Obama Threatens First Veto Over Bailout Funds

By Newser Editors and Wire Services
Posted Jan 13, 2009 5:22 PM CST
President-elect Barack Obama, accompanied by National Economic Council Director-designate Lawrence Summers, second from right, and others, leaves a Democratic policy luncheon.   (Susan Walsh)
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(Newser) – Barack Obama appealed to Democrats in Congress today to allow the use of an additional $350 billion in federal bailout funds and vowed to veto any move to block the money. Obama met with lawmakers behind closed doors and backed up his plea with a promise to revise elements of the original bailout program that have drawn widespread criticism. He promised that billions will go toward helping homeowners facing foreclosure.

Several Democrats said his commitments, to be made in writing, would be enough to prevent an embarrassing pre-inauguration drubbing for the president-elect when the Senate votes this week. "This will be the first vote that President-elect Obama is asking us for. I'll be shocked and I'll be really disappointed if he doesn't get it," said Sen. Joe Lieberman.