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Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke testified before the Senate Banking Committee Tuesday about the $700 billion rescue plan for the financial sector. They stressed that it was urgent that lawmakers pass the bill this week. Many committee members were not swayed.

Tom Daschle, President Barack Obama's pick to head the Department of Health and Human Services, withdrew his nomination Tuesday amid a controversy over his taxes. Also Tuesday, Nancy Killefer withdrew her nomination for the post of chief performance officer after bungling payroll taxes.

President Obama announced stricter rules on executive compensation at banks receiving "exceptional" levels of aid from the federal government. Some executives will have their annual salary capped at $500,000. Anything above that would have to be paid in stock that won't vest until the firm has paid back its government loans.

With just eight days left in office, President Bush looked back over eight years in office and talked about his joys and disappointments in his final White House news conference. He also had words of encouragement for his successor, Barack Obama.

The global economic crisis tops the agenda as President Barack Obama meets with Britain's prime minister Tuesday. Gordon Brown is the first European leader to visit the new president. Brown will also address Congress during his U.S. visit.

Lake Effect producer Mallory Cheng is leaving WUWM after two years with the team — she will be missed!

The White House and House Republicans have a deal on the debt ceiling. What remains to be done — and what are the roadblocks — ahead of a vote this week in the House?

Senator Mitt Romney says he won't seek reelection. How to prepare for a hurricane. The U.S. immigration population hits a record high.

Peter Antonacci, the head of Florida's elections fraud office, had just left a heated meeting when he collapsed in the hallway of the governor's office, according to a newly released investigation.

The United Nations has appointed a new envoy to continue the investigation into the assassination of former Lebanese Prime Minister Rafiq al-Hariri last February. The initial report last fall implicated top Lebanese and Syrian security officials in Hariri's killing.