The White House says President Barack Obama still has confidence in Treasury Secretary Timothy Geithner, despite the withering criticism that has come Geithner’s way over the government’s plan to rescue the financial industry.
Press Secretary Robert Gibbs said Tuesday that Obama "absolutely, 100 percent" has faith in his treasury secretary.
Gibbs, interviewed on NBC’s "Today" show, said that Obama’s speech to Congress and the nation Tuesday night will provide more details about the administration’s financial stability plan to get banks lending and credit flowing again. That plan has so far been criticized as being too vague.
Federal regulators said Monday they will launch a revamped program to shore up the nation’s troubled banks that includes the option of increasing government ownership in financial institutions.