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US
Financial stabilisation project unveiled
Article published on the 2009-02-10 Latest update 2009-02-10 18:47 TU
US Treasury Secretary Timothy Geithner announces bailout plan
(Credit: Reuters)
A 500 billion-dollar program to stabilze the financial system in the United States was unveiled by US Treasury Secretary Timothy Geitner on Tuesday to include efforts to boost consumer lending and limit home foreclosures. This package is the second part of the 700 billion dollar Troubled Asset Relief Program that creates a public-private investment fund.
US President Barack Obama called the Senate vote to pass his 800 billion-dollar plan "good news" and a "good start".
Obama held a town-hall-style meeting in Florida on Tuesday and hailed the cooperation between the Democrat and Republican senators to pass the deal.
Senators voted 61-37 to approve the package. Next steps will be to meet with members of the House of Representatives to create a hybrid package that will satisfy both groups of lawmakers. The House passed a rival 819-billion-dollar plan the week before.
A self-imposed 16 February deadline has been imposed.
Senators had to alter their original bill to have it passed on the Senate floor, including cutting out billions of dollars for school construction, and 40 billion in direct aid to US states.
