Bush Prepares to Ask for Second Tranche of Bailout Funds

Washington Post ^ | Friday, January 9, 2009; 5:17 PM | By David Cho and Lori Montgomery

[MaestroLC]

Senior Bush administration officials are preparing to ask lawmakers for the second half of the $700 billion financial rescue package despite intense opposition in Congress and then have President Bush use his veto if the request is voted down, three sources familiar with the matter said.

The initiative, which is being coordinated with the Obama transition team, may be taken within days, the sources said, speaking on condition of anonymity because no announcement has been made.

Democratic Senate aides were notified in a meeting this afternoon that the request could come as soon as this weekend and that a vote could be held as soon as next week, congressional sources said.

Under the emergency rescue legislation approved by Congress in October, the administration must inform lawmakers that it wants access to the second installment of $350 billion. Congress would have 15 days to reject the request before Treasury can begin to tap the funds.

The plan now being crafted by the Bush administration is not finalized. By unsheathing the veto threat, the Bush administration could make it more likely that the Obama administration would get the rest of the rescue funds. Only if Congress overrides the veto would the money be blocked. A congressional source said advocates of the plan are now exploring whether there are enough votes in the Senate to override a veto.

[Gaffer]

W should just say “ F’ it” “This is wrong and I won’t be a part of it. Go see the Messiah”

[Sybeck1]

Is it to late to impeach him?

[skeeter]

Yeah, who cares where the first round went - en avant toute!

[citizen]

Carrying water for the zero...unbelieveable!!!

[bimboeruption]

Bush, the MORON, has done more to kill the Conservative Movement than an other so-called “Conservative” president.

Thanks to him and that other MORON, McCain, we now have Barry.

[swarthyguy]

BOHICA, America.

Thanks, Dubya, that sure felt good, man, what a swordsman! Want a smoke?

And now we are supposed to take Republicans seriously when they decry socialism on TV.

Why do these Republicans hate Bush?

[citizen]

Congress would have 15 days to reject the request before Treasury can begin to tap the funds.

15 days puts it beyond Ws term...is his request still binding following the handoff?

[figetyfiggs]

"A democracy cannot exist as a permanent form of government. It can exist only until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. - Alexander Fraser Tytler (later Lord Alexander Fraser Woodhouslee), in "The Decline and Fall of the Athenian Republic," published 1776.

[Obadiah]

Just wow. Talk about going out of your way to provide cover to Obama and the Democrats.

[KoRn]

Oh how I regret ever voting for this man to be president..... twice.

[Positive]

I listened to Barney Weaner do his press conference this morning. It's hard to tell what all the double talk flapping from his pie hole meant, but sounds like he is going to introduce a bill that would amend the terms of the second serving of TARP.

So my guess is that this little maneuver is meant to give the indication that Bush will veto Barney's bill should it come to his desk before the twentieth.

[Zuben Elgenubi]

tranche [trahnsh]

Noun

an instalment or portion, esp. of a loan or share issue: the new shares will be offered in four tranches around the world

[EEDUDE]

“Oh how I regret ever voting for this man to be president..... twice.”

I sincerely regret it too. You keep thinking he can’t do anything worse and then he does.

Oh man, did we ever screw the pooch by voting for this guy!

How are Republicans ever going to stand up and argue for fiscal restraint and smaller government?

[NittanyLion]

Bush has been a disaster on domestic policy. Just an absolute, unmitigated failure.

[batter]

[caver]

Yea, I heard on the radio today that they don’t know where all the money went from the first payout. That was only 2 or 3 months ago, and they want more?

[KingSnorky]

I always suspected that “compassionate conservatism” was just socialism with a different wrapper.

[The Duke]

Oh how I regret ever voting for this man to be president..... twice.

man?

[citizen]

Bush is really showing his true colors, isn’t he? Bush...McCain...we aren’t getting much in the way of real Conservatives lately, are we?

If the Repubs don’t take a stand here, there may not be much of a chance to do it following the full implementation of this New Deal II regieme’s laws and edicts.