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Obama plan could extend original $700 billion price tag
1/31/2009 12:19 PM
By: CNN

President Barack Obama condemned Wall Street firms.  
President Barack Obama used his weekly address to talk about the current economic crisis.

Obama highlighted the American Recovery and Reinvestment Plan, which he said will save or create more than three million jobs over the next few years.

He also continued to condemn Wall Street firms for paying out nearly $20 billion in bonuses in 2008.

"We learned this week that even as they petitioned for taxpayer assistance, Wall Street firms shamefully paid out nearly $20 billion in bonuses for 2008," Obama said. "While I'm committed to doing what it takes to maintain the flow of credit, the American people will not excuse or tolerate such arrogance and greed. The road to recovery demands that we all act responsibly, from Main Street to Washington to Wall Street."

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For now, Obama and his top advisers are working on plans for the remaining $350 billion from the bailout package Congress approved last year.

Many of the measures under consideration could end up costing taxpayers hundreds of billions of dollars beyond the original $700 billion price tag.

Obama said his ideal package will get "credit flowing to businesses and families," while helping to "lower mortgage costs and extend loans to small businesses" that create jobs.

He's also promising to spend the money with "unprecedented transparency."

The Associated Press contributed to this report.



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