- The Washington Times - Saturday, March 21, 2009

BREAKING NEWS:

WASHINGTON (AP) — Administration and industry officials say Treasury Secretary Timothy Geithner could unveil as soon as Monday his long-awaited plan to get toxic assets off the books of banks.

The officials say that the plan will use the Federal Reserve and the Federal Deposit Insurance Corp. to make the resources of the government’s $700 billion financial rescue fund go further.

Geithner is being forced to tap the Fed and the FDIC for support because the prospects for getting additional support from Congress for the bailout effort have dimmed significantly given the recent uproar over millions of dollars in bonuses provided to troubled insurance giant AIG.

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