U.S. President Barack Obama says his administration is working on a new
approach to help revive the country's failing financial sector.
In his weekly address today (Saturday), the president said
Treasury Secretary Tim Geithner will soon lay out a strategy to get
credit flowing to businesses and families.
Mr. Obama did not reveal details of the plan but said it would also
help lower mortgage costs and extend loans to small businesses.
He urged the Senate to pass an economic recovery package aimed at
saving or creating three million jobs over the next few years. The U.S.
House of Representatives approved the proposed 800-billion-dollar
stimulus plan earlier this week.
In the Republicans' response, Senate Minority Leader Mitch McConnell
said Republicans agree with Mr. Obama that a stimulus package is
needed, but said the Democrats' plan "falls short of the president's
McConnell said many analysts think the bill is unlikely to create new
jobs or boost the economy soon. He said the bill is loaded with
wasteful spending and looks like what he termed a "trillion dollar
The Senate Republican leader suggested a simpler plan that focuses on
fixing the problem of falling home values, which he said most
economists agree is the underlying cause of the downturn.
McConnell said the Republicans' plan includes low-interest loans and lower income tax rates.