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Day 44: Obama Overhauls Contracts, Picks FEMA Head, Unveils Mortgage Program

On his forty-fourth day in office, President Obama ordered an overhaul of the way the U.S. government awards contracts for private sector work.

"The American people's money must be spent to advance their priorities -- not to line the pockets of contractors or to maintain projects that don't work," the president said in announcing the move.

The president also nominated Craig Fugate, the Director of the Florida Division of Emergency Management, to lead the Federal Emergency Management Agency, vowing that he is "the right person for the job and will ensure that the failures of the past are never repeated."

And his administration kicked off a new program designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.

Watch CBS Evening News reporting on the president's day below.

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