$787 billion plan, no Republicans vote "yes"

House Speaker Nancy Pelosi of Calif., center, flanked by House Majority Leader Steny Hoyer of Md., left, and Rep John Larson, D-Conn., right, speaks during a news conference on Capitol Hill in Washington, Friday, Feb. 13, 2009

The House has passed a $787 billion plan to resuscitate the economy, handing President Barack Obama a big victory. Well that's what some news outlets are saying. The measure was passed on a 246-183, with no Republican "yes" votes. It will now go to the Senate, where a vote is expected later Friday.

As reported by The LA Times, He also called on business leaders to help his administration as their forbears helped President Franklin D. Roosevelt in the early days of his presidency. Speaking to the Business Council -- founded in 1933 by FDR's secretary of Commerce -- Obama asked dozens of chief executives gathered in the White House East Room to help him bring their "best practices" to the enterprise of government.

"Even as our president was leading unprecedented public interventions into the private sector," Obama said of Roosevelt, "he did so always in concert with the private sector's leaders."

Obama said he expected that a House vote today on his $789-billion rescue plan would get the U.S. economy on the road to recovery.

But passing the plan is only the first step, he told members of the council, now a self-appointed panel that meets once a year.

"To truly address this economic crisis, we need to address the crisis in our financial sector to get credit flowing again to families and businesses," Obama said. "We need to confront the crisis in the housing sector that has been at the root of our economic challenges, and I'll be discussing that soon. More HERE

Now the President Obama vows to turn next to housing crisis. He plans to detail his foreclosure Plan According to the Washington Post, President Obama will release the details of his foreclosure prevention plan Wednesday, the White House announced today as several large banks pledged to temporarily stop foreclosures until the program is in place.

Obama will make the eagerly awaited announcement from Arizona, White House press secretary Robert Gibbs told reporters this afternoon.

That schedule came as J.P. Morgan Chase, Bank of America and Citigroup announced temporary moratoriums on foreclosures at the urging of a key House member.

Top executives from these firms endured tough questioning before the House Financial Services Committee earlier this week, including about whether the banks have done enough to help struggling homeowners. In public statements and letters to the committee released today, the banking firms sought to show the extent of their efforts.

AAPP: Get this, The White House cautions realism over Obama housing plan. I'm in agreement with John Taylor, "The move by some lenders to suspend foreclosure is helpful, and hopefully sign of a trend that other lenders will follow." John Taylor is president and chief executive of the National Community Reinvestment Coalition.

John Taylor also noted to The Washington Post, however, "the move delays foreclosures, but will not prevent them. The Treasury Department must move expediently to enact a meaningful foreclosure prevention program, or efforts to stall foreclosure will delay the inevitable but not provide real relief for homeowners and the economy." Your Right John, your right! More HERE

Do you agree with John Taylor?