$2 Trillion More - Gasp - to Rescue the Economy

He added there will be a strong push for new jobs.

"When the president talks about creating 3-4 million jobs, it doesn't mean that the government is going to create all those jobs but [it may] jump-start the private sector," he said.

Second Round TARP

Geithner had been originally planned to outline TARP 2.0 Monday, but postponed the announcement until today because the Senate was voting yesterday on the stimulus package.

Treasury spokesman Isaac Baker said in a statement released Sunday that both the financial stability plan and the stimulus are necessary to leading the country out of its current crisis.

"The economic recovery plan is critical to stemming the tide of this economic crisis," Baker said. "But, it alone won't solve all the problems that led us here. We need to stabilize and repair our financial system to maintain the flow of credit that families and businesses depend on to keep our economy strong. The plan that Secretary Geithner lays out on Tuesday will achieve that goal."

Congress will not have to wait long to hear from the leading policy-makers behind the new plans, summoning them to Capitol Hill this week. Geithner is expected to testify before two Senate committees today and tomorrow and Federal Reserve Chairman Ben Bernanke is expected to testify before the House Financial Services Committee today.

"We must see," Dodd said, "a sharp change in this program under new management."

And tomorrow, there could be a contentious hearing as Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, brings chief executives from some of the banks that have received the largest sums from the TARP -- including Vikram Pandit of Citigroup, Ken Lewis of Bank of America, Jamie Dimon of JP MorganChase and John Stumpf of Wells Fargo. The committee will undoubtedly want to learn what the banks have done with taxpayer dollars.

But after billions have been provided to the financial industry and a massive stimulus package could be approved, many analysts expect the administration will have to request even more money in the future to revive the struggling economy.

With reports from ABC News' Charles Herman

-- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534. -- This embed didnt make it to copy for story id = 6839534.
Page
  • 1
  • |
  • 2
  • |
  • 3
  • |
  • 4
Join the Discussion
blog comments powered by Disqus
 
You Might Also Like...