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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.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 12, 2009; 11:33 AM ET
Categories:  The Ticker  | Tags: Bush, Obama, bailout  
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Comments

"One more wheelbarrel full of dough for our campaign contributors please, pretty please."

Posted by: hairguy01 | January 12, 2009 11:51 AM | Report abuse

Wow, he have the Guts, to ask for an other 350 billion dollars, because we don't know what happened to the first 350 billion, oh wait, even the Banks can trace 350 billion dollars, what type of business those banks have, if I withdraw 100.00 from the ATM and the ATM Machine give me 120.00 how long before the bank find that $20.00, belive the maximum is two day, 4 if it's weekend, so don't tell me they don't know what happened to the first 350 billiob dollars.
Those poeple are professional thives, they told the MOBS, you guys are Amateurs.

Common America, I tought we were smarter than that, We were Able to send Human to the moon, we are going to let those stupids take us for a ride.

Posted by: tqmek1 | January 12, 2009 12:34 PM | Report abuse

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