Fearing Rejection, Bush Backs Off Bailout Request

Per my post earlier today, this is huge news if it holds:

Nov. 17 (Bloomberg) -- The Bush administration told congressional aides it won't ask lawmakers to release $350 billion remaining as part of the $700 billion U.S. financial- rescue package, people familiar with the matter said.

The administration of President George W. Bush ends in less than 10 weeks, and a delay in requesting the cash would leave it to President-elect Barack Obama to tap remaining cash in the bailout money.

This is a really big win for all of us who ignored the elite media's drum-beating for the bailout and kept the pressure on Congress. We'll have to keep up the pressure should Bush try to go back to the trough, or should Obama continue the Bush version of this bailout when he takes office.

And by the way - there's $350 billion right there that should be added to a robust progressive economic stimulus package. Or, perhaps, to a universal health care plan (a back of the envelope calculation suggests that would cover about 3 or 4 years of such a plan).

Comments

[tompoe]

06:44 PM on 11/17/2008

Interesting that Bush is tied to Paulson and the two of them are standing in the bank vault. Apparently, they didn't expect Frank to remind them they've violated the act, and are on their way to jail. What does Bush think now? That by not picking up the rest of the cash, he'll get off with a slap of the wrist? That he's really a good person? Maybe a hero?

[sunny123]

06:14 PM on 11/17/2008

Great job. We just have to keep up the pressure and maybe, just maybe we will have an economy left in 20 days. I still think Congress has plenty to answer for on this. They went against what we wanted, then went ahead and let Paulson spend without oversight. I hope when Obama becomes President, we have some oversight on a lot of these deep, dark spending sprees. We need clarity, we need to be on top of where our taxpayer dollars are going and we need transparency. Keep up the good work David and keep our attention where it needs to be!

[fightorleave2]

05:44 PM on 11/17/2008

Great job, David. I agree $350 billion for universal health care and the re-engineering of for-profit health insurance companies.