WASHINGTON — President Barack Obama said Saturday his administration will outline a new strategy in the coming days for spending billions of federal dollars to pull the nation out of an economic crisis he described as "devastating."

Obama and his top advisers are weighing how to structure the remaining $350 billion that Congress approved last year to save financial institutions and lenders from collapse.

The new president warned there is no single action that would allow his administration to fix the struggling U.S. economy.

"No one bill, no matter how comprehensive, can cure what ails our economy," Obama said in his weekly radio and Internet address. "So just as we jump-start job creation, we must also ensure that markets are stable, credit is flowing and families can stay in their homes."

Obama and his aides spent his first two weeks in power working on the nation's economic troubles. The final three months of last year sent the economy into its worst downhill slide in a quarter-century.

Treasury Secretary Timothy Geithner met with the administration's top officials and advisers in recent days, trying to finish a plan to overhaul the $700 billion bailout program that is already half gone.

Geithner previously said the administration is weighing the possibility of using a government-run "bad bank" to buy up toxic assets that are weighing on the books of financial institutions, but some officials now say that option is gone because of potential costs.