President Barack Obama's administration has delayed the presentation of its full financial rescue plan by one week until the second week of February, senior officials in the administration said, according to CNN.

Officials said that the rescue plan will include a crackdown on bonuses and other compensation for companies that receive federal bailout money, CNN noted.

The rescue plan is being developed by U.S. Treasury secretary Timothy Geithner and top economic advisers in an attempt to stave off further economic decline. Officials told CNN that there is a chance Geithner may reveal some aspects of the plan this week.

Obama has previously said the plan will help reduce mortgage costs for homeowners and put make more credit available for businesses and households. It may also include a plan to buy bad assets in the financial system creating a so called bad bank.

News about the rescue plan sent the financial stocks significantly higher on Wednesday with the Financial Sector index SPDR (XLF) rising 9 percent.

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