An official in U.S. President Barack Obama's administration said on Saturday the announcement of a rescue plan for the financial system was running on schedule."We are on track," the administration official said in response to a question about a CNN report the plan's announcement would take extra time due to its complex nature.
The official said the administration had never announced a formal date for the roll-out of the plan to bolster the banking system and credit markets that have been battered by the collapse of the U.S. housing market and a spike in mortgage failures. The official declined to provide further details.A source familiar with the administration's thinking said the plan could be announced as early as next week.
But CNN, citing administration officials, said the announcement of the plan would be pushed into the second week of February as officials sort out details.
"Administration aides are saying that they want to get the details right, that there are a lot of moving pieces, and so it's going to take an extra week," CNN said.
Key lawmakers such as Democratic Representative Barney Frank are expected to meet with Obama over the next few days to discuss the financial services rescue plan, according to the source.One of their priorities is to ensure there is more transparency in how banks use the government funds, the source said.Obama said earlier in the day the plan would be announced soon and would help lower mortgage costs for homeowners and spur the flow of credit to businesses and households.
So far, about half the $700 billion of the Treasury Department's Troubled Asset Relief Program has been used up since it was rushed out late last year to tackle the crisis, and economists have said a lot more money may be needed to fund the next phase of the rescue.Mohamed El-Erian, chief executive of bond firm Pacific Investment Management Co, or Pimco, said a long delay in announcing the plan would be badly received by markets.
Obama administration says rescue plan 'on track'
Australian cricket captain Ricky Ponting and other senior players will seek to boost the confidence of the younger players following Australia's 4-1 one-day series loss to South Africa.Ponting said it is important that the team starts afresh for their five-game series against New Zealand, which begins in Perth on Sunday."I think it's a mindset thing at the moment. Confidence in the group is down a little bit on our last couple of performances. With the younger guys in and around the group and coming in for their first series and losing it the way we have, it's important for me as a senior player, and some of the other guys, to really get to them in the next 24 hours and let them know that that series is gone now and we have to look forward to the New Zealand series. It's important we start off this series against New Zealand on a positive note," Ponting said.Ponting is even looking at going on the front foot against the visitors by unleashing fast bowler Shaun Tait to reopen some old scars.Tait terrorised the Black Caps in a Twenty20 match at the WACA Ground in 2007, snaring 2-22 in four breathtaking overs as he unnerved the Kiwi's line-up with his sizzling pace.New Zealand are set to recall pacer Tim Southee, who sat out Thursday's loss to the Prime Minister's XI with a groin strain, while captain Daniel Vettori is also contemplating including spinner Jeetan Patel.Jesse Ryder will miss the opener due to a shoulder injury but wicketkeeper Brendon McCullum, who blasted a century against the Prime Minister's XI, appears to have overcome a hip injury.Ponting said opener David Warner, who averaged just 22.25 against South Africa in the one-day series, would play all five games against the Kiwis.