Obama plans to set up stimulus oversight board

US President Barack Obama said Monday he would set up an independent board to review spending of his economic US$800 billion-plus stimulus plan to pull the nation out of it's deep economic recession. The measure was passed by the House of Representatives last week and is under debate in the Senate, although failing to attract significant Republican support in either legislative chamber as he had hoped. The president also predicted that some of America's troubled banks still could fail, despite a separate $700 billion financial bailout program, half of which has already been spent by the former Bush administration. The president also said that he was taking full responsibility for rescuing the US economy, which is facing its worst downturn in 80 years.