Administration extends $700B bailout until Oct.

US Treasury Secretary Timothy Geithner, seen here in October 2009, said Wednesday he was extending the authority of a 700-billion-dollar financial bailout to October 2010 even though the program would cost less than expected.(AFP/File/Tim Sloan)
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AFP/File
AP - 13 minutes ago

WASHINGTON - The Obama administration has extended the $700 billion financial bailout program until October, setting up a struggle between Democrats who favor using some of the leftover money to help generate jobs and Republicans who say it should be used to shrink soaring budget deficits.

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