U.S. Treasury Secretary postpones unveiling financial bailout plan to Tuesday
U.S. Treasury Secretary Timothy Geithner has postponed unveiling the Obama administration's new financial bailout plan to Tuesday as the Senate failed to pass its version of economic stimulus package Friday, Xinhua reported.
"Secretary Geithner will postpone the release of the administration's Financial Stability and Recovery Plan until Tuesday," the Treasury said in a statement on Sunday. Geithner had been scheduled to announce the plan on Monday.
The administration wants to spend Monday focused on the Senate' s effort to pass an economic recovery package, Treasury spokesman Isaac Baker explained.
The Senate will be likely to vote on the economic stimulus package early next week after the White House and the key senators reached a tentative agreement on the 780-billion-dollar package.
Now at 780 billion dollars, the tentative deal would be smaller than the original roughly 935-billion-dollar package. Many Republican senators have said they want the total package's cost down to about 800 billion dollars.
The financial plan that Geithner is expected to detail will spell out how the administration intends to loosen credit.
The first round of financial rescue program has so far provided around 350 billion U.S. dollars to more than 360 banks.