January 31, 2009
Posted: January 31st, 2009 11:44 AM ET
From CNN Senior White House Correspondent Ed Henry
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. Filed under: financial rescue package |
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