Obama To Help Treasury Secure Second Half Of $700 Billion Bailout

Washington Post:

President-elect Barack Obama's transition team has agreed to accompany Treasury Department officials to meet with Capitol Hill leaders to help the Bush administration gain access to the second half of the $700 billion financial rescue package, government sources familiar with the matter said.

With lawmakers on both sides of the aisle expressing heated opposition to granting such a request, Treasury officials have come to realize that they need the president-elect's help to obtain the rescue money and are actively engaged with his aides, the sources said.

Separately, the sources said, Treasury staffers are working on several proposals to unfreeze the troubled credit markets. But these initiatives would not be possible without the next installment of the rescue package. Transition officials want to see the Treasury's plans before they agree to support tapping the rescue package.

Read the whole story: Washington Post

Comments

[bpowell1]

I voted for Obama but on this I disagree. I don't think another dime should be given to any of these banks until they show what they have done with funds already recieved. We need an accurate dollar by dollar account.

[bluguy8]

so what happened to Mr know it all Pauson..... how much of this money we're bailing out has gone into his pocket--since there has been no oversite-- he lied

[Dots]

For every Billion dollars we the people advance in this bailout,
The recipient should have to hire at least 100 people.
(If nothing else they can work to make sure our dollars are not being misspent.)
That would employ at least 70,000 right there!

[bluguy8]

I agree--for every bailout --there should be hirings

[totaldisbelief]

What about "Trickle Up"? Give the money to the taxpayers and let them put it back into the economy.
They would pay of their credit cards,mortgages, student loans, medical bills. Some would buy homes, cars, and plow the money back into the retail section.
Be assured that very quickly the money would find it's way back to the banks.

[mbondr]

So they aren't responsible until the next president comes in. Can do anything they want.

[NotMcCain]

Paulsen told Congress "Give me $700 billion and I'd do with it whatever the **** I want."

And he has.

I wouldn't get involved with this crook if I were Obama.

[957]

The geeks who we all laughed at in school are now running our lives.

[canucklivinginUSA]

What the hell?!!!

[Independent voter]

NO more money until there is some management put in place to make sure that this money is being used in a way that benefits all Americans.

[ema]

Not one more thin dime until there is a full investigation of what happened to the first 350 billion.

[957]

yeah right like that's going to happen.

[WmC]

I'd say not one more thin dime until Paulson resigns. . . and is replaced by Sheila Bair.

[canucklivinginUSA]

Hmmm, there is already a treasury in waiting

[scjk67]

the $700 billion was passed, $300 billion went to the banks and insurance co. and where is the money! freaking banks are sitting on the money, not giving out loans to the people and business, insurance co. are spending it for their pleasure! my bet there will be an investigation after Obama gets sworn in and they will get hit hard! the neo-cons are just too stupid to see anything wrong, the last 8 years they had ignored the american people and i do pray that they will never ever serve in the government position!!

[lex811]

sarah palin is pretty popular....take her.

[InsideBrooklyn]

Seems to me that the Republicans & even some others are saying: Get in here, boy and clean up this mess. Of all the gall. . .

[Invox]

And if he's successful, they'll be the first to attack him. Democrats have allowed Republicans to abuse them to a fare-thee-well. I agree with John Dean. The best way to deal with Republicans is to defeat them....every time. They should never be allowed to take office. If we can shut them out, the independents in this country will evolve into a party of their own. The Republicans need to become extinct as a party because they offer nothing redeeming to the American people anymore.

[DFL]

They need Barack now and remember how neo cons were saying he doesn't have enough experience? -yeah right, also by saying there is only one president at a time, Barack is smart not to let Bush rope him into this crisis, we can thank republicans for this mess, now every day brings more depressing economic news!

[lemonyashes]

I am convinced that Paulson is threatening a total collapse of the markets before Obama gets in office if Obama doesn't get him what he wants. Paulson Bush Cheney want to steal every penny they can from us before they leave. Obama better not sell his soul to this crowd. If Obama is threatened he should publically declare it for all to hear.

[scjk67]

i believe thats exactly going to happen, these neo-cons are careless and my bet they'll purposely leave this country in shambles!

[bluguy8]

it already is

[lilpeg]

I think Paulson and those guys have no idea what to do and don't want to accept the blame for this mess so they'll throw it all in Obama's lap. Tell the new econ. team to stay home until Jan. 20th.