Senate Gives Obama Use of Bailout ; Deal Appeases Both Parties
The Washington Times › January 16, 2009
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Summary
The Senate on Thursday turned back a bid to cut off the second $350 billion phase of the unpopular Wall Street bailout, after President-elect Barack Obama fulfilled Democrats' desire to use funds to aid homeowners facing foreclosure and met Republican demands to restrict its use.
Mr. Obama, who dodged an embarrassing political setback, said he was "gratified" by the 52-42 Senate vote, which ensures his Treasury Department will be able to spend the remaining bailout funds within days of taking office even as rumblings of instability in the banking industry are resurfacing. The Treasury may have to arrange yet another $15 billion bailout of Bank of America even before he takes office.See the full content of this document
Extract
Senate Gives Obama Use of Bailout ; Deal Appeases Both Parties
"I know this wasn't an easy vote because of the frustration so many of us share about how the first half of this plan was implemented," Mr. Obama told reporters after the Senate vote.
Senate Majority LeaderHarry Reid, Nevada Democrat, said Mr. Obama's pledges to tighten oversight of the Troubled Assets Relief Program, or TARP, helped ...See the full content of this document
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