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Thread: White House may let Barack Obama decide what to do with part of bailout money

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    Elite Member kingcap72's Avatar
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    Default White House may let Barack Obama decide what to do with part of bailout money

    associated press
    WASHINGTON 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 were up to Treasury Secretary Henry 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.
    White House may let Obama decide part of bailout
    That sounds good in theory, but something tells me Bush will just be leaving Obama with more of a mess to clean up.

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    Elite Member Belinda's Avatar
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    I don't think Dubya cares anymore and having Paulson in charge of the money isn't a good idea at this point.

    I'll be curious to see who Obama selects for this position.

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    Elite Member kingcap72's Avatar
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    I hope Obama doesn't select Gov. Jon Corzine from here in N.J. as the Treasury Secretary. I voted for Corzine, but a few years ago he got all pissy with the state legislature over the budget and shut down the state until he got his way.

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    Elite Member Belinda's Avatar
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    Didn't Corzine and Paulson work together even though they didn't get along? I would hope Obama doesn't pick Corzine. Doesn't Jersey have a pretty big deficit now?

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    Elite Member kingcap72's Avatar
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    Oh, yeah, N.J. is feeling the deficit pinch like everybody else. Actually, the hospital that I was born in closed last year after filing for bankruptcy protection, and it was a pretty big hospital.

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