Posted on 11/17/2008 10:48:34 AM PST by BGHater
The Bush administration has told top lawmakers it does not plan to use at least half of the $700 billion bailout fund that Congress approved this fall to aid the financial industry, congressional officials said Monday.
These officials said Treasury Secretary Henry Paulson passed the word over the weekend that he intends to leave $350 billion untouched when the administration leaves office on Jan. 20. That would mean the incoming Obama administration would decide whether and how the funds should be spent.
The disclosure comes at a time when Democrats are working to pass emergency legislation to spend $25 billion of the bailout money to provide loans to the battered auto industry.
These officials spoke on condition of anonymity, saying they were not authorized to disclose the developments.
White House spokesman Tony Fratto neither confirmed nor disputed their account, adding that any decision about the use of the remaining $350 billion was up to Paulson.
"He said he's working to continue to design and develop programs, and when it's the right time to use them Treasury will announce it. And if it then makes sense to go to Congress, he'll recommend we request to drawdown the second $350 billion," Fratto said.
(Excerpt) Read more at news.yahoo.com ...
ACORN gonna get money after all looks like.
I can’t believe I’ll be almost as relieved to see this Bush administration finally wind down as your average moonbat!
the nice thing about the auto bailout is that it would mean less money for acorn.
Well, there’s the UAW payback.
Hmmm.
I guess ACORN is going to be having a party to celebrate their new $350 billion fund.
Let Obama make part of the decision...when it fails will his part get some of the blame?
I don’t even know where the other 350 Billion has gone?
I’m trying to wrap my mind around the idea that a Republican President is going to hand over 350 billion, no strings, to the most radical administration ever elected.
This way, they will be able to refer to it as the "Bush Bailout" and blame any negative effects on the irresponsible Bush Administration.
No one but Paulson knows.
How about just not using it period?
This is getting so bizarre. It’s like a side show.
BTW my first 5 attempts at a reply I had to delete before I got banned.
The rush-rush $700B bailout is now largely sitting there unused, and will be available for Obama to play with a few months from now.
I don't say that the economic problem isn't real. I'm just saying the Frenzy in September was manufactured.
If it wasn’t for keeping us from getting beheaded, he’d be one of the worst presidents ever.
OMG let’s all get down on our knees in front of “The One” roll over and play dead.
>>>>>I guess ACORN is going to be having a party to celebrate their new $350 billion fund.<<<<<
Don’t bother your heads about that.
ACORN founder Wade Rathke’s family said they will pay back the nearly $1,000,000 stolen from the ACORN coffers by his brother Dale.
When caught, the theft was placed on the books as a “loan” to Dale so that us nasty conservatives wouldn’t be able to “slander” ACORN.
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