President Obama visits Phoenix Wednesday as part of a five-state campaign tour. The campaign thinks it can win Arizona, and that's an unlikely ambition for this conservative state. But Obama might have a chance. Unlikely upsets have dominated Arizona politics lately. The electorate is in flux.
And today, the Federal Reserve is taking another step in its stated intention to become more transparent. The committee that sets interest rates ends a two-day meeting, and its usual post-meeting announcement will have some unusual information.
For a hint of what we're to learn, we called David Wessel; he's economics editor of the Wall Street Journal. Good morning.
DAVID WESSEL: Good morning.
MONTAGNE: So what is the Fed going to announce today that's so remarkable?
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.
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.
Now that Joe Paterno has passed on from Happy Valley, we must ponder whether we will ever see his like again.
But please: I am now, you understand, talking about Coach Paterno. Let us, for the moment, put aside how the old citizen whose credo was "Success with Honor" acted with regard to pedophilia: so without sensitivity, so irresponsibly, so –– ultimately –– cold-bloodedly. That will sully Paterno's memory forever.
Americans who've been traveling abroad are all too often stunned by the size of their mobile phone bill. Even if they aren't actively using their phone, they can rack up hundreds, sometimes thousands, of dollars in charges — resulting in what consumer advocates call "bill shock."
Los Angeles resident Lisa French thought she was being careful when she took her smartphone on a trip to Japan.
"I was advised not to make any phone calls, as phone calls oversees are very, very expensive," she says.
When Waterbury, Vt., got walloped by the remnants of Hurricane Irene, the small town sustained an estimated $9 million in damages to personal property, and countless millions more in lost business revenue. Five months later, the waters have receded, but Waterbury's future remains uncertain.
On Main Street, a church bell still chimes every day, but daily life in Waterbury hasn't been the same since Irene.
"It's palpable," says Bill Shepeluk, Waterbury's municipal manager. "You can sense that it's not as vibrant as it was."
In an effort to bring Iran to the negotiating table over its nuclear program through economic pain, both the U.S. and the European Union have imposed sanctions that should make it harder for Iran to sell its oil. But the global oil business is unpredictable, and sanctions are no guarantee.