Bush agrees to ask for financial bailout funds

Published: Monday, Jan. 12, 2009 10:17 a.m. MST
 |  E-MAIL | PRINT | FONT + - 
WASHINGTON — President George W. Bush agreed to ask Congress on Monday to release the remaining $350 billion in financial sector rescue funds after receiving a request to do so from President-elect Barack Obama, the White House said.

Congress would have 15 days to reject the request.

The request would give Obama not only the opportunity to get access to the money, but also to change its goals and conditions. The Bush administration's handling of the first $350 billion has come under widespread criticism in Congress and from watchdog organizations.

Obama had signaled that he was eager to use the money to help reduce the number of mortgage foreclosures and that he wanted to place greater restrictions on institutions that receive the funds. The move comes as Democrats in the House of Representatives are preparing to act on legislation that had some of the same intentions.

Recent comments

If a democrat did this there would have been comments calling him a...

Anonymous | Jan. 12, 2009 at 10:51 a.m.

previousnext

Latest comments

Again, why can't the left understand that WE CANNOT AFFORD THIS! Why can't...

Danica is absolutely amazing!! And so is Mckell. They played so good! Do they...

One Vote??? This sounds a bit dirty to me...the odds are virtually...

Bennett's anti-Obama TV ad

There's no such thing as a RINO anymore because all the Republican Party...

Hmm... the Dixie golf state champ and the SC volleyball state champ live in...

Water wars in Snake Valley

Look for a real solution. Taking water from a desert is insane! What...

Utah Jazz fall apart against Kings

.....tell this sub was gonna sink? Why do you think he bailed out!

Letters: Salaries questionable

Network engineer. Absolutely brilliant, he did not learn his skills in...

Utah Jazz fall apart against Kings

Why do you think Gordon Chiasa and Hot Rod Bailed out! This ship has been...

'However, contrary to what appears to be the opinion held by some here,...

Advertisements
Advertisement