President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action — not only to save their homes but to keep the housing crisis "from wreaking even greater havoc" on the broader national economy.
The lending plan, a full $25 billion bigger than the administration had been suggesting, aims to prevent as many as 9 million homeowners from being evicted and to stabilize housing markets that are at the center of the ever-worsening U.S. recession.
His massive stimulus plan now signed into law, President Barack Obama is turning to attack the home foreclosure crisis at the heart of the nation’s deepening economic woes.
His goal is to prevent millions of American families from losing their houses because they can’t make mortgage payments.
President Barack Obama, in his first major military decision as commander-in-chief, has ordered 17,000 more troops to Afghanistan to tackle an intensifying insurgency, the White House said on Tuesday.
But in an interview with Canadian Broadcasting Corporation (CBC), Obama also said military means alone would not solve the problem.
Secretary of State Hillary Rodham Clinton is hoping to rehabilitate America’s image abroad, especially with Muslims, during a visit to Indonesia and to strengthen economic and development ties with Southeast Asia.
She arrived Wednesday, her second stop in an inaugural overseas trip as the top U.S. diplomat.
President Barack Obama heads west Tuesday to sign his huge stimulus bill with a flourish meant to be a rare bright moment for the US economy, and to confront a punishing wave of home foreclosures.
After less than a day back in Washington following a weekend home in Chicago, Obama will head to the Rocky Mountain state of Colorado, then set course for Arizona to mine a new seam of heartland support for his economic rescue plans.
The Obama administration is not letting widespread criticism of the rollout of its revamped bank bailout plan slow down its efforts to address the worst financial crisis in seven decades.
Treasury Secretary Timothy Geithner spent the weekend explaining the plan to America’s allies at a meeting of the Group of Seven major industrial countries, where he got a much better response than the initial reaction on Wall Street.