BUSINESS
01/03/2009 05:12 am ET Updated May 25, 2011

Obama Keeps His Distance From Decision On How To Spend Rest Of Bailout

CHICAGO - Barack Obama decried the state of the economy Wednesday for the fifth time in 10 days. But the president-elect and his team are resisting overtures from the Bush Treasury Department to get more involved now in shaping how the rest of the $700 billion in financial-rescue funds are spent.

Since his election exactly one month ago, Mr. Obama has maintained a campaign-like approach to the economy, speaking in broad terms about the need for intervention, while refusing to engage in specifics. Introducing New Mexico Gov. Bill Richardson as his nominee for Commerce secretary on Wednesday, Mr. Obama declared: "With each passing day, the work our team has begun, developing plans to revive our economy, becomes more urgent."

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