Bank bailout plan postponed until Tuesday

The “massive overhaul” of the banking bailout will be announced a day later than expected.

Treasury Secretary Timothy Geithner was originally scheduled to give full details about the changes to the rescue plan in a speech midday Monday. But the Treasury Department said Sunday that the plan will be announced Tuesday instead, in order for Geithner to focus on the stimulus bill that is being debated in the Senate.

“With record high job losses, and weakening economic forecasts, we’re focused on working with Congress to pass an economic recovery bill so we can create the jobs and make the investments necessary to get our economy moving again,” said Treasury spokesperson Isaac Baker in a statement. “Economic officials administration wide will be working and consulting with senators throughout the day.”

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Posted in * Economics, Politics, Economy, Office of the President, Politics in General, President Barack Obama, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The Fiscal Stimulus Package of 2009, The September 2008 Proposed Henry Paulson 700 Billion Bailout Package

2 comments on “Bank bailout plan postponed until Tuesday

  1. Irenaeus says:

    Take time to get it right—and much smaller.

  2. Clueless says:

    Take time to not do it at all. Cut regulation of small businesses instead, institute loser pays legal reform, and initiate a national health system for catastrophic costs only, (folks who want prevention or costs up to 10,000 can buy their own insurance) get rid of Medicare/Medicaid. All that would do far more to stimulate business and would not send the country into hyperinflation.