The Obama administration today formally unveiled details of its long-awaited plan to help cleanse banks and financial institutions of bad home loans and toxic securities, making a calculated gamble that partnering with private investors to buy the assets will stabilize the crisis while limiting the risk to taxpayers.

Treasury Secretary Tim Geithner, who finished testimony before the Senate Budget committee moments ago, reaffirmed that the cost of cleaning up all the toxic assets clogging the balance sheets of sick financial institutions will be at least $1 trillion.

Federal Health Minister Nicola Roxon has lashed out at the spirits industry's offer not to take back $300 million in tax collected from the Government's alcopops tax increase, accusing them of "paying a bribe".