CNN 2009-02-28

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Good morning, hope your Friday is off to a good start. I'm Raggie Aqui from our CNN center in Atlanta. Here's what's happening Now In The News.    

The US government will take up to a 36% stake into one of the nation's largest banks Citigroup. The struggling bank has already received 45 billion dollars from the government to continue its operations. This effort will give Citigroup more money to operate without costing any additional taxpayer¹ money.

And new evidence says the recession is deepening. The government says the US economy shrank by 6.2% in the last three months. That's the biggest decline in 26 years, I should say the last three months of last year, for reason Americans simply aren't spending.

An exit strategy for the war in Iraq could be closer than we think. President Obama is gonna discuss that strategy today in North Carolina where he's gonna address military troops and their families. According to two senior administration officials, Mr. Obama wants to pull out combat troops in Iraq by Aug, 2010. The plan also calls for 35 to 50 thousand US troops to stay behind in advisory² roles.

It is the end of an era in Denver, as the Rocky Mountain News falls victim to the economy and the Internet. The newspaper printed its final edition today. Owner EW Scripps company says the newspaper lost 16 million dollars last year. And the company could not find a buyer. Newspapers across the country are under pressure as readership and ad revenue and more people get their information online.

Be sure to stick with us here at CNN.com, 24/7 for news from around the world. Of course, we are gonna have updates right here throughout the day.