Despite the worsening US economy, a financial rescue plan promised by President Barack Obama has been delayed until the second week of February.
During his weekly radio address, Obama did promise that the awaited initiative would help revive the financial system and get credit flowing again. The delay was attributed to a need for getting the details right. Lessons appear to have been learnt from the rushing through of last year’s banking bailout which produced no marked freeing up of credit. The new measures are in addition to the economic stimulus bill with its over 600 billion euros worth of tax cuts and spending,that is currently before Congress.