Senate Votes, 52-42, For Gov. Use of Remaining Bailout Funds
The Senate just voted, 52-42, to approve the second $350 billion of the $700 billion federal government rescue/bailout.
Technically, the Senate voted not to block release of the funds. The way the original bailout bill was written last fall, the second half did not have to be released by Congress; Congress could only block the president's request for the funds.
The House votes next week. President-elect Obama has requested the additional funds, saying they are necessary to help economic recovery. President Bush and Treasury Secretary Hank Paulson have concurred.
The House, however, is ready to set tough conditions on the second $350 billion that did not encumber the first $350 billion, such as limits on executive compensation.
January 15, 2009; 4:59 PM ET
Categories: The Ticker | Tags: Bush, Obama, Senate, bailout
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