEWS POLL: ONE-THIRD OF AMERICANS ARE WORRIED ABOUT LOSING THEIR JOBS. HALF OF AMERICANS FRET THEY WILL BE UNABLE TO KEEP UP WITH MORTGAGE AND CREDIT CARD PAYMENTS. AND SEVEN IN 10 ARE ANXIOUS THAT THEIR STOCKS AND RETIREMENT INVESTMENTS ARE LOSING VALUE.

OUTCUE: EGIJA HARTMANE, NEWSTEAM BOULDER

[BACK TO ANCHOR]
15 BANKS HAVE FAILED. AND WALL STREET'S FIVE BIGGEST INVESTMENT FIRMS WERE SWALLOWED BY OTHER COMPANIES, FILED FOR BANKRUPTCY OR CONVERTED THEMSELVES INTO COMMERCIAL BANKS TO WEATHER THE FINANCIAL STORM.