Originally published on Wed January 25, 2012 4:24 pm
As the president delivered the final State of the Union address of his term before a looming re-election battle, he looked out at a sea of angry and skeptical Republicans who had fought him on budgets, government shutdowns, and whether or not to raise the nation's debt ceiling.
And what did President Bill Clinton do in 1996?
He delivered his "the era of big government is over" speech, which The Washington Post summed up this way: "Clinton Embraced GOP Themes in Setting Agenda."
The Federal Reserve will announce on Wednesday what officials expect to do with the rates it controls for next couple of years. The Fed will join central banks in Sweden, Norway and New Zealand in relaying information about expectations for short-term interest rates. Renee Montagne talks to David Wessel of The Wall Street Journal about why the Fed is doing this, and the impact it will have.
NPR's business news starts with a turning point for Japan.
(SOUNDBITE OF MUSIC)
MONTAGNE: Tokyo today reported Japan's first trade deficit since 1980. For the last three decades, Japan has exported so many goods to the world, it's run trade surpluses. But last year, Japan imported more than it exported - $32 billion more. The shift in fortunes comes after last year's earthquake and tsunami and nuclear power plant shutdowns.
It's MORNING EDITION from NPR News. I'm Steve Inskeep.
RENEE MONTAGNE, HOST:
And I'm Renee Montagne.
President Obama wants to see more tax breaks for manufacturers and fewer tax breaks for millionaires. Those were among the ideas floated in the president's third State of the Union speech last night. Throughout the morning, we're getting reaction to that address.
Though millions of Americans watched the televised speech, the president's ostensible audience was right in front of him - Congress. His relations with many Republican lawmakers are icy at best. And even his alliances with Democrats had been put under stress at times in the past year.
The lawmakers' responses to the speech ranged from predictable to somewhat surprised. NPR's Andrea Seabrook listened to lawmakers after the speech.
Vancouver, Canada, is laying claim to the most expensive hot dog in the world. Chef Dougie Luv of DougieDog Hot Dogs starts serving his $100 Dragon Dog Wednesday. The hot dog features a foot-long bratwurst which is infused with 100-year-old Louis XIII cognac. That cognac costs more than $2,000 a bottle.
The text of President Obama's State of the Union address, as delivered:
Thank you. Thank you so much.
Mr. Speaker, Mr. Vice President, members of Congress, distinguished guests, and fellow Americans:
Last month, I went to Andrews Air Force Base and welcomed home some of our last troops to serve in Iraq. Together, we offered a final, proud salute to the colors under which more than a million of our fellow citizens fought — and several thousand gave their lives.
First came sexual-assault allegations against Jerry Sandusky, a former assistant football coach at Penn State. Then, molestation accusations against Bernie Fine, an assistant basketball coach at Syracuse. And now, new details about what led John Chadima, an associate athletic director at Wisconsin, to resign earlier this month.