Spending $350B...Admitting mistakes...Penthouse, not big house, for Madoff



Washington (AP) President-elect Barack Obama's top economic adviser is reassuring congressional leaders that Obama intends to broaden the goals for the remaining $350 billion of financial rescue money. In a letter, Larry Summers says Obama will also impose tougher restrictions and oversight on how the money is spent.

WASHINGTON (AP) President George W. Bush is admitting to a few mistakes during his presidency. At a final White House news conference, he told reporters that some of his rhetoric had "obviously" been a mistake. He also mentioned the failure to find weapons of mass destruction in Iraq and the abuses at Abu Ghraib (grayb) prison as things that "didn't go according to plan."


GAZA CITY, Gaza Strip (AP) About 5,000 Israeli reservists are moving into the Gaza Strip. Israeli defense officials say warplanes have carried out more than two dozen strikes against Hamas targets, including homes of the group's leaders. Palestinian militants have managed to fire at least 15 rockets into southern Israel, but there have been no reports of casualties.

WASHINGTON (AP) The State Department is arranging the evacuation of about 150 Americans who have been trapped in Gaza by Israel's offensive. The evacuation will include non-American family members.

NEW YORK (AP) Bernard Madoff (MAY'-dawf) can continue living in his $7 million Manhattan penthouse as he awaits trial for allegedly carrying out the largest financial fraud in history. A judge today rejected prosecutors' arguments that he should be sent to jail for bail violations. They say he mailed more than $1 million in jewelry and other gifts to family and friends over the holidays.

(Copyright 2009 by The Associated Press. All Rights Reserved.) APNP 01-12-09 1341CST | save this article / add to your favorites list