The Treasury Department has delayed until Tuesday at 11 a.m. ET the release of its long-awaited revised bailout plan, Reuters is reporting here. The revised plan was scheduled to be unveiled tomorrow.
Clues to what will be included in the plan can be found in the following articles:
* U.S. Bank Bailout to Rely in Part on Private Money — The New York Times
* In Geithner’s Overhaul, Aggressive Use of All Available Tools Expected — The Washington Post
* Bailout Revamp Could Use Private Bank for Bad Assets — The Wall Street Journal
The official comment on the delay from the Treasury Department:
“With record high job losses and weakening economic forecasts, 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. The Senate votes on Monday, and economic officials Administration wide will be working and consulting with senators throughout the day. Secretary Geithner will postpone the release of the Administration’s Financial Stability and Recovery Plan until Tuesday to allow for that to happen.
“The economic recovery plan is critical to stemming the tide of this economic crisis. But, it alone won’t solve all the problems that led us here. We need to stabilize and repair our financial system to maintain the flow of credit that families and businesses depend on to keep our economy strong. The plan that Secretary Geithner lays out on Tuesday will achieve that goal.”