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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (89054)	8/11/2010 2:28:36 PM
From: TideGlider	Respond to of 224729

Nonsequitur...

To: Kenneth E. Phillipps who wrote (89054)	8/11/2010 2:38:37 PM
From: TideGlider	3 Recommendations Respond to of 224729

President-elect Barack Obama asked President Bush today to request the release of the second $350 billion in federal bailout funds so he would have "ammunition" if the country's fragile economy weakened further. President-elect Barack Obama meets with Mexico's President Felipe Calderon in Washington, today. Obama then told reporters he's asked President Bush to request another $350 billion in TARP funds. (Charles Dharapak/AP Photo)The White House said that Bush has agreed to request the money. Obama, speaking after a meeting with Mexican President Felipe Calderon, said it would be "irresponsible" to enter the White House without having asked Bush to request the funds. He called the cash "potential ammunition" in case the economy worsened. The incoming president also signaled that he intends to "fundamentally change some of the practices" in the bailout program. Referring to how the first $350 billion of bailout cash was allocated, Obama said, "Many of us have been disappointed with the absence of clarity, the failure to track how the money's been spent." Obama and Bush have teamed up to get the money released. Bush has agreed to request the funding, and Obama will lobby for it by arguing that he will "rebrand" the program and make better use of the money. In a letter to congressional leaders, Obama's top economic adviser Larry Summers called the need for the second round of funds from the Troubled Asset Relief Program is "imminent and urgent." In his letter, Summers said the money would be used for a "sweeping effort" to save homeowners threatened with foreclosure, and make the money available to small banks and businesses along with corporate giants. "I have talked to the president-elect about this subject," Bush said at his farewell news conference today. "I told him if he needed the $350 billion on my watch, I'd be willing to ask for it.. if he felt like it needed to happen on my watch," Bush said. A short time later, Obama asked Bush to make the request official. abcnews.go.com