U.S. President Barack Obama says his administration is working on a new
approach to help revive the country's failing financial sector.
weekly address Saturday, the president said Treasury Secretary Tim Geithner will
soon lay out a strategy to get credit flowing to businesses and
Mr. Obama did not reveal details of the plan but said it would
also help lower mortgage costs and extend loans to small businesses.
urged the Senate to pass an economic recovery package aimed at saving or
creating three million jobs over the next few years. The U.S. House of
Representatives approved the proposed $800 billion stimulus plan earlier this
In the Republicans' response, Senate Minority Leader Mitch
McConnell said Republicans agree with Mr. Obama that a stimulus package is
needed, but said the Democrats' plan "falls short of the president's
McConnell said many analysts think the bill is unlikely to
create new jobs or boost the economy soon. He said the bill is loaded with
wasteful spending and looks like what he termed a "trillion dollar Christmas
The Senate Republican leader suggested a simpler plan that
focuses on fixing the problem of falling home values, which he said most
economists agree is the underlying cause of the downturn.
the Republicans' plan includes low-interest loans and lower income tax
Some information for this report was provided by
AFP, AP and Reuters.