Fed Plans $250B to Bail Out Banks, Sources Say

Meantime, Speaker of the House Nancy Pelosi, D-Calif., today called for a second economic stimulus package to be passed by Congress and said hearings would be held in the coming weeks to consider plans.

"Our country is at a very challenging moment and we need the best thinking in our country to address those concerns -- concerns of the American people, taxpayers, workers, homeowners," Pelosi said at a morning economic forum. "We need to address the stability of our markets, the stability of our economy. And I am so pleased that we have so many leaders and thinkers in the field with us today."

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Pelosi and House Democrats held meetings with prominent economists and financial experts on Monday, including former SEC chairman Arthur Levitt, former Treasury Secretary Larry Summers, and 2001 winner of the Nobel Prize in economics, Joseph Stiglitz.

"We discussed this morning a recovery package that will enable America to lead, to participate in and take advantage of the opportunities that the 21st century will present to the world," Pelosi said, adding that she is working closely with the Obama campaign on the proposed recovery plan.

Democrats have discussed a $150 billion economic recovery deal with a focus on infrastructure projects for job creation. The package would come in addition to the recent $700 billion rescue package as well as the $152 billion economic stimulus package signed into law last February.

Asked if the new proposal would include rebate checks like the deal passed earlier this year, Pelosi said, "We have done that. There's some discussion as to how effective it was, how much bang for the buck. But certainly they would be in the mix of consideration... But first we want some of the issues that were not dealt with in the last package, because we want this to truly be a recovery package."

"The economy recovery plan won't turn our economy around instantly, obviously," said Maryland Democrat Steny Hoyer. "However, I am still confident that the financial recovery program will unfreeze our credit markets, protect families' homes, and help millions of workers keep their job. That is our objective. To get our economy back to health, Congress needs to consider further legislation to create jobs and help families in need."

ABC News' Charlie Herman, Alice Gomstyn, Jason Ryan and The Associated Press contributed to this report.