World
Obama unveils plan to tackle toxic assets
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Source: CCTV.com | 03-24-2009 09:37
Special Report: G20 Summit in LondonSpecial Report: Global Financial Crisis
The US government has unveiled details of a toxic assets rescue plan. Billions of federal dollars will be injected to thaw the nation's frozen credit markets, and ease the economy out of recession.
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| US President Barack Obama, seen here on March 20, has given an optimistic assessment of the US economy during an interview with CBS program "60 Minutes". The US Treasury has unveiled a long-awaited plan to buy up toxic assets clogging the financial system using government funds and Federal Reserve backing to attract private capital.(AFP/File/Saul Loeb) |
President Barack Obama said his economic team was confident the rescue plan would work. But he added there is still a long way to go.
He also said the initial effort could grow to one trillion dollars, as the programme proves successful in attacking the problem that has stifled bank lending to consumers and business, compounding the worsening global downturn.
