Senate Releases TARP Funds

By Harry Kimball,  Newser Staff
Posted Jan 15, 2009 5:14 PM CST
President-elect Barack Obama is welcomed by President George W. Bush.   (AP Photo)
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(Newser) – The Senate agreed to let loose the remaining TARP funds today by a relatively slim margin, the Hill reports. The 52-42 vote means Obama should have access to the $350 billion about a week after he takes office. The House hasn't voted yet, but the TARP legislation requires only one chamber to approve the money, the Wall Street Journal notes.

“Barack Obama has made it clear that he understands the mistakes of the prior administration and will not repeat them,” said Senate Majority Leader Harry Reid, who was joined in his support for the action by the minority whip. “Let’s just trust Barack Obama.”
The Senate technically voted to defeat a measure to block the funds—it wasn't a vote to approve them—but the end result is the same.