Treasury outlines bank rescue plan, but Wall Street frowns

Kevin G. Hall | McClatchy Newspapers

last updated: February 10, 2009 05:31:36 PM

WASHINGTON — Treasury Secretary Timothy Geithner unveiled an ambitious and comprehensive plan Tuesday to revive the struggling banking sector, thaw the credit markets, spark more lending to consumers and reverse a nationwide housing slump.

Geithner took the wraps off the Obama administration's bank rescue plan shortly before the Senate passed an $838 billion economic stimulus plan. President Barack Obama is counting on both efforts to halt the worst economic downturn since the Great Depression.