Acting at Barack Obama's behest, President George W. Bush on Monday asked Congress for the final $350 billion in the financial bailout fund, effectively ceding economic reins to the president-elect in an extraordinary display of transition teamwork. Obama also sharply criticized Bush's handling of the money and promised radical changes.
Acting at Barack Obama's behest, President George W. Bush on Monday asked Congress for the final $350 billion in the financial bailout fund, effectively ceding economic reins to the president-elect in an extraordinary display of transition teamwork. Obama also sharply criticized Bush's handling of the money and promised radical changes.
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Bush's move sets the stage for Obama to get swift access to the $350 billion and the opportunity to overhaul the much-criticized rescue package after taking office next Tuesday. Obama said that it would be "irresponsible ... to enter into the administration without any potential ammunition should there be some sort of emergency or weakening of the financial system."
Congress, where the use of the money has met stiff bipartisan skepticism, has 15 days to vote to reject the request. Senate Majority Leader Harry Reid, D-Nev., was considering holding a vote on a resolution of disapproval as early as Thursday in hopes it would be defeated, thus making the funds available about a week after Obama inherits one of the worst financial crises in U.S. history.
"It is clear that the financial system, although improved from where it was in September, is still frail," Obama said, a few hours after seeking Bush's help in requesting the money.
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