Bush Prepares to Ask for Second Tranche of Bailout Funds; "coordinated with Obama transition team"

Source: Washington Post

In a move being coordinated with the Obama transition team, senior Bush administration officials are preparing to ask lawmakers for the second half of the $700 billion financial rescue package, despite intense opposition in Congress, sources familiar with the matter said.

The initiative, if it goes ahead, could create an unusual political straddle between the Bush and Obama administrations. If Congress were to vote down the measure, either President Bush or Obama might have to exercise a veto in order to get the money. While Obama officials prefer that current administration issue a veto, the White House is declining to address that question.

Democratic Senate aides were notified in a meeting this afternoon that the request could come as soon as this weekend and that a vote could be held as soon as next week, congressional sources said.

Under the emergency rescue legislation approved by Congress in October, the administration must inform lawmakers that it wants access to the second installment of $350 billion. Unless Congress passes a resolution rejecting the request within 15 days, the Treasury can begin to tap the funds. If Congress does turn down the request, the president could veto the resolution and then the Treasury could proceed.

The plan now being crafted by the Bush administration is not finalized. By unsheathing the veto threat, the Bush administration could make it more likely that the Obama administration would get the rest of the rescue funds. Only if Congress overrides the veto would the money be blocked. A congressional source said advocates of the plan are now exploring whether there are enough votes in the Senate to sustain a veto....

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/09/AR2009010902846.html?hpid=topnews

pissed away again.

"If Congress were to vote down the measure, either President Bush or Obama might have to exercise a veto in order to get the money."

If Congress votes the measure down -what's to veto. The President can't veto an un-passed measure and make it pass! If he can we're really in trouble!

does not act on his request, what's to veto? I veto your inaction? I veto your no? But, watch, Dummya will endgame them. He always has.

Unless Congress passes a resolution rejecting the request within 15 days, the Treasury can begin to tap the funds.

Chimp has 10 days left. 15-10=5. 5 days too late. :wtf:

The Bush Boys are like a band of bank robbers who having cleaned out the teller cages and the bank vault have decided to rob the customers as well on their way out of the bank. And no doubt they will get away with it. With a little help from the bank guards aka Nancy Pelosi and Harry Reid and the new bank president aka Barack Obama who walked in on the bank robbers and apparently doesn't have a problem with the customers getting robbed as well. After all, the bank is insured so to speak.

Has anyone stopped to count up their take so far? According to some estimates by Wall Street itself, around $10 trillion. Most of that from the Federal Reserve. So it's really not "our" money. But, well, if the banks go under, well, the taxpayers pay back the Federal Reserve although in all likelihood they will anyway through higher fees and higher interest rates. It may seem like we have low interest rates. Until you realize what the interest rate on the "loans" from the Federal Reserve are. We have become a giant ATM for the country. It is "our" money. Despite everyone wanting to believe it's not.

Has anyone bothered to explain to Barack Obama what the word "change" means?

Why not try one more heist before skipping town with the spoils? It's worked every time for the past eight years. Sadly, I predict a complete fold by the so-called "opposition" party - and we'll watch as they bow before the emperor. :puke:

:grr: :(

Source: Washington Post

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.

"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."

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/09/AR2009010902846.html

Or has something radically changed in this program?

Citi said they would be willing to do so, the other day, along with MBA behind the measure too. They were against it before. I must add, however, that the FDIC's attempts at modifying mortgages resulted in a 60% re-default rate, so it is definitely not the end-all answer.

Other than that, I doubt there will be a different approach from the Bush regime on this matter.

Piss!

but another shoe must be ready to drop if there is such urgency to not wait till the official changeover. Something is really off.

It'll years before they'll get another chance and they're banking up against a bleak future. Hard to blame them for them being smart really, we'll have to blame them for something else.

$350 BILLION!!!

Where Did Taxpayer Money Go? Panel Slams Treasury
http://abcnews.go.com/Business/Economy/story?id=6606296&page=1

It's just common sense. They may be dead wrong with what they want to do, or they may make sense. I'll wait before I make rash judgments.

conditions. The banks got the money and they're still not lending. So, what did we accomplish?

introduce a bill in Congress. Since when is a request from a President a measure that Congress has to vote on, one way or another? I don't get it.

It is the most simply answer our Congress has to answer - NO, you cannot have the $350 billion, nothing has been improved,
banks have basically pocketed the money, and America is in Depression.

If Reid and Pelosi allow Bush to steal this final $350 billion, we will all know that our government, including all Republicans and
a majority of Democrats, are out to destroy our country.

There is no legitimate reason to turn over badly need funds to the most corrupt administration ever. America needs this money to help our country.
If Reid and Pelosi cave in, like they have for the last 8 years, Obama stands no chance in succeeding. Not only that, we as America and Americans will
fail.

Betrayal. It is the most severe of all human acts - to have unlimited and deserving trust in someone only to have that someone stab you in the back.

The unfortunate reality - AMERICANS just can't be bothered to rise up and stop ANYTHING - the war crimes, the killings, the theft of our Treasury,
the mass destruction of the middleclass, NOTHING.

With nobody stopping them - even the Democrats will walk all over us.