January 31st, 2009
11:44 AM ET
3 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. Stan From NJ

    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.

    January 31, 2009 12:01 pm at 12:01 pm |
  2. brad

    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.

    January 31, 2009 12:06 pm at 12:06 pm |
  3. Ernie in LA

    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.

    January 31, 2009 12:08 pm at 12:08 pm |
  4. fearful for my country

    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.

    January 31, 2009 12:11 pm at 12:11 pm |
  5. teasing out?

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

    January 31, 2009 12:14 pm at 12:14 pm |
  6. billy-bayou

    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.

    January 31, 2009 12:26 pm at 12:26 pm |
  7. WIlly Brown

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

    January 31, 2009 12:31 pm at 12:31 pm |
  8. Tom in S.A.

    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

    January 31, 2009 12:32 pm at 12:32 pm |
  9. Jean

    The plan is nothing but pork.

    The plan should be renamed "Pay to Play Rewards"

    January 31, 2009 12:33 pm at 12:33 pm |
  10. S Callahan

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

    January 31, 2009 12:39 pm at 12:39 pm |
  11. FAYE, NV

    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.

    January 31, 2009 12:40 pm at 12:40 pm |
  12. Barack Obama .....

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

    January 31, 2009 12:42 pm at 12:42 pm |
  13. Anonymous

    .
    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.

    January 31, 2009 12:45 pm at 12:45 pm |
  14. Kaur

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

    January 31, 2009 12:47 pm at 12:47 pm |
  15. manhandler

    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.

    January 31, 2009 12:50 pm at 12:50 pm |
  16. Dumas McGee

    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.

    January 31, 2009 12:50 pm at 12:50 pm |
  17. Terry

    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?

    January 31, 2009 12:51 pm at 12:51 pm |
  18. david

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

    January 31, 2009 01:19 pm at 1:19 pm |
  19. Simmy

    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..................

    January 31, 2009 01:27 pm at 1:27 pm |
  20. cnnnewser

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

    January 31, 2009 01:32 pm at 1:32 pm |
  21. tiff of Lithia Springs

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

    January 31, 2009 01:40 pm at 1:40 pm |
  22. Vic

    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.

    January 31, 2009 01:45 pm at 1:45 pm |
  23. FreeNLovIt

    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!

    January 31, 2009 01:47 pm at 1:47 pm |
  24. Don in Albuquerque

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

    January 31, 2009 01:51 pm at 1:51 pm |
  25. aware

    Trust? Forget it! :(

    January 31, 2009 01:58 pm at 1:58 pm |
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