Bush Asks for Second $350 Billion Of Bailout
President Bush has asked Congress to release the remaining $350 billion of the $700 billion federal government rescue/bailout fund authorized in the fall, the White House press office just announced.
Press secretary Dana Perino released a statement saying: "This morning, President-elect Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the last tranche of $350 billion in funding for Treasury programs addressing the financial crisis. President Bush agreed to the President-elect’s request. We will continue our consultations with the President-elect’s transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute."
In his last formal press conference this morning, Bush said that he has talked to President-elect Obama about the second installment, or tranche, and was open to asking Congress for the money if it would make things easier to the incoming president.
Check back here for details as the story develops.
January 12, 2009; 11:33 AM ET
Categories: The Ticker | Tags: Bush, Obama, bailout
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