Bush agrees to ask for second half of $700B bailout
WASHINGTON — President-elect Barack Obama asked President George W. Bush in continuance Monday to seek another $350 billion to admit to bail out the fiscal sector so that Obama be possible to have the money at his disposal promptly after taking act of worship.
Bush agreed to notify Congress, the White House said. Congress has 15 days to reject the request, but efforts were preparing to have the money available for Obama much sooner.
The request would give Obama, who takes office Jan. 20, not only the opportunity to get live admission to the money, but also to change the program’s goals and conditions. The Bush administration’s handling of the first $350 billion has come under widespread criticism in Congress and from watchdog organizations.
Obama and his economic team have signaled that he was zealous to use the money to help curtail the number of mortgage foreclosures and that he wanted to spot greater restrictions on institutions that receive the funds. The move comes as Democrats in the House of Representatives prepare to act on legislation that has some of the similar aims.
Earlier Monday, Bush told reporters that he would not ask the money cast Congress unless Obama “specifically asked me to make it.” About pair hours later, White House press clerk Dana Perino said that Obama had is it possible asked Bush to submit the request.
Bush’s remark that the decision to tap the money rests with Obama was an acknowledgment of what has been an extraordinary ceding of power to the incoming administration. In fact, when it comes to the economy, Bush in recent weeks has give leave to Obama exist the driving force behind mostly recovery efforts.
A vote in Congress is well-suited soon, perchance this week, distinct senators predicted after a briefing from Obama economic adviser Larry Summers on the Wall Street bailout, as well being of the kind which on Obama’sitting separate plan for roughly $800 billion in spending and tax breaks to hasten the economy.
“I have the consciousness of being better this morning, and I am told the Obama team will be giving us these specifics” on precisely how the additional money would be disbursed, Senate Banking Committee Chairman Christopher Dodd, D-Conn., said Monday, after talks with Summers.
Though Bush would request the additional money for the Troubled Asset Relief Program, the incoming Obama administration would betray the plan through laying out a series of changes in in what state the program is run.
Obama’s nominee with respect to Treasury secretary, Timothy Geithner, has been working to redefine the program and to palm more conditions on how the money is used.
“Larry Summers made a very forcible argument for why it’s prominent and decisive for the overall recuperation,” said Sen. John Kerry, D-Mass. “And I think that’s an argument that most senators understand.”
Summers sought to win over Senate Democrats even as the GOP leader of the House, John Boehner of Ohio, warned that any effort to release the additional money would be a tough sell.
Original text: http://seattletimes.nwsource.com/html/businesstechnology/2008618454_webeconomy12.html?syndication=rss
