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AP Top News at 3:14 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Fed plans new rules to protect future homebuyersWASHINGTON (AP) _ The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program.
Iraq presses US on timeline for troop pulloutBAGHDAD (AP) _ Iraqi officials stepped up pressure on the United States on Tuesday to agree to a specific timeline to withdraw American forces, a sign of the government's growing confidence as violence falls. The tough words come as the Bush administration is running out of time to reach a needed troop deal before the U.S. election in November and the president's last months in office. Some type of agreement is required to keep American troops in Iraq after a U.N. mandate expires on Dec. 31.
Obama denies shifting to reach political centerPOWDER SPRINGS, Ga. (AP) _ Asked by a voter about accusations of flip-flopping, Democrat Barack Obama dismissed the notion Tuesday that he has been shifting stances on Iraq, guns and the death penalty to break with his party's liberal wing and court a wider swath of voters. "The people who say this haven't apparently been listening to me," the likely Democratic presidential nominee said in response to a question at a town-hall style event.
Panel calls for new war powers legislationWASHINGTON (AP) _ The next time the president goes to war, Congress should be consulted and vote on whether it agrees, according to a bipartisan study group chaired by former secretaries of state James Baker III and Warren Christopher. In a report released Tuesday, the panel says the current law governing the nation's war powers has failed to promote cooperation between the executive and legislative branches. It says the 1973 resolution should be repealed and replaced with new legislation that would require the president to inform Congress of any plans to engage in "significant armed conflict," or non-covert operations lasting longer than a week.
G-8 endorses halving global emissions by 2050RUSUTSU, Japan (AP) _ World leaders on Tuesday endorsed halving world emissions of greenhouse gases by 2050, edging forward in the battle against global warming but stopping short of tough, nearer-term targets. The Group of Eight leading industrial nations _ the United States, Japan, Russia, Germany, France, Britain, Canada and Italy _ also called on all major economies to join together to stem the potentially dangerous rise in world temperatures.
Dry, hot weather threatens California fire gainsLOS ANGELES (AP) _ Firefighters on Tuesday faced worsening weather conditions that pushed flames across firebreaks in parts of inland California and chased residents out of one small community. Along the coast, however, an evacuation order was lifted for a lengthy section in the scenic Big Sur area.
Ka-ching! Consumers borrow mostly on credit cardsWASHINGTON (AP) _ Consumers boosted their borrowing in May, mostly reflecting heavy credit card use to finance their purchases. The Federal Reserve reported Tuesday that consumer credit increased at an annual rate of 3.6 percent in May, roughly the same pace as logged in the prior month.
FDA issues warning on Cipro, similar antibioticsWASHINGTON (AP) _ Federal drug safety officials have imposed the government's most urgent warning on Cipro and similar antibiotics, citing risks that they can cause tendon ruptures, a serious injury that leaves some patients incapacitated. The Food and Drug Administration on Tuesday ordered makers of flouroquinolone drugs _ a potent class of antibiotics _ to add a 'black box' warning to their products, which include Cipro, Levaquin, Floxin and other medications.
McConaughey, girlfriend welcome baby boyLOS ANGELES (AP) _ Matthew McConaughey's longtime model girlfriend, Camila Alves, has given birth to the couple's first child, a 7-pound, 4-ounce boy, according to OK! magazine. Alves, 24, gave birth Monday night in California, according to the report.
Michael Vick files for bankruptcy protectionRICHMOND, Va. (AP) _ Imprisoned quarterback Michael Vick filed for bankruptcy protection while serving time for federal dogfighting charges, saying he owes between $10 million and $50 million to creditors. Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed in the court papers are owed a total of about $12.8 million.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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