July 28, 2014
WASHINGTON (AP) - The Obama administration and Congress are rolling out plans for hundreds of billions of dollars in spending to reverse the economic crisis.
The Treasury Department will announce its plans for the $350 billion remaining in the financial bailout funds this morning. According to congressional staffers the plan envisions private investors buying more than $1 trillion in troubled assets from banks.
President Barack Obama calls the reworked bailout a template for "restoring market confidence."
Also today, the Senate is expected to push through its $838 billion stimulus bill.
Senate Majority Leader Harry Reid calls the bill loaded with spending and tax cuts "the first step on the long road to recovery." But the measure has created a partisan rift, with only three Republicans signing on to the legislation during a procedural vote.
(Copyright 2009 by The Associated Press. All Rights Reserved.)