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President Bush nominates Goldman Sachs Chairman Henry Paulson to be the new Treasury Secretary. He is to replace John Snow, whose resignation from the Cabinet will become official in June. Snow's departure had been widely expected.

Treasury Secretary John Snow resigned Tuesday and President Bush nominated Goldman Sachs Chairman Henry M. Paulson Jr. as his replacement -- another chapter in the shake-up to revive Bush's troubled presidency.

Auto parts maker Delphi wants to cancel existing labor contracts. The United Auto Workers union is calling the idea an insult. The former General Motors subsidiary is expected to ask a federal judge for permission to cancel the labor agreements. Delphi is in bankruptcy, and says it needs to cut its wages and benefits to survive.

A Federal Reserve panel leaves the federal funds rate unchanged at 5.25 percent -- a move that temporarily halts more than two years of incremental rate hikes.

Former Enron Chief Executive Jeffrey Skilling's first day of cross-examination saw him defend his sale of millions of dollars in Enron stock. He also repeatedly denied that he advised his ex-wife and girlfriend to sell their Enron stock, too.

In California, an ex-member of the Aryan Brotherhood prison gang testifies about murders and assaults carried out behind bars. He's one of the government's prime witnesses in a federal effort to dismantle the Aryan Brotherhood.

Defense Secretary Donald Rumsfeld continues his Asian tour with a stop in Vietnam. The United States and its former enemy are increasing military cooperation. The United States sees Vietnam as a strategic counterweight to China, the big military power in the region. NPR's John Hendren is traveling with the secretary and discusses the visit with Howard Berkes.

Lawyers for former Enron executives Kenneth Lay and Jeffrey Skilling make their closing arguments today. Yesterday, it was the prosecution's turn to sum up their case. The prosecution did not hesitate to reiterate their view of the former Enron managers as criminals attempting to escape responsibility for their actions.

It may not be possible to reduce U.S. troop levels in Iraq this year, according to Secretary of Defense Donald Rumsfeld's testimony before a Senate committee. Gen. Peter Pace, chairman of the Joint Chiefs of Staff, says it will be months before Iraqi army units are ready to operate on their own.

Republican Rep. John Boehner of Ohio was elected House majority leader Thursday, replacing the indicted Rep. Tom DeLay. Boehner defeated Rep. Roy Blunt of Missouri, 122-109, on the second ballot.