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On Wednesday a government watchdog issued a report finding widespread failures with the government's "Fast and Furious" gun trafficking operation. On Thursday, the watchdog at the Justice Department, Inspector General Michael Horowitz, told a House panel that federal agents and prosecutors failed to protect public safety — and their bosses didn't pay enough attention.

The latest storm caused more flooding in some areas and brought strong winds. Some residents remain under evacuation orders.

The Commerce Department has revised second-quarter growth in gross domestic product to 3.3 percent, up from the previous estimate of 1.9 percent. The rate of increase is the fastest in nearly a year. Higher exports were credited for the increase.

G-20 leaders will likely leave Pittsburgh with an agreement to have banks build up their capital reserves while cutting back on bonuses and other forms of compensation. The new capital rules will be phased in and banks would have until the end of 2012 to meet the new requirements.

President Obama praised the people New Orleans for not giving up after the city was ravaged by Hurricane Katrina. The comments came at a town hall meeting during Obama's first visit to the city after being elected president.

President Bush acknowledges the existence of secret CIA prisons around the world and says 14 high-value terrorism suspects have been transferred from the system to Guantanamo Bay for trials.

President Bush's secretaries of State and Defense spent their days defending his new plan in Iraq, first at a White House news conference and then on Capitol Hill. Secretaries Rice and Gates found only minimal support for a greater troop commitment in Congress.

The CIA has released the findings of its inspector general's internal report on the agency's performance prior to the Sept. 11 attacks. Parts of the report have been leaked to the media in recent years, but the CIA made the executive summary available Tuesday.

NBC's Tim Russert is being cross-examined by defense attorneys in the perjury trial of former White House aide Lewis "Scooter" Libby. Russert and Libby have told very different stories about a 2003 phone call that is at the heart of the case.

President Barack Obama and Treasury Secretary Tim Geithner have 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.