JIM LEHRER: The president's economic team today cut back estimates for the economy in 2008. The White House Council of Economic Advisers cited trouble in the housing and credit markets.
A semi-annual report said the nation's overall economic output, gross domestic product, will grow 2.7 percent next year. The last report back in June forecast a growth rate of more than 3 percent. Today's findings also said unemployment will be slightly higher than expected, but inflation will be lower.
At a briefing, White House spokeswoman Dana Perino played down the risk of recession.
DANA PERINO, White House Spokeswoman: It's been clear to everyone that the fallout from the housing market is going to have an effect, and that's not a surprise.
But even despite that headwind, we believe we have strong fundamentals in our economy. Inflation is low; job growth is very good. We've had 50 consecutive months of job growth. And so we're going to have to weather this storm on the housing market side of things. But we believe that our economy is doing quite well.
JIM LEHRER: Also today, the Commerce Department reported robust growth in the third quarter of this year. It said the economy grew at an annual rate of nearly 5 percent from July through September, but that was before the full effects of the housing slump began to appear.
There were new signs today of just how bad that slump is. A private research firm, RealtyTrac, said foreclosure filings nearly doubled in October from a year ago. There were 225,000. And home prices were down 0.4 percent in the third quarter. It was the first decline in 13 years.
On Wall Street today, the Dow Jones Industrial Average gained 22 points to close above 13,311. The Nasdaq rose five points to close at 2,668.
President Musharraf announced today he will end emergency rule in Pakistan next month. He said he wants to restore the constitution before parliamentary elections in January. Musharraf was also sworn in today for a second presidential term, this time as a civilian. Later, he gave a nationally televised address.
PERVEZ MUSHARRAF, President of Pakistan (through translator): I think the overall situation has improved. The democratic process is going on according to plan, and we have controlled terrorism. I want to announce that I am determined to lift the emergency by December 16th and remove the provisional constitutional order. Elections, God willing, will be free and transparent around and held under the constitution.
JIM LEHRER: Musharraf urged opposition leaders not to boycott the elections. Those leaders, former Prime Ministers Benazir Bhutto and Nawaz Sharif, have not made final decisions on whether to take part. We'll have more on this story right after the news summary.
Thousands of people protested in Venezuela today against giving President Hugo Chavez more power. Demonstrators in Caracas waved signs and chanted slogans. They opposed constitutional changes to let Chavez serve for life and to help him fashion a socialist state. Chavez plans to lead rallies in favor of the changes tomorrow. The vote is on Sunday.
Russia also holds elections on Sunday. And today, President Putin urged voters to back his party. Putin has said a landslide win would give him a moral right to influence Russian politics even after he leaves office.
A main opponent was convicted today, in absentia, of embezzling millions of dollars. A Moscow court sentenced Boris Berezovsky to six years in prison. He fled to Britain in 2000.
Renegade military officers rebelled in the Philippines today. They surrendered hours later. There have been other challenges to President Arroyo in recent years. We have a report narrated by John Ray of Independent Television News.
JOHN RAY, ITV News Correspondent: They had tried to stage a coup from the confines of a luxury hotel. This was the government's uncompromising response. Elite troops followed the armored car, and there's a long burst of gunfire.
Holed up inside, renegade soldiers, would-be mutineers. Alongside them, dozens of guests, hotel staff, and journalists were trapped and suffered as the authorities fired tear gas into the lobby.
This began when the rebels on trial just down the road for a failed uprising in 2003 had marched out of the court and taken sanctuary in the hotel. Outside, they were swiftly surrounded by hundreds of soldiers. Inside, they announced their surrender.
ANTONIO TRILLANES, Rebel Leader: So you have been witnesses and victims of the kind of ruthlessness this administration has been giving to the people. Now, like the soldiers, we're going to face this.
JOHN RAY: Their complaint, that the government of President Gloria Arroyo is corrupt to the core. She is deeply unpopular, but today no one answered the rebels' call to action. Instead, the ringleaders were arrested and marched back to jail.
Here, two presidents in 15 years have fallen to people's power. It is not yet time for a third.
JIM LEHRER: Philippine police said some 100 people were arrested.
In Iraq today, a rocket attack north of Baghdad claimed the lives of 12 people; 25 Iraqis were wounded. The U.S. death toll for November rose to 35, after an American soldier was killed on Wednesday.
Osama bin Laden appealed to Europeans today to stop supporting the war in Afghanistan. A new audio message from the al-Qaida leader surfaced on Al Jazeera Television. He argued the 9/11 attacks were not Afghanistan's fault. Instead, he said, "I am the only on responsible for it. The Afghan people and government knew nothing about it." Bin Laden said Europeans should oppose leaders who continue backing the war.
Former U.S. Congressman Henry Hyde died early today. The Illinois Republican had kidney problems related to a long-term heart condition. In 1998, Hyde helped steer the House impeachment proceedings against President Clinton. He was also known for a strong anti-abortion stance during more than 30 years in the House. Henry Hyde was 83 years old.
It was curtain time tonight again on Broadway as a 19-day strike came to an end. Stagehands and theater producers reached a tentative deal last night in New York City. There was no immediate word on details. The workers wanted a pay hike. Producers wanted to drop rules that they said forced them to hire more stagehands than needed.
