Obama to broaden bailout spending

Obama asked President Bush to seek the remaining bailout money so the new administration would have it available soon after inauguration.

January 13, 2009 10:51
Obama to broaden bailout spending

obama smiles 224.88. (photo credit: AP)


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US President-elect Barack Obama's top economic adviser told congressional leaders Monday that the incoming president will broaden goals for using the remaining $350 billion financial bailout and insure transparency and oversight. Larry Summers, Obama's designated National Economic Council chief, wrote House and Senate leaders that the need for the second half of the $700b. fund was "imminent and urgent." Obama on Monday asked President George W. Bush to seek the remaining bailout money so the new administration would have it available soon after inauguration of January 20.

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