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The Senate is taking up the $700 billion plan to rescue Wall Street. Benton Ives, economics and finance reporter for the Congressional Quarterly, says the legislation is largely the same as the one the House rejected Monday, but with added tax breaks and an increase on the deposit insurance cap.

The rival candidates are spelling out their plans to improve the economy in appearances this week. And those plans have markedly different approaches to an issue likely to dominate the presidential race.

President-elect Barack Obama has named Mary Schapiro to head the Securities and Exchange Commission. In a news conference in Chicago, Obama said government regulators "had dropped the ball," leading to the financial meltdown.

President Obama's pick for Treasury secretary, Timothy Geithner, began his confirmation hearing with an apology Wednesday. He told members of the Senate Finance Committee the tax questions that delayed his confirmation were the result of his own careless mistakes. But he added the mistakes were unintentional. The panel is expected to vote Thursday on his nomination.

The Senate is set to vote Thursday on whether to release the second half of the $700 billion financial rescue package. While most Democrats are on board to approve the funds, many Republicans say the bill lacks transparency and accountability. President-elect Barack Obama's economic team went to Capitol Hill Wednesday to try to win them over.

Retired Gen. Eric Shinseki, President-elect Barack Obama's pick to head the Department of Veteran Affairs, has promised to modernize the agency. Shinseki appeared Wednesday before the Senate Veterans Affairs Committee at his confirmation hearing.

The Labor Department said Friday the nation's unemployment rate rose to 9.7 percent in August, the highest since 1983. But the economy shed a net total of 216,000 jobs, the fewest monthly losses in a year.

A massive fire in the Angeles National Forest nearly doubled in size overnight, threatening 12,000 homes in the Los Angeles area. Gov. Arnold Schwarzenegger has issued emergency declarations for four counties.

Defense Secretary Robert Gates, who is on a short swing through the Middle East, was in Iraq on Tuesday. On his agenda: a visit to a command post in southern Iraq where U.S. troops serve in an advisory capacity; a meeting with Prime Minister Nouri al-Maliki and a visit to Kurdistan.

Automaker Toyota says it's recalling about 437,000 Priuses and other hybrid vehicles worldwide to fix brake problems. Toyota has now recalled more than 8.5 million cars worldwide because of various manufacturing defects.