Obama warns of 'perfect storm of financial problems'
Good morning.
Negotiators from the Obama administration and Congress resume negotiations today to resolve the differences between the economic stimulus plans approved by the House and Senate. The goal is to have a final, House- and Senate-approved plan on the president's desk within the next few days. It's likely, Senate Finance Chairman Max Baucus, D-Mont., said yesterday, that the package will end up costing about $800 billion.
President Obama will make another pitch for the stimulus plan today when he visits a construction site in
As for the stories making headlines, they include:
• ABC News' Nightline -- Obama warns of "perfect storm": "On the same day his Treasury secretary detailed a $2 trillion plan to stabilize the U.S. banking systems and the Senate narrowly passed an $838 billion economic stimulus bill, President Barack Obama said, 'we are in a perfect storm of financial problems.' ... Obama said it's important to recognize that 'there is no easy out' when it comes to the current economic crisis. 'Wall Street, I think, is hoping for an easy out on this thing, and there is no easy out,' Obama told Nightline co-anchor Terry Moran in an exclusive interview in Fort Myers, Fla. 'I think that you have two choices in this situation: you can prolong the agony and shareholders will be happy until they're not happy, and that could be a year from now or two years from now or in the case of Japan, eight years later. Or you can just go ahead and acknowledge that yeah, there's, there's a lot of work that has to be done to put these banks back on a firmer footing.' "
• USA TODAY -- Bailout plan gets "thumbs down" from markets: "Wall Street gave the government's long-awaited plan to rescue the financial system a resounding thumbs down Tuesday, providing another sign of the mounting frustration over the financial crisis. Calling the plan from Treasury Secretary Timothy Geithner short on details, traders and investors slammed the Dow Jones industrials down 382 points, or 4.6%, to 7889, its biggest loss since December."
• The Wall Street Journal -- Administration looks to restore some funds to stimulus plan: "The White House is seeking to restore funding cut by the Senate for schools, health insurance and computerizing health records as the economic-stimulus plan headed into a final round of negotiations in Congress, with top lawmakers struggling to bring the price of the two-year package down to $800 billion."
• The
• Politico -- Pentagon nominee's confirmation stalls: "Former Raytheon lobbyist William Lynn's quest to become the next deputy defense secretary has hit another snag. The Senate was scheduled to vote on his nomination Tuesday, but the session came and went without any action. A spokesman for Senate Majority Leader Sen. Harry Reid, D-Nev., said senators are 'working on an agreement' to debate
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Peter S.. Lopez aka: Peta
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