Bush, Obama Call for 2nd TARP $350B

President plans request for $350B, threatens veto if Congress demurs

(NEWSER) - President Bush and President-Elect Obama both want the second half of the $700 billion in bailout funds released, and if Congress votes against it, whichever one is in office has the right to veto their "no" vote, the Washington Post reports. With many lawmakers opposing the measure, the two teams are working together to give the Obama team access to the money immediately upon the inauguration. More»

(NEWSER) - The Obama administration has devised a maybe-legal method of avoiding Congress’ restrictions on companies that accept bailout funds, including limits on executive pay and a requirement that taxpayers get an ownership stake in the firms, the Washington Post reports. To sidestep the restrictions, the administration has created special entities to act as middlemen between the government and the firms it aims to help. More»

(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. More»

Speaker sees close vote on authorizing remaining bailout funds

(NEWSER) - Barack Obama will get the $350 billion in bailout funds he’s asking for, House Speaker Nancy Pelosi indicated today on ABC’s Good Morning America. The Democrat didn’t explicitly guarantee victory in what’s expected to be a close vote, but said she believed Obama would get the money because this time it’ll be spent by “a president who’ll enforce the law.” More»

President huddles with his successor on bailout plans

(NEWSER) - The federal government's response to the economic crisis is part of a team planning effort, with Barack Obama working closely with President Bush in a bid to bring confidence back to spooked financial markets, the New York Times reports. The president's aides are coordinating efforts with Obama's new economic team, and Bush has spoken directly with his successor about the Citigroup bailout and unresolved parts of the Treasury's bailout plan. More»