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US Treasury delays bank bailout announcement

The Obama administration on Sunday pushed back until Tuesday the announcement of a keenly awaited bank rescue plan as it pressed lawmakers to settle their differences over a huge economic stimulus package.

“We’re focused on working with Congress to pass an economic recovery bill so we can create the jobs and make the investments necessary to get our economy moving again,” Treasury Department spokesman Isaac Baker said.

The bank rescue plan — which will seek to shore up some of the biggest commercial banks in the United States — had been due to be announced on Monday.

But the Senate is now expected to be focused on that day on a massive economic stimulus ahead of a vote on Tuesday.

For that reason, Treasury Secretary Timothy Geithner had postponed release of the bank plan until Tuesday, Baker said in a statement.

The stimulus and the bank rescue plan are key parts of President Barack Obama‘s strategy for tackling the deepest financial crisis in the United States since the Great Depression.

complete article @ Reuters

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