Thu, Nov 26 2009
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Bush won’t make bailout request without Obama OK Treasury Secretary Henry Paulson originally promised the money would be used to buy up toxic mortgage-related securities whose falling values have clogged credit markets and brought many financial institutions to the brink of failure. Senate Majority Leader Harry Reid said that Bush and Obama officials were near agreement on submitting notice to Congress about using the remaining $350 billion. “We’re waiting to hear from President Bush and-or President-elect Obama as to what, if anything, they’re going to do,” said Reid, D-Nev., “and that’s occurring as we speak.” But to prevail, Obama and his team must soothe senators who feel burned by the way the Bush administration has used the TARP. “The (incoming) administration ... is going to fundamentally alter how this is being managed,” Dodd said. “The concept is still very sound and solid and it is needed. But it’s not going to pass around here unless there’s a strong commitment to foreclosure mitigation.” “These assurances have to be forthcoming, if they’re not, we’re going to have trouble passing this,” he said Monday on CBS’s “The Early Show.” Dodd said that it is of paramount importance that federal policymakers “put a tourniquet on the 9,000 foreclosures that are occurring every day in this country.” Work continued through the weekend on Obama’s economic recovery plan, which features aid to cash-strapped state governments, $500 to $1,000 tax cuts for most workers and working couples, a huge spending package blending old-fashioned public works projects with aid to the poor and unemployed, and a variety of other initiatives. Advocates for using tax cuts to promote alternative energy won concessions and the Obama team promised to make a $3,000 job creation tax credit — which has attracted considerable criticism — more workable. Meanwhile, transition officials were resisting efforts to use the economic recovery bill to address the alternative minimum tax, which has affected more and more middle-income families. 
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Inaguration slide show w/ Inauguration Day slide show 
3:59 p.m. Barack Obama’s speech receives good reviews from locals in Capitol
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