Geithner Preparing Overhaul of Bailout

The treasury secretary nominee has been working day and night with other senior advisers to hash out a new approach for the remainder of the $700 billion bailout program.

Wants to expand the program's aid to municipalities, small businesses, homeowners and other consumers. Retooling needed after skepticism on how first half was spent.

Congressional oversight panel plans to release report Friday hammering the outgoing Treasury Department for its handling of the financial rescue.

Plus: Rep. Frank plans to present bill to authorize second half of TARP spending next week.