January 31st, 2009
11:44 AM ET
6 months ago

Obama rescue plan pushed back a week

Geithner is putting together the administration's financial rescue plan.
Geithner is putting together the administration's financial rescue plan.

WASHINGTON (CNN) - After initially vowing to unveil a new financial rescue package this coming week, senior Obama administration officials are now pushing the rollout date back an extra week in a sign of just how difficult it may be to craft such a massive plan - especially while the White House is simultaneously trying to sell a separate $819 economic stimulus plan.

Two senior administration officials told CNN that the full rescue plan, which is being put together by Treasury Secretary Timothy Geithner and other top economic advisers, is now expected to be unveiled the second week of February. But the officials held out the possibility that Geithner could start teasing out some aspects of the rescue plan this coming week.

Officials said the rescue plan will include a crackdown on bonuses and other compensation for companies that receive federal bailout money.

President Obama lashed out at this week at Wall Street companies handing out over $18 billion in bonuses last year, calling it "shameful" that many companies were handing out fat checks while teetering on bankruptcy and seeking federal handouts.

White House Senior Adviser David Axelrod told Bloomberg TV on Friday that "limiting some of this executive compensation" is important to help sell the broader financial rescue plan to the American people.

That broader plan could include a so-called "bad bank" set up by the federal government to buy up troubled assets from faltering banks, according to the senior administration officials. The plan is also expected to include provisions dealing with the foreclosure crisis to help taxpayers restructure their mortgages to stay in their homes.


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soundoff (50 Responses)
  1. southerncousin

    Stop calling it a stimulus plan. Only a small portion is stimulus. The bill as it is constituted is the beginning of the payback to the unions and socialist groups that elected democrats.

    January 31, 2009 02:09 pm at 2:09 pm |
  2. Jeff Spangler, Arlington, VA

    The One's "stimulus" plan has gone from "bold and swift" to "brash and precipitous" almost overnight in a mad dash to get a subservient Congress to enact a wish-list of Democratic spending which has demonstrably little stimulative effect. No bailouts. Real stimulus only.

    January 31, 2009 02:16 pm at 2:16 pm |
  3. Dawn

    Wall Street greedy CEO's do not need any money. They are giving themselves money for what. Screwing the people, or lying to the Government. I have been following the news about this, how can they
    make a joke out of taxpayers money, pleading that if the Government does not help them, they are going bankrupt. That is BS, these Financial industries did not have money to give huge billion dollar bonuses and they refuse to let anyone know where the money went to.
    If anyone isn't p-ssed off about this, they are living in a cave!

    January 31, 2009 02:21 pm at 2:21 pm |
  4. tim

    As long as they slip in a provision that allows me to abscond from paying my taxes, then it will be fair.

    I love that Geithner is in charge now. No more worries about feeling guilty when I decide not to pay my taxes.

    January 31, 2009 02:26 pm at 2:26 pm |
  5. Mike Dallas

    It took years to get us to this point we can wait one more week.

    Obama is only a man not a magician.

    January 31, 2009 02:34 pm at 2:34 pm |
  6. Dumas McGee

    why should he rush to get the package out now?

    his own financial rescue plan to save his butt from tax evasion related jail time has worked.

    January 31, 2009 02:49 pm at 2:49 pm |
  7. tim

    His main plan is to abscond from paying all of our bills. It worked like a charm for him personally.

    January 31, 2009 02:56 pm at 2:56 pm |
  8. Joe

    Let corporations fail or survive on their own merit. But keep government hands out of it . Looking at the national debt you have no business getting involved in private business. When the gov't can operate on a budget maybe you can lend a hand but otherwise just keep your controlling paws off.

    January 31, 2009 02:56 pm at 2:56 pm |
  9. Barack wins and America collectively loses.

    You mean these guys are actually going to do something for us. I thought they were just going to grow government and ruin the Electoral map so that we are forced to have these clowns for years to come. God help us, we are going to be more like California than Texas soon with these clowns, and we will collectively lose as job losses will follow big time.

    January 31, 2009 03:00 pm at 3:00 pm |
  10. Kin (Anaheim, Ca.)

    SCREW the RepubliCAN'TS and get it done. Any beginning can do more for AMERICANS than doing nothing !!!!!

    let's get the Ball rolling...

    They still get their PAYCHECKS no matter what !!!!!!!!

    INVESTMENTS is the key to PRODUCTIVITY... GO O B A M A !!!

    January 31, 2009 03:09 pm at 3:09 pm |
  11. Ed Morgano

    This seems like more of the same crap! Give the money to the PEOPLE!. Let us bail THEM out for a change!. I'm angry that our so called leaders don't think enough of the people that put them into office to listen to us. HELP THE PEOPLE...START AT THE BOTTOM this time.

    January 31, 2009 03:23 pm at 3:23 pm |
  12. Diane Dagenais Turbide

    It is better to take the time and do it right!

    January 31, 2009 03:30 pm at 3:30 pm |
  13. Confused

    There having problems getting an $819 economic plan approved? Or did someone leave out a word?

    January 31, 2009 03:36 pm at 3:36 pm |
  14. Ted van Tol

    Today on Dutch TV: Obama wants to bring down the cost for
    homeowners so they can put more money into the economy.
    Not one word about that on CNN? How is that possible?

    January 31, 2009 03:43 pm at 3:43 pm |
  15. Cal

    Hopefully Timothy Geithner will come up with a bailout plan which makes it legal to cheat on taxes like he did.

    January 31, 2009 03:48 pm at 3:48 pm |
  16. gsiofy

    I guess they just giving the republican a chance to agree on the stimulus

    January 31, 2009 03:49 pm at 3:49 pm |
  17. Gordon Shumway

    Guess delaying the payment of one's debts falls right in line with delays on anything of importance. However, in this case, a permanent delay might be wiser than shoveling all that future tax revenue down the commode.

    January 31, 2009 03:55 pm at 3:55 pm |
  18. Maggie SC

    If all these political people who have been evading paying taxes would do what the rest of us do then perhaps we would not have to borrow so much stimulas money. Also making sure the ceos of thse big companies yammering for bailout money would be refused a bonus which they do not deserve becasue they are why the compan ies got in the financial condition. No money should be paid out to these people. I am a tax payer and I think if it is given to them with out making sure it is not used dishonestly then I think the American people should ban together and refuse to pay taxes. Whay should we whn people like Dashele has not. they are no beter that the regular tax payer. I do not agree with the stimulus package to beging with. If I owna a comanpy and annot mange it then I need to get out.

    January 31, 2009 04:02 pm at 4:02 pm |
  19. Barack wins and America collectively loses.

    Come on guys, you said you had all the answers during the campaign. Come on you used car salesmen. Just a bunch of hot liberal social engineering air.

    Hello taxes, regulation, protectionism, and misery.

    January 31, 2009 04:02 pm at 4:02 pm |
  20. Eric Woodruff

    I thinks its a good idea to nail down all the details before spending alot of money. I agree with the plan and am thankful that we have a president who would try to help us out.

    January 31, 2009 04:09 pm at 4:09 pm |
  21. Quiana Bost

    I love the fact that president is being realistic about the bonus the top of a company recieves verse the people who work at the bottom who also work just as hard and just want to make a home, a life for their own families. No one family is better than another. I know I work just as hard as the president of my company.

    January 31, 2009 04:13 pm at 4:13 pm |
  22. EVOLVE

    STOP THE REPUBLICANS FROM BEING OBSTRUCTIONIST AT A TIME WHEN THEIR COUNTRY NEEDS THEM LIKE ON 9/11. REPUBLICAN CONGRESS RIGHT WINGERS CARE MORE ABOUT THE RICH AND CORPORATIONS THEN SUPPORTING THEIR COUNTRY. REMOVE ALL OBSTRUCTIONIST FORM OFFICE NOW BECAUSE THIS COUNTRY CAN'T HAVE DELAYS.

    CALL YOUR REPUBLICAN CONGRESSMAN AND TELL HIM TO SUPPORT THE ECONOMIC PLAN AND HIS COUNTRY NOW LIKE A REAL PATRIOT!!

    January 31, 2009 04:21 pm at 4:21 pm |
  23. Boston Irish

    All promise and no delivery. Why is there no surprise?

    January 31, 2009 04:28 pm at 4:28 pm |
  24. ceos?

    A CEO is only a step below a pedophile in my book,hang the bastards.

    January 31, 2009 04:35 pm at 4:35 pm |
  25. neil

    Small busines generates 70% + of all jobs but only gets 1 billion out of the 800 billion package, even GW wasn't this bad. So much for looking out for the small guy who pays his taxes on time Obama.

    January 31, 2009 04:44 pm at 4:44 pm |
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