Obama refocuses bailout on small businesses

LANDOVER, Md. (AP) — President Barack Obama unveiled plans Wednesday to refocus spending of the government's $700 billion financial bailout away from Wall Street's big financial institutions and toward small businesses on Main Street.

Speaking in a small business near Washington, Obama said the initiatives would make it easier for smaller community banks to provide credit to small businesses, which have been hard-hit by the financial crisis. The president's plan also includes a request that Congress increase caps for existing Small Business Administration loans.