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The Obama administration is setting deadlines for GM and Chrysler and trying to force them into a painful restructuring. GM has 60 days to extract concessions from its two main stakeholders: the union and bondholders. Chrysler has just half that much time to accomplish an even more challenging task.

The Federal Reserve cuts a key interest rate by a quarter-point amid signs the Fed is wrapping up a rate-cutting spree meant to keep the economy out of a crippling recession. But the Fed's future course will depend on inflation and the weakness of the dollar.

The Federal Reserve's decision to extend credit to the ailing investment bank Bear Stearns is an unprecedented move. And the Fed took additional steps to address a crisis of confidence on Wall Street.

President Biden and NATO leaders are in Vilnius, where just ahead of the summit, Turkey agreed to lift its block on Sweden joining the alliance. Soon soon there will be 32 members.

Federal Reserve policy makers are expected to cut a key interest rate today, in what would be the first cut to the federal funds rate in more than four years. Those calling for the cut say it could will make it easier to borrow — and reassure jittery financial markets hard-hit by this year's mortgage meltdown.

Feeling under the weather is never enjoyable, but being sick in a combat zone is wretchedly miserable. Stuck with bronchitis, Capt. Nate Rawlings is reminded of why sometimes, when you can't be sure of the outcome, all you can look forward to is the end.

President-elect Barack Obama named Nancy Killefer as his chief performance officer. Her job will be to bring modern ideas of business efficiency to the White House. Obama also spoke of his plans to revive the economy without worsening the federal budget deficit.

Sen. John McCain unveils his proposed energy policy Tuesday. The presumptive Republican presidential nominee argues the United States should lift its ban on offshore drilling.

Leaders from around the world gathered in Washington, D.C., over the weekend to discuss the global financial crisis. After the meeting, they issued a 10-page action plan for reform, enhancing regulation and reinforcing international cooperation.

Treasury Secretary Henry Paulson has said global financial markets are severely strained and quick action is needed to implement the government's $700 billion financial bailout plan. The comments follow global central bankers' decision to cut interest rates.