Stimulus Plan Passes Senate

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CBNNews.com - The $838 billion economic recovery plan is on its way to difficult House-Senate negotiations.

Today, the Senate passed its version of the plan shortly after the nation's new treasury secretary laid out his plans to spend billions more to bailout the banking industry.

But neither move is calming fears on Wall Street.

After lengthy debate, the Senate approved an $838 billion dollar spending plan designed to put Americans back to work.

Only three Republicans helped pass the plan that's been mired in partisan bickering from the start.

Now bargaining between the House and Senate begins.

Already President Obama wants to restore funding for school construction and aid to states cut out by Senators.

President's Road Trip

To drum up support outside of Washington, the president continued his economic recovery road trip stopping in Fort Myers, Fla. a community that last year witnessed the highest foreclosure rate in the nation.

"Doing nothing is not an option, you didn't send me to Washington to do nothing," President Obama said.

To ensure consumers and small businesses get the loans they need to start spending again Treasury Secretary Timothy Geithner explained how he'll spend the remaining $350 billion dollars that's left of the banking industry bailout.

"This is a dangerous dynamic and we need to arrest it," Geithner said.

To generate loans the Federal Reserve will expand the size of a key lending program from $200 billion to as much as $1 trillion dollars.

Tracking Bailout Money

Americans can track how the bailout money is spent on a new government website right down to how much banking executives are being paid.

"Our challenge is much greater today because the American people have lost faith in leaders of some of our financial institutions," Geithner said.

The new secretary got a cold reception on Wall Street.

The Dow Jones industrial average plunged triple digits in the afternoon trading as financial stocks led the market lower.

Signs of Wall Street's growing concerns about the government's ability to revive the banking industry.

Meanwhile, lawmakers in the House and Senate are busy negotiating how to resolve the differences between the House and Senate versions of the bill. They're working on a tight timeframe to get the bill to the president's desk.

Congress officially goes on recess next week.

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Jennifer Wishon

Jennifer Wishon

CBN News Reporter

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