President Barack Obama will unveil his plans on Thursday to raise a $120 billion from major U. S. financial firms to compensate the expected losses from a taxpayer-funded bank bailout, a senior administration official claimed.

The President is deeply seeking to recoup billions in expected losses from the Troubled Asset Relief Program (TRAP). However, the strategy lands amidst public frenzy because of a new round of big Wall Street bonuses.

The plan for the TARP fee has been proposed since August and Obama felt it was important to device means to make sure taxpayers got all the money back sooner than was required under the law.

The TARP bill witnessed a severe debate just to obtain the key to win support from wary lawmakers to push the bill through Congress.

An anonymous financial industry source in Washington guided Reuters for options available to structure such a fee, including basing it on the amount of a financial firm's liabilities.

The government officials are in a process of discussion on waving fee for the automakers and insurer American International Group. However, these firms are expected to represent a large chunk of the bailout losses.