U.S. President Barack Obama says his administration is working on a new
approach to help revive the country's failing financial sector.
In his weekly address Saturday, the president said Treasury Secretary Tim Geithner will soon lay out a strategy to get credit flowing to businesses and families.
Mr. Obama did not reveal details of the plan but said it would also help lower mortgage costs and extend loans to small businesses.
He urged the Senate to pass an economic recovery package aimed at saving or creating three million jobs over the next few years. The U.S. House of Representatives approved the proposed $800 billion stimulus plan earlier this week.
In the Republicans' response, Senate Minority Leader Mitch McConnell said Republicans agree with Mr. Obama that a stimulus package is needed, but said the Democrats' plan "falls short of the president's vision."
McConnell said many analysts think the bill is unlikely to create new jobs or boost the economy soon. He said the bill is loaded with wasteful spending and looks like what he termed a "trillion dollar Christmas list."
The Senate Republican leader suggested a simpler plan that focuses on fixing the problem of falling home values, which he said most economists agree is the underlying cause of the downturn.
McConnell said the Republicans' plan includes low-interest loans and lower income tax rates.
Some information for this report was provided by AFP, AP and Reuters.