Bailout

Rescue Part II Pushed Back

Obama's plan to restructure the $700 billion financial industry bailout will have to wait another week, the White House announced today. Testament to the collossal work required to pull together the legislation, its unveiling has been pushed back to the second week of February, reports CNN. The legislation will include restrictions on corporate compensation and plans for the so-called federal "bad bank" for buying other institutions' bad assets. Combined with Obama's $825 billion stimulus, Republicans have begun to refer to Obama's legislative debut as the "trillion-dollar Christmas list."