Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Dodd Warns Treasury It May Not Get Rest Of Bailout

Sen. Chris Dodd (D-Conn.), kicking off his Senate banking committee hearing taking testimony from Detroit's Big Three automakers, just sent a warning shot across the bow of the Bush administration: If you're thinking about asking Congress for the rest of the $350 billion in the bailout bill, not so fast.

Dodd said that Treasury has "regrettably, misused its authority in two ways:"

-- They're not using the money to help homeowners in distress.

-- They have spent the money in an ad hoc and arbitrary manner, "careening from pillar to post," Dodd said, without adequate transparency.

Treasury should not ask for the rest of the $700 billion without a "comprehensive" plan on how it would use the money, Dodd said.

-- Frank Ahrens

By Frank Ahrens  |  December 4, 2008; 10:32 AM ET
Categories:  The Ticker  | Tags: Bush, Christopher Dodd, Paulson, Treasury, bailout  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Automakers Launch Second Try for Federal Aid
Next: Comptroller: Big Three, Union 'Concessions' Needed

No comments have been posted to this entry.

The comments to this entry are closed.

RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company