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Bush Prepares Request for Rest Of Bailout Funds

Posted By admin On January 10, 2009 @ 5:12 am In Money Watch | Comments Disabled

David Cho and Lori Montgomery
Washington Post [1]
Saturday, Jan 10, 2008

Senior Bush administration officials, consulting with the Obama transition team, have prepared a plan to ask lawmakers for the second half of the $700 billion financial rescue package despite intense opposition in Congress, sources familiar with the discussions said.

The initiative could create an unusual political scenario straddling the Bush and Obama administrations. If Congress were to vote down the measure, either President Bush or Obama would have to exercise a veto to get the money.

Obama officials would prefer that Bush exercise any veto rather than leave the new president with the unsavory task of rebuffing his fellow Democrats in Congress to advance a widely unpopular program, sources said. The White House has declined to say publicly whether Bush would be willing to issue the veto.

(Article continues below)

Bush Prepares Request for Rest Of Bailout Funds 161008pptv3 [2]

“There have been discussions between the administration and the transition team on how to proceed should the president-elect determine that he would like President Bush to notify Congress on his behalf of the intent to use the remaining $350 billion so that it will be available early in the new administration,” White House press secretary Dana Perino said. “No final decisions have been made.”

But Democratic Senate aides were notified in a meeting yesterday afternoon that the request could come as soon as this weekend and that a vote could be held as early as next week, said congressional sources, who spoke on the condition of anonymity because no decisions have been made.

Full article here [1]


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URLs in this post:

[1] Washington Post : http://www.washingtonpost.com/wp-dyn/content/article/2009/01/09/AR2009010902846.html?hpid=topnews

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Bush: Obama Hasn’t Asked For Rest of TARP Fund Yet: http://www.prisonplanet.com/bush-obama-hasnt-asked-for-rest-of-tarp-fund-yet.html

[4] Paulson unlikely to tap rest of bailout: report: http://www.prisonplanet.com/paulson-unlikely-to-tap-rest-of-bailout-report.html

[5] Geithner Preparing Overhaul Of Bailout: http://www.prisonplanet.com/geithner-preparing-overhaul-of-bailout.html

[6] White House Gears Up For Bush-Obama Talks: http://www.prisonplanet.com/white-house-gears-up-for-bush-obama-talks.html

[7] Bush: More rescues like Citigroup possible: http://www.prisonplanet.com/bush-more-rescues-like-citigroup-possible.html

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