· On the same day new economic data proves "the economy had slowed significantly in the final three months of 2007," the Federal Reserve Bank lowers the fed funds rate by half a point to 3 percent. This is the second discount in eight days after last week's emergency rate cut. Wall Street closes down as investors anticipate higher unemployment.
· Senate Finance Committee approves $157 billion economic stimulus package "that offers smaller tax rebates" to more people than last week's plan passed by the House. The Senate plan provides "a flat $500 tax rebate to individuals and $1,000 for couples, plus $300 per child. The rebates also would go to about 20 million low-income retirees on Social Security."
· AOL's Jawn Murray reports Prison Break and Dirty Laundry star Rockmond Dunbar is "cast in Tyler Perry's sixth film, The Family that Preys Together ... with Sanaa Lathan, Kathy Bates and Alfre Woodard. Variety reports Oscar winner Jennifer Hudson is also in talks to star."
· House passes 15-day extension of surveillance law.
· On a 39-9 vote, Indiana's Republican-controlled Senate approves "a proposed amendment to the state constitution that would limit marriage to opposite-sex couples." The bill moves to the Democrat-controlled House, where the leadership says "the amendment is not needed."
· California Rep. Maxine Waters, one of the veterans of the Congressional Black Caucus, endorses Democratic presidential candidate Hillary Clinton as "a no-nonsense, articulate and experienced public-policy maker" to address what she calls a "permanent recession" in the inner cities.
· The FBI investigates 14 companies related to the subprime mortgage crisis for "accounting fraud, securitization of loans and insider trading, among other areas."