Obama to decide soon on bailout funds, Kerry says

babylonsister

(1000+ posts) Send PM | Profile | Ignore

Sun Jan-11-09 06:09 PM
Original message

Obama to decide soon on bailout funds, Kerry says

http://www.reuters.com/article/politicsNews/idUSTRE50A2MH20090111

Obama to decide soon on bailout funds, Kerry says
Sun Jan 11, 2009 4:23pm EST

WASHINGTON (Reuters) - President-elect Barack Obama is expected to make a decision soon on whether to seek additional funds from the $700 billion financial rescue program, a Democratic senator said on Sunday.

Massachusetts Sen. John Kerry, who was in meetings with Obama's top economic aides and other senators, was pressed by reporters on the timing of a request for the second half of the money from the Troubled Asset Relief Program.

"It's my understanding that the president-elect is going to make a judgment somewhere in the next hours," Kerry said.

The Bush administration has been in talks with the Obama team about the possibility of formally asking for the money in coordination with the president-elect so that the funds would be available when Obama is sworn in on January 20.

Printer Friendly | Permalink | | Top

babylonsister

(1000+ posts) Send PM | Profile | Ignore

Sun Jan-11-09 06:18 PM
Response to Original message

1. Obama: $350b bailout needs to help people

Obama: $350b bailout needs to help people

Obama says bank bailout money needs more precise objectives, oversight during next round

PHILIP ELLIOTT
AP News

Jan 11, 2009 11:17 EST

President-elect Barack Obama wants more transparency and strict guidelines for using the second $350 billion of the bailout fund Congress approved last fall to stabilize the nation's financial system.

Obama's economic team has been talking with the Bush administration about having Treasury Secretary Henry Paulson ask Congress as early as this week for access to the $350 billion remaining in the bailout fund. If Congress rejected such a request, a presidential veto could still free up the money, unless Congress overrode the veto.

The Congressional Oversight Panel raised detailed questions last week about how banks are spending the first $350 billion, how the money will combat the rising tide of home foreclosures and Treasury's overall strategy for the rescue. In instance after instance, the panel said, the Treasury Department did not offer adequate responses.

more...

http://www.talkingpointsmemo.com/news/2009/01/obama_350b_bailout_needs_to_help_people.php

Printer Friendly | Permalink | | Top

ProSense

(1000+ posts) Send PM | Profile | Ignore

Sun Jan-11-09 06:31 PM
Response to Original message

2. Sens See Obama Request For TARP Funds In Days; Conditions Attached

Sens See Obama Request For TARP Funds In Days; Conditions Attached

WASHINGTON -(Dow Jones)- Senate Democrats said Sunday they expect President- elect Barack Obama's incoming administration to make a request for the second $ 350 billion in funds under the Troubled Asset Relief Program within days.

<...>

They said it is likely there will be a commitment in writing from Obama's Treasury Secretary nominee Timothy Geithner detailing how the money would be used, placing strict conditions on the banks that take part in the rescue plan.

<...>

Sen. Christopher Dodd, D-Ct., the chairman of the Banking Committee, said he expected such a written commitment from Obama officials, possibly as soon as Monday, with a vote in the Senate coming later in the week as to whether to release the funds. "If we can get a strong commitment by the Obama administration, then legislation may not be necessary," said Dodd.

<...>

Kerry said that in addition to information about how the Treasury plans to use the second tranche of money, there are plenty of lawmakers who want a full accounting for how the initial outlay of funds was spent.

more

Printer Friendly | Permalink | | Top

babylonsister

(1000+ posts) Send PM | Profile | Ignore

Sun Jan-11-09 06:37 PM
Response to Reply #2

3. Good. A full accounting is crucial; once burned, twice shy? nt

Printer Friendly | Permalink | | Top

ProSense

(1000+ posts) Send PM | Profile | Ignore

Sun Jan-11-09 07:34 PM
Response to Reply #3

4. Exactly.

Only days before Bush is out of the picture.

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Sun May 05th 2024, 01:49 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.