January 31, 2009
Posted: January 31st, 2009 11:44 AM ET

From
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.

Filed under: financial rescue package


neil   January 31st, 2009 4:44 pm ET

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.

ceos?   January 31st, 2009 4:35 pm ET

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

Boston Irish   January 31st, 2009 4:28 pm ET

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

EVOLVE   January 31st, 2009 4:21 pm ET

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!!

Quiana Bost   January 31st, 2009 4:13 pm ET

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.

Eric Woodruff   January 31st, 2009 4:09 pm ET

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.

Barack wins and America collectively loses.   January 31st, 2009 4:02 pm ET

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.

Maggie SC   January 31st, 2009 4:02 pm ET

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.

Gordon Shumway   January 31st, 2009 3:55 pm ET

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.

gsiofy   January 31st, 2009 3:49 pm ET

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

Cal   January 31st, 2009 3:48 pm ET

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

Ted van Tol   January 31st, 2009 3:43 pm ET

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?

Confused   January 31st, 2009 3:36 pm ET

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

Diane Dagenais Turbide   January 31st, 2009 3:30 pm ET

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

Ed Morgano   January 31st, 2009 3:23 pm ET

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.

Kin (Anaheim, Ca.)   January 31st, 2009 3:09 pm ET

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 !!!

Barack wins and America collectively loses.   January 31st, 2009 3:00 pm ET

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.

Joe   January 31st, 2009 2:56 pm ET

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.

tim   January 31st, 2009 2:56 pm ET

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

Dumas McGee   January 31st, 2009 2:49 pm ET

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.

Mike Dallas   January 31st, 2009 2:34 pm ET

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

Obama is only a man not a magician.

tim   January 31st, 2009 2:26 pm ET

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.

Dawn   January 31st, 2009 2:21 pm ET

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!

Jeff Spangler, Arlington, VA   January 31st, 2009 2:16 pm ET

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.

southerncousin   January 31st, 2009 2:09 pm ET

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.

aware   January 31st, 2009 1:58 pm ET

Trust? Forget it! :(

Don in Albuquerque   January 31st, 2009 1:51 pm ET

Not one more dime for banks or wall street. Let em fall!

FreeNLovIt   January 31st, 2009 1:47 pm ET

Ah, the first trillion dollars WENT straight to CEOS. I guess this is the 2nd trillion for us. WE should have NAILED it on the first trillion. Shame on all of us!

Vic   January 31st, 2009 1:45 pm ET

so with this new package where will it help those people that have not so good credit because of such things as late payments in the past that now have the ability to maintain a financial schedual but because the credit standards being so high they are not able to qualify for any type of credit. The money we have paid in is being taken to help the circumstances we are in all together but where will it help those that are able to help them selves now get a little help in actually trying to buy a home.

tiff of Lithia Springs   January 31st, 2009 1:40 pm ET

Oh my goodness can we wait that long with this economy.

cnnnewser   January 31st, 2009 1:32 pm ET

It's best to take their time and get it right.

Simmy   January 31st, 2009 1:27 pm ET

It might get pushed back even further, because Republicans want to put President Obama in a negative light. They want it to seem as if he can't get anything done, when in fact, they are the problems holding up progress. Funny how they were afraid to rein in Bush; gave him free reign to screw this country up, and now suddenly they all have a conscience. TBC..................

david   January 31st, 2009 1:19 pm ET

we could all do like geithner and daschle and just not pay taxes. that itself might stimulate the economy.

Terry   January 31st, 2009 12:51 pm ET

I'm confused....President Bush got the first 350 billion....President Obama got the second 350 billion....right now we are haggling the new 819 billion in the Senate.
Where does the money for this Financial Rescue Package come out of?

Dumas McGee   January 31st, 2009 12:50 pm ET

why should he get the package out now?

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

manhandler   January 31st, 2009 12:50 pm ET

Why anyone should trust the overblown, pathetic gasbags who tout themselves as our "Representatives" is a question for the ages. If you stuck a pin in any of 'em, the sky around the Capitol would be so full of fluttering congress people that they would have to issue a warning to all aircraft in the area. We can only hope that this boondoggle that they call a "stimulus" package fails big time. It does nothing to create jobs. There's so much pork in it that they could celebrate everyday as Thanksgiving. Heard any of these bribed idiots talk about banning any kind of outside contributions to themselves, including campaign contributions?? Didn't think so. They all need to be sent down to Venezuela and fed to Chavez. Now there would be a Thanksgiving.

Kaur   January 31st, 2009 12:47 pm ET

Take your time and get it right..the first time

Anonymous   January 31st, 2009 12:45 pm ET

.
I used to think the conventional wisdom about putting money into the hands of the people in the form of some tax credit or refund might be the answer as many believe. I now think the issue is far more serious and that idea a total waste. I for one her news release followed by yet another and consider myself educated enough not to panic, but what about the millions hanging on by a thread? Are they really going to go out and buy a TV (likely than built in some country as a result of NAFTA or some other foolish outsourcing) or buy a car that will need $4 gasoline again when big money decides to go back and manipulate oil prices once more. I will likely cut open my mattress and save it and hope we do not end up paying huge sums just for a loaf of bread. Think of those poor nations in Africa needing a billion dollar note just to buy bread. While I am at it- why did we let Mugabe get away with this for so long? Oh wait....no oil. If I sound jaded...I thank a gutless Congress and the two Houses full lawyers that cannot police their own greed, and yet protect each other from scandals and then tap their feet in bathrooms while voting down equal rights for everyone. Are we in trouble– you bet...lets hope the new administration figures this one out before we implode, but I for one feel a tax cut is not even close to a real beginning. Let us pray for President Obama, and those around him, that they aspire to greatness and can deliver America and indeed the world from its rampant greed lack of global consciousness.

Barack Obama .....   January 31st, 2009 12:42 pm ET

...and Rome wasn't built/didn't fall in a day either

FAYE, NV   January 31st, 2009 12:40 pm ET

These companies that received bailout monies should be charged with fraud and pay a high penality for wrongful funds. Receiving tax payer money only for enrich themselves. I am extremely upset because I have to delay buying medicine and other things only to see these companies living large.

This really takes me and others over the edge.

S Callahan   January 31st, 2009 12:39 pm ET

He really does need to 'tease' out some of that information so the public is prepared.

Jean   January 31st, 2009 12:33 pm ET

The plan is nothing but pork.

The plan should be renamed "Pay to Play Rewards"

Tom in S.A.   January 31st, 2009 12:32 pm ET

is important to help sell the broader financial rescue plan to the American people.

In other words how can we fool the American people that it's a good thing. Thanks guys

WIlly Brown   January 31st, 2009 12:31 pm ET

This guy is a tax cheating weasel. How can you take him seriously?

billy-bayou   January 31st, 2009 12:26 pm ET

Apparently Geithner the tax evading expert needed more time to construct obanas money scheming methods.More time being necessary to make thefts undetectable or, make it appear that it was for the good of the country that millions of $$ went into the "Great Ones" (obama) pockets.

teasing out?   January 31st, 2009 12:14 pm ET

Whats it going to be a strip tease?Wheres the worlds greatest reverse bank robber,Henry Paulson?

fearful for my country   January 31st, 2009 12:11 pm ET

Did you see the PORK in this bill? 200,000 MILLION to remodel the white House MALL? Give me a break. Gotta have a fancy mall but the poor and the elderly get a disgusting 300.00. WTH does one do with 300.00? Buy peanut and butter, bread and gas for a mth. Thats it. Woooohoooooo. Mr Bigshot Obama is REALLY taking care of his people.

Ernie in LA   January 31st, 2009 12:08 pm ET

We are waiting for your miracles Mr. Obama. You were suppose to "hit the ground running." Stop freeing terrorist, watching football games, choosing a dog, making Americians pay for foreign abortions and pay attention to the important issues at hand. The party is over.

brad   January 31st, 2009 12:06 pm ET

Glad to hear they are getting into the nitty gritty details and not like before. crap it out. Saw the results of that. A $20 billion mistake.

Stan From NJ   January 31st, 2009 12:01 pm ET

Why? We need action now! Americans are not worrying about a higher tax rate on a future paycheck they may never receive. People are worried about if they can keep their jobs let alone bonuses. Dammit McCain should have won.

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