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Pakistan president Gen. Pervez Musharraf will step down as army chief if he is re-elected and will be sworn in as a civilian president, a government lawyer said Tuesday.

President Bush announces his pick to succeed Attorney General Alberto Gonzales. With little controversy surrounding him, retired federal judge Michael Mukasey is expected to speed through Senate confirmation.

President Bush will address the nation Thursday night. He's expected to announce the beginning of a drawdown of U.S. troops from Iraq — including 5,700 troops to be pulled out in December.

A top leader of the Sunni Arab movement that has been aligned with U.S. forces in Iraq's Anbar province was killed Thursday in a roadside bombing. Sheikh Abdul Sattar Abu Risha was founder of the Anbar Salvation Council, which joined U.S. troops fighting al-Qaida in Iraq last year.

The career of Michael Mukasey, President Bush's pick to succeed Alberto Gonzales as attorney general, is inextricably tied to national security. During his time on the federal bench Mukasey earned a reputation as a no-nonsense law-and-order judge.

Democrats offer a positive initial reaction to the nomination of retired federal judge Michael Mukasey as attorney general, saying they believe President Bush listened to Congress in choosing a candidate acceptable to both parties.

The Fed meets Tuesday to discuss short-term interest rates. Marketplace's John Dimsdale talks about what he expects to see.

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.

The Federal Reserve's response to the crisis in the housing market was Chairman Ben Bernanke's biggest move since he took office. It comes in a week of publicity about his predecessor Alan Greenspan. But the real pressure stemmed from an economy at risk and the lives of consumers disrupted.

The Federal Reserve cuts the federal funds rate by half a point. It's the first reduction in more than four years and it's twice as large a cut as many economists were predicting.