Treasury Secretary Timothy Geithner will outline the bailout plan in a speech at 11 a.m. EST on Tuesday, the Treasury Department said.
The announcement of the bank rescue plan—which will seek to shore up some of the biggest commercial banks in the United States—had been due on Monday.
Additionally CNBC has learned that the comprehensive financial plan to be announced Tuesday by Treasury Secretary Tim Geithner will include an expanded loan facility that will purchase newly issued and newly rated Commercial mortgage-backed securities and private-label mortgage-backed securities, all AAA rated.
Similar to the first Term Asset-Backed Securities Loan Facility, the expanded TALF will also use funds from the Treasury's Troubled Asset Relief Program to absorb the first losses along with lending from the Federal Reserve.
Obama will hold a prime time press conference Monday, after traveling to Elkhart, Indiana to hold a town hall meeting and push for quick action on the stimulus package. He travels to Fort Meyers, Florida on Tuesday. Both areas have been hard hit by layoffs and foreclosures.
Keep track of what Obama has been doing since taking office:
Day 20: Stimulus Package This Week? (Feb. 8)
- Top aides to Obama urged Democratic and Republican lawmakers to set aside political differences and give anticipated final approval this week to a massive economic stimulus package this week. (Full Story)
- Geithner has postponed his bank bailout plan announcement to Tuesday to allow Congress to focus on economic stimulus legislation, the Treasury Department said. (Full Story)
Day 19: Obama Demands Speed on Stimulus (Feb. 7)
- Obama pounded Republicans for policies that fueled the U.S. economic crisis, while welcoming a Senate deal on his stimulus bill that ideologically split lawmakers hope to finish by mid-month. Obama said quick action on the package was imperative to avoid catastrophe and praised the group of moderate senators from both political parties for coming up with a compromise. Senate Democrats agreed late Friday to trim spending proposals and support tax cuts in a roughly $800 billion bill. (Full Story)