WATCH LIVE

Lee Zeldin, former congressman and 2022 GOP candidate for governor, speaks at RNC

Senate OKs stimulus, Obama team declares 2-front war

The U.S. Senate passed its stimulus package Tuesday, just as Treasury Secretary Timothy Geithner outlined the Obama administration?s plan to get cash flowing again. The Senate?s bill passed 61-37 with

News 12 Staff

Feb 11, 2009, 12:16 AM

Updated 5,636 days ago

Share:

The U.S. Senate passed its stimulus package Tuesday, just as Treasury Secretary Timothy Geithner outlined the Obama administration?s plan to get cash flowing again.
The Senate?s bill passed 61-37 with only three Republicans voting for it. The president called it a good start, but just one piece of this economic puzzle. He was back on the road Tuesday to sell the stimulus bill to residents of Fort Myers, Florida at a town hall meeting.
Earlier, Geithner announced a plan that calls for more than $1 trillion from the Federal Reserve to jump-start credit markets, remove toxic assets from troubled banks and force banks to expose risks. The treasury secretary says a two-front plan is necessary to get the country?s economy back on track.
"We have to both jump-start job creation and private investment and we must get credit flowing again to businesses and families," Geithner says.
Wall Street investors didn't seem impressed though, and the Dow Jones Industrial Average dropped more than 300 points after Geithner spoke. Dowling College economist Irwin Kellner says investors? confidence is low because the plan is short on details and looks too similar to the first bank bailout.
Karen Woods, of Westhampton, says the state of the economy is nothing short of depressing, but has confidence in Obama.
?I like Obama and I think he's going to try to do a good job, but I think he has a lot on his plate.?
Geithner says there's also a plan in the works to reduce mortgage payments.
The Senate and the House have to work out a compromise on a bill before it goes to the president.


More from News 12