New bailout focus...Stevens race tightens...Jackson signs over Neverland

Washington (AP) The Bush administration says it won't use any of the $700-billion bailout money to buy troubled bank assets.

Treasury Secretary Henry Paulson says he'll continue to use $250 billion of the program to purchase stock in banks to loosen credit.

WASHINGTON (AP) Federal banking regulators have rejected a credit-card debt forgiveness plan backed by banks and consumer advocates. It would have allowed lenders to forgive huge portions of credit-card debt. A Treasury Department official says the agency objects to allowing banks to defer tax losses for several years on the forgiven debt.

ANCHORAGE, Alaska (AP) Election officials in Alaska say Sen.

Ted Stevens now trails his Democratic challenger by three votes.

Mark Begich had been down more than 3,200 votes but the gap closed, as early and absentee votes were counted. Should the result remain close a recount is possible.

WASHINGTON (AP) Former CLinton administration officials are a key part of transition teams selected by President-elect Obama.

They'll be responsible for reviewing operations at the State, Defense and Treasury departments.

LOS ANGELES (AP) Michael Jackson has given up title to his 2,500-acre Neverland ranch. Records show he transferred the deed to a company he partly controls. Jackson had gone into default on the $24.5 million he owes on the property, located about 120 miles northwest of Los Angeles.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 11-12-08 2054CST | save this article / add to your favorites list