BREAKING: Vatican announces new pope

The newest pope and leader of the Roman Catholic world is Cardinal Jorge Mario Bergoglio of Argentina. The world has waited in great anticipation for the past hour since the puff of smoke from the Sistine Chapel chimney announced that the 266th pope was chosen by the cardinals. The 76-year-old Bergoglio will take the name Francis and serve as the Catholic Church's first Jesuit pope.

The biggest issues the new pope will be dealing with are the sexual abuse scandals that have rocked the Roman Catholic world, the shortages of priests and other religious institutions which are growing in popularity and providing competition for the church.

Pope Benedict XVI was the first pope to resign in almost 600 years and has retired to be a pilgrim and will live at a papal retreat center 15 miles away from the Vatican. There has been much controversy and speculation surrounding the reasons for his retirement.

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