U.S. President Barack Obama began his weekly address today, Saturday saying he has good news and bad news about the U.S. economic crisis.
The bad news, he says, is that Americans are facing "unprecedented economic turmoil", noting a new report showing the economy shrank by nearly four percent at the end of last year. He said the good news is his administration is working on a new approach to help revive the country's failing financial sector.
The president did not reveal any details of the plan, but he said Treasury Secretary Tim Geithner will soon lay out a strategy to get credit flowing to businesses and families. He also again urged the Senate to pass an economic recovery package aimed at saving or creating three million jobs over the next few years. The proposed 800-billion-dollar stimulus plan was approved by the U.S. House of Representatives earlier this week.