Obama advisers: US financial crisis will cost more

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February 5, 2009 00:28

 
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President Barack Obama's closest economic advisers are signaling that the financial crisis will require more money and more US government intervention to correct. Paul Volcker, chairman of the president's Economic Recovery Advisory Board, told senators it is going to cost "lots more billions of dollars" to deal with the meltdown. Earlier, Treasury Secretary Timothy Geithner said the government will have to do "substantially more" to address the crisis. The blunt predictions came as the administration is preparing to unveil a new framework for how to assist banks and other financial institutions with the unspent money in a $700 billion financial bailout fund. Congressional Democrats have cautioned the administration not to seek more bailout money.

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