Tuesday, February 10, 2009

Bailout Timeline

Treasury Secretary Tim Geithner defended his financial stabilization plan Tuesday, telling senators it is "fundamentally different" than the one pursued by his predecessor, Henry Paulson...

Treasury has $320 billion available under the Paulson-era Troubled Asset Relief Program, though Tuesday's plan earmarked more than half of that for lending and housing programs.

"I think this is going to be a substantial problem for the nation that will require substantial resources," Geithner said Tuesday afternoon in response to a question from the committee's ranking member, Sen. Richard Shelby, R-Ala. "We will move to use existing resources as efficiently as possible."

read the CNN story

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