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by Frank James

A quick guided tour of some of the most important, most interesting, or both, Washington-related stories.

The Federal Reserve Board cut key interest rates by a quarter of a percentage point

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, a demonstration of its concern over the continuing fallout on the economy from the mortgage and credit crisis which has increased the chance of a recession but many in the financial markets were disappointed the cut wasn’t larger.

The U.S. and Chinese reached a food safety agreement to allow American inspectors into Chinese factories. Members of Congress welcomed the agreement but criticized it for not going far enough, noting that it did nothing to increase the safety of Chinese-made toys and other consumer goods.

Defense Secretary Robert Gates rebuked the U.S.’s NATO allies for failing to provide Afghanistan with the promised military assistance, allowing the Taliban and al Qaeda fighters to stage a comeback.Saudi Arabia is using more of its own oil to develop its industrial base, raising concerns that the nation’s own needs will compete with export demands, putting upward pressure on global oil prices.

The U.S. Sentencing Commission voted unanimously to reduce the sentences for some crack cocaine convictions retroactively in a move that could affect nearly 20,000 inmates and that was intended to close the discrepancy between crack and powder cocaine convictions.

A large car bomb killed a top Lebanese general who led that troubled nation’s fight against Islamic militants at Palestinian refugee camps last summer.

As the U.S. prepares to increase its use of nuclear power to provide energy, critics warn that while their have been safety improvements in recent decades, there are still worrisome gaps in security that should be addressed.

House Democrats are using budget earmarks to help freshman Democrats in vulnerable swing districts bring home the bacon, much the way Republicans did when they controlled the House.

Illiteracy is spreading among Iraqi refugee children with at least 300,000 children not attending school in the places where their dislocated families are now living.

Senators said many questions remained after the closed-door testimony of Central Intelligence Agency Director Gen. Michael Hayden about the destroyed interrogation videotapes and vowed to call more witnesses.

The top Republican presidential candidates have hardened their stances on illegal immigration in part to deal with perceived vulnerabilities on the immigration issue in their own records.