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Thread: Republicans want next phase of bailout only going to their financial industry buddies

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    Elite Member Grimmlok's Avatar
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    Question Republicans want next phase of bailout only going to their financial industry buddies

    WASHINGTON (Reuters) - Senate Minority Leader Mitch McConnell said on Wednesday that Republicans want assurances the remaining $350 billion of government rescue funds will be limited to financial firms.

    "What we're looking for is that the second tranche of TARP is not going to be used to implement an industrial policy ... where the government basically decides winners and losers in the economy," the Kentucky Republican told reporters after a meeting with senior advisers to President-elect Barack Obama. He referred to the Treasury Department's Troubled Asset Relief Program.

    "We thought the $700 billion, not just $350 billion of it, but all of it, was designed to save the credit system," he said.

    McConnell said he was unable to estimate how many of his fellow party members would vote to block disbursement of the funds, which have been requested by President George W. Bush on behalf of the Obama administration.

    U.S. senator: Limit bailout funds to financial firms | Reuters
    Maybe when you can account for what happened to the last 700 billion....
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member louiswinthorpe111's Avatar
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    I thought it already to the Repub finance industry buddies. That's why most of it is unaccounted for via Paulson.

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