Stimulus Package Review Board

Earlier today, President Obama said he would establish a review board to oversee the $700 billion financial industry bailout plan. He also hinted that his administration might ask for more money. "We can expect that we're going to have to do more to shore up the financial system," Obama said.

Obama teamed up with Vermont Gov. Jim Douglas to get bipartisan backing for the stimulus package. A $819 billion package passed last week, without a single Republican voting in its favor. The Senate started working on the $900 billion version today. GOP lawmakers say that the plan is too expensive and doesn't put enough emphasis on tax cuts. Douglas is one of several GOP governors who are breaking with their Republican colleagues and working to get the stimulus package passed. "With very few exceptions, I heard from Republicans and Democrats the need for action, and swift action," said Obama.

Obama said that some of the nation's banks would have to write off bad debts, while other banks may fail. "It is likely that the banks have not fully acknowledged all the losses that they're going to experience," said Obama.