Administration Unveiling Bailout Overhaul

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

Tuesday, February 10, 2009

The Obama administration is promising an aggressive effort to combat the worst financial crisis in seven decades, unveiling a program that could mobilize well over $1 trillion in public and private support to get the frozen credit markets functioning again.

Treasury Secretary Timothy Geithner said the new plan would bring the full force of the federal government to bear in a partnership with the private sector.

Geithner said that at the moment "critical parts of our financial system are damaged."

The new plan would greatly expand an effort to unclog credit markets that provide loans to consumer and businesses, mobilizing as much as $1 trillion for that effort. It would also create a partnership with the private sector to get bad assets off the books of banks.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 39366452 - kake.com/a?a=39366452