|
|
Published January 12, 2009 11:32 am - President George W. Bush is letting President-elect Barack Obama dictate when to seek access to the remaining $350 billion in financial sector rescue funds and said Monday that his successor had yet to ask for the bailout money.
Bush won’t make bailout request without Obama OK
WASHINGTON (AP) — President George W. Bush is letting President-elect Barack Obama dictate when to seek access to the remaining $350 billion in financial sector rescue funds and said Monday that his successor had yet to ask for the bailout money.
“He hasn’t asked me to make a request yet,” Bush told reporters Monday in what is likely the last press conference of his presidency. “And I don’t intend to make a request unless he specifically asks me to make it.”
A request to Congress for the money could still come as early as Monday to permit Obama’s administration to have the ability to use it shortly after taking office. Obama officials had no immediate comment following Bush’s press conference.
Bush’s assertion 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 let Obama be the driving force behind most recovery efforts.
A vote in Congress is likely soon, possibly this week, several senators predicted after a briefing from Obama economic adviser Larry Summers on the Wall Street bailout, as well as on Obama’s separate plan for roughly $800 billion in spending and tax breaks to spur the economy.
“I feel 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.
Bush would request the additional money for the Troubled Asset Relief Program but the incoming administration would sell the plan by laying out a series of changes in how the program is run. More of the money would go directly to relieve homeowners threatened with foreclosure, Dodd had said Sunday. He said at that time that a fuller accounting of the money already spent is needed as well, Dodd said.
“Larry Summers made a very strong argument for why it’s important and critical for the overall recovery,” 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.
At his press conference, Bush defended the financial industry bailout, a massive government intervention that has drawn criticism from Republicans as intrusion into the financial markets and from Democrats who complain the money has not helped stabilize or reduce mortgage foreclosures.
“I readily concede I chunked aside some of my free market principles when I was told by chief economic advisers that the situation we were facing could be worse than the Great Depression,” Bush said.
He credited the program for improving the lending landscape.
“Credit spreads are beginning to shrink,” he said. “Lending is just beginning to pick up.”
A request to Congress would force a vote within days on whether to block the funding, but the deck is stacked in favor of Bush and Obama winning release of the remaining $350 billion. Congress can pass a resolution disapproving the request, but the White House could veto the resolution; then, just one-third of either chamber would be needed to uphold the veto and win release of the money.
The idea is to make the money available to the new administration shortly after Obama takes office Jan. 20. The unpopular bailout has featured unconditional infusions of money into financial institutions that have done little to account for it.
•
Click to discuss this story with other readers on our forums.
|
|
: Special Offer For New Subscribers
:
|
 |
|
OLIVE GARDEN
Now accepting applications Line Cooks, Dishwashers, and Lunch Servers Interviewing 2-4 p.m. Monday through Fr...>MORE
GROWING DENTAL PRACTICE
looking for experienced Dental Assistant. Computer knowledge a must. Resumes: 2710 Picher, Joplin, MO 64804. Deadline by...>MORE
DELIVERY DRIVER
We have a full time position open for a delivery driver. Position consists of working part time in the warehouse in addi...>MORE
EMERGENCY SERVICE WORKER
EMERGENCY SERVICE WORKER/ EMERGENCY ROOM ADVOCATE Part-time position in women’s treatment/ trauma program. This positio...>MORE
OPINIONS WANTED
For legal research project. Participants will listen to presentations and express their opinions. Project scheduled for ...>MORE
DRIVERS WANTED
DRIVERS WANTED Drivers needed for Waste Corporation of Joplin, a growing company in the Joplin and surrounding areas. ...>MORE
LOCAL DRILLING COMPANY
needs a rock driller. Must have experience in hydraulics. Company vehicle provided. (417)662-7267...>MORE
CHILD CARE WORKER
CHILD CARE WORKER Part-time position working with children 0-6 at Discovery Center childcare center. Day and evening h...>MORE
TEAMS NEEDED
SIGN-ON BONUS $3000 Benefits and West Coast $$ Scheduled Raises $$ HIGH MILES WEEKLY 72hrs...>MORE
PCA 'S AND CNA'S
PCAs and CNAs In Joplin and surrounding areas. Call 417-206-7878....>MORE
See all ads |
|
CHEVROLET 1997 TAHOE
CHEVROLET, 1997 TAHOE LT, 4X4, Maroon, air, excellent condition, leather seats, power everything, $2500 or best offer Pl...>MORE
2005 HONDA SHADOW VLX 600
2,000 miles, color white, $3950. (417)673-3860....>MORE
LEHMAN TRIKE
LEHMAN TRIKE, 2007, excellent condition, rider has health problems. $20,500. Serious inquires only. (417)529-9554....>MORE
FORD 2001 ESCORT
FORD, 2001 Escort, 4 cylinder, automatic, good condition. $1800. (417)437-5682....>MORE
MAZDA, 2000
B3000, 4x2, V6, automatic, high miles, $2150. (417)843-2613....>MORE
1932 FORD
5 window, coupe, glass body rolling chassis, torch thrust, 2 wheels, etc, $18,000. (417)781-1932, or 417-437-9942...>MORE
YAMAHA 1999 ROAD STAR
Yamaha, 1999 Road Star 1600 excellent condition, less than 10,000 miles, saddle bags and highway lamps. $3500. Cell phon...>MORE
1999 CHEVROLET TAHOE
2 door, 2 wheel drive, barn door rear, lowered, custom paint/grill/wheels, asking $5500. (417)781-1932, or cell (417)437...>MORE
LEXUS 2002 ES
LEXUS, 2002 ES 300, silver/gray leather, navigation, heated seats, second owner, 94,000 miles, $10,900. 620-856-2804, 41...>MORE
NEED 2 DRIVERS
with 3 years plus $ miles with turn arounds back to Joplin, MO. Home often. 417-325-7320....>MORE
See all ads |
|
HANDYMAN SPECIAL
Handyman Special, only $500 down, owner financing, 11% interest, $345/ month, priced at $23,900. 1120 W. 12th Street (41...>MORE
OPEN HOUSE
405 Keeney Street, Carl Junction. Sunday July 12 • 2 p.m.-4 p.m. This home is owned by Carl Junction R-1 School Di...>MORE
2-3 BR
Basement, newly remodeled, oak cabinets, nice wood floors, privacy fence. $79,200. 2525 N. Ozark. (417)483-0900....>MORE
LAKE FRONT MOBILE
Lake Front Mobile Grove, OK 1972 14 X 46 1 Bedroom, 1 bath lake front mobile home weekend getaway. Complete with furn...>MORE
OPEN HOUSE
OPEN HOUSE 7/5/09 1:00-4:00 2281 sq. ft. Updated kitchen 4 br + bonus room 2 living areas Metal roof. Stapleton school ...>MORE
INVESTORS OR START-UP
INVESTORS OR START-UP 1217 Central. $67500 2 bedroom, 1 bath, very nice,room to build more. See more at homesbyowner.co...>MORE
OWNER FINANCE
OWNER FINANCE. $650 down, $435 monthly. 201 N. Washington, Joplin, 3 BR, garage, Full price $32,500. 417-359-4113. ...>MORE
See all ads |
|
MALTIES PUPS
$150-$300; Yorkies, $300; Morkies-$200. 592-7827, leave message....>MORE
MINI SCHNAUZERS
8 weeks AKC house breaking underway, vet checked/healthy. rsfieker@yahoo.com 417-235-3168....>MORE
COLLEGE STUDENT
COLLEGE STUDENT LOOKING FOR FEMALE ROOMMATE I am looking for a female roommate with Christian values to share my du...>MORE
24' BAJA OUTLAW
24’ BAJA Outlaw beautiful closed bow boat, 454 Mag, all options, excellent condition, low hours with 2005 trailer, $16,0...>MORE
MINIATURE DACHSHUND PUPPIES
6 weeks old, $100. (417)781-4099....>MORE
YORKIE-CHORKIE
Yorkie-Chorkie, 6 weeks, weight 12 oz. and up. 417-358-4202....>MORE
LOST: 10 YEAR OLD YELLOW LAB
Goldie has on a flea collar, lost 6/28 between Oak Grove and Tipton Ford. PLEASE call 417-438-2828....>MORE
NASCAR
Indy Brick Yard 400, 7/26/09, 2 at $90. 417-483-1460....>MORE
ANTIQUE RADIO
ANTIQUE Radio; hanging lamps; china cabinet; carnival glass; Singer featherweight machine; 2 ladies and men diamond ring...>MORE
LAB MIX
black female, spayed, 3 years old, and 2 puppies, male/female, up to date vet care, $35 each. Refundable with proof of s...>MORE
See all ads |
|
 |
|