Bush: I Would Ask Congress For Extra Bailout Money To Help Obama
President Bush, during his last official press conference, underway right now, said that he would ask Congress for the second $350 billion installment of the $700 billion federal government bailout/rescue if it would make things easier for President-elect Obama.
The first $350 billion of the rescue (TARP funds) has already been committed. Under the terms of the law, the president must notify Congress that it wants use of the second half. Congress has 15 days to object. Rep. Barney Frank (D-Mass.) has authored a bill that would impose tough terms on how that second half would be used.
Bush said that he has spoken to Obama several times about the second half of the bailout and that he would be willing to seek it if Obama felt that needed to happen on "my watch," Bush said.
Asked about his response to the ongoing financial crisis, Bush said he "chunked aside" some of his free-market principles "when I was told by my advisers that the situation we were facing could be worse than the Great Depression."
January 12, 2009; 9:45 AM ET
Categories: The Ticker | Tags: Bush, Obama, bailout
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Posted by: winoohno | January 12, 2009 11:57 AM | Report abuse
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