Obama announces financial bailout package

WASHINGTON: US President-elect Barack Obama has announced his first financial bailout package, which envisages allocating a mammoth sum of $850 billion.

Obama economic team presenting the $850 billion financial bailout package aims at revenue cut and increasing the employment opportunity in the country. The package plans $275 billion of revenue cut and spending $550 billion for creating new employment opportunities--estimated at 3,00,00 of new jobs. US unemployment rate currently has mounted to 16-year high i.e. 7.2 percent and it is feared this could peak at 12 percent during the current year.