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The package also enables him to defer interest payments on about $850 million in bank debt.
Mr Obama's plan would let states defer interest and debt payments until 2014, so taxes would not necessarily have to rise when the economy was still weak.
It specialized in asking homeowners with bad credit and no proof of income to put no money down and defer interest payments for as long as possible.
In addition, Courtyard by Marriott II said it might defer interest payments to Marriott on a $200 million loan made to CBM.
But they ranked below other MCI debt and the company had the right to defer interest payments for five years without causing a bankruptcy filing.
Some of these deals involve a risky type of debt known as "payment in kind toggle"—or PIK-toggle bonds that give comPIK-toggle bondse thatefer interest payments to investors.
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Because asset prices have been such a large and explicit goal of the Fed's aggressive monetary policy, we continue to believe that the Fed will either defer interest-rate hikes until next year (or possibly even later), or that they will do one symbolic hike and move very, very slowly from there.
There is a price to be paid for deferring interest, however.
Redmond, Ore., School District No. 21, $113.8 million of general obligation convertible deferred interest bonds.
In his budget, officials said, Mr. Obama will call for deferring interest payments on the debt and postponing the automatic tax increases.
Under some contracts, the center says, consumers are given cards with deferred interest plans that might never materialize or promised rate reductions that can be withdrawn if the customer pays even one day late.
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