Obama May Propose New Tax on Banks

(AP)
President Obama will propose a plan for the federal government to recoup more bailout funds from banks, CBS News White House correspondent Mark Knoller reports, and one of the options on the table is a levy on financial institutions.

"The president has made a commitment to the American people that he will recoup their investment in the financial industry," a senior administration official told CBS News.

"While we have made great progress in recouping a large portion of the investment, consistent with the law, the president will propose a way to recoup additional funds and one of the options is a levy on financial institutions," the senior official added.

The Associated Press adds that a change under consideration would force banks to pay back tax dollars more quickly.

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