Bailout plan shifts focus
A major shift in the $700 billion financial bailout program was announced early Wednesday when the nation’s top financial politicians said money will now be allocated to making more loans accessible instead of buying up troubled mortgages, as was originally announced.

Treasury Secretary Henry M. Paulson Jr. said the new plan will strengthen the financial markets even more than mortgage buyouts, but that the government will not abandon efforts to help struggling homeowners.

In a press conference Wednesday, Paulson said the government expects “all banking organizations to fulfill their fundamental role in the economy as intermediaries of credit to businesses, consumers and other creditworthy borrowers.”

The nation’s stock markets continued to lose ground as Paulson spoke, extending early morning losses.

The Dow Jones industrial average, often looked at as a bellwether for the nation’s markets, dropped more than 400 points Wednesday, finishing the day at its second-lowest level in more than five years at 8,282 points.

Obama family visits with president at White House
President-elect Barack Obama and his wife, Michelle, made a visit to the White House at 2 p.m. Monday for the traditional tour of the soon-to-be president’s new home.

They met on the South Portico of the White House. The wives embraced as the men heartily shook hands.

Though Obama has been to the White House before, the trip marked the first time he saw the inside of the Oval Office. During his visit, he and President George W. Bush met for a little more than an hour inside the Oval Office.

8212;Compiled by City Editor Wendy Fry

8212;Sources used: NPR, The New York Times, The Washington Post and CNN