US Treasury Secretary Timothy Geithner unveiled an expanded bank rescue strategy that includes up to $1 trillion in new lending, $50 billion to prevent home mortgage foreclosures and $500 billion dollars to absorb toxic assets.
In his first press conference since moving into the White House, US President Barack Obama warned that if Congress failed to act fast, the US economy risked sinking into a "negative spiral" that could prolong the current recession.
US President Barack Obama held a town hall meeting in Elkhart, Indiana, to push his 800 billion dollar stimulus plan, currently under review in the Senate. He will then have his first press conference since moving into the White House.
The Norwegian government has announced that this package comes on top of an additional 40 billion Euro bank rescue launched in October, and another stimulus package announced last month. (Pictured: PM Jens Stoltenberg)
US President Barack Obama hqs said that the "Buy American" clause in the stimulus package up for debate in the Senate would be a mistake, after warnings from world leaders that protectionism could spark a trade war.
Canada and the EU warned US lawmakers against protectionist measures Monday, responding to a "Buy American" amendment passed by the US House of Representatives as part of President Barack Obama's $819bn stimulus plan.