Obama calls for new strategy to revive financial system
Monday, 02 February 2009, 18:20 IST
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Washington: U.S. President Barack Obama, in his weekly radio address Saturday, said the current financial crisis was "devastating" and that measures to prevent a downward spiral should be implemented without delay. Obama's comments came as the US Senate prepares to debate his massive economic stimulus package, unprecedented at over $800 billion. Obama also announced a new strategy to revive the US financial system, with Treasury Secretary Timothy Geithner to provide details "soon". The aim was to get the flow of credit to companies and individuals back on track. "We'll help lower mortgage costs and extend loans to small businesses so they can create jobs," Obama said. Obama also reiterated his criticism of bonuses paid to company chiefs in the past year despite the precarious economic situation. "We'll ensure that CEOs are not draining funds that should be advancing our recovery." The Senate will Monday consider the $819-billion economic stimulus package to help pull the world's largest economy out of its worst recession. The Democrat-dominated House of Representatives Wednesday passed the unprecedented package, with not a single member of the opposition Republican party voting for it.
Source: IANS
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