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Bush Requests TARP Money – For Obama

From a relieved Associated Press:

Bush agrees to ask for financial bailout funds

By ANDREW TAYLOR, Associated Press Writer

WASHINGTON – President-elect Barack Obama asked President George W. Bush on Monday to seek another $350 billion to bail out the financial sector so that Obama can have the money at his disposal promptly after taking office.

Bush agreed to notify Congress, the White House said. Congress has 15 days to reject the request, but efforts were afoot to have the money available for Obama much sooner.

The request would give Obama, who takes office Jan. 20, not only the opportunity to get quick access to the money, but also to change the program’s goals and conditions. The Bush administration’s handling of the first $350 billion has come under widespread criticism in Congress and from watchdog organizations…

Earlier Monday, Bush told reporters that he would not request the money form Congress unless Obama "specifically asked me to make it." About two hours later, White House press secretary Dana Perino said that Obama had indeed asked Bush to submit the request.

Bush’s assertion that the decision to tap the money rests with Obama was an acknowledgment of what has been an extraordinary ceding of power to the incoming administration. In fact, when it comes to the economy, Bush in recent weeks has let Obama be the driving force behind most recovery efforts

Though Bush would request the additional money for the Troubled Asset Relief Program, the incoming Obama administration would sell the plan by laying out a series of changes in how the program is run…

We thought we only had one President at a time.

Oh, well. All of this will be forgotten if it doesn’t work all.

The “pride of authorship” will always go to Mr. Bush, if it fails.

This article was posted by Steve on Monday, January 12th, 2009. Comments are currently closed.

6 Responses to “Bush Requests TARP Money – For Obama”

  1. Liberals Demise says:

    A congress person turning down fwee ( Barney lingo) money? I see Bush is now Honest Obes” Howdyboy and when things go south (and they will) Obobo will point and say “He didn’t have to go to congress and beg them fo da moola”. O’bobo will be the hapless victim of a GOP set up and then we will “HAVE” to have an “INVESTIGATION” because that is all these butt puppets know how to do!! What is it that these flea merchants say? Oh yeah….”Because there is nothing to investigate…..we must investigate it!!” Made famous during the Clinton Dynasty.

  2. proreason says:

    You just went into debt by 35% of your annual income tax bill. (since 350 million is 35% of annual income tax revenues for 1 year)

    Have you ever spent that much in a single day of your life? other than buying a house, or for some, a car.

    Of course, this is just a drop in the bucket of the debt you have incurred since September (when John McCain took the lead in the polls), and it is just a tiny fraction of what will be ladled on in the next few months.

    Surely, our lives will improve immensely because of the actions of these wise solons.

    Another bright side is that your children will be paying a lot of this for you. They will be able to easily afford it after Obamy changes everything for the better.

  3. Alice L. says:

    To quote my child, “capitalism is now finished in America.”

  4. Confucius says:

    Anyone know why Bush is helping Obama?

  5. Al Morone says:

    Bush bails out Obama’s inauguration:

    President George Bush declared a state of emergency in the District of Columbia today and ordered the use of federal funds for Barack Obama’s inauguration.

    “An emergency exists in the District of Columbia,” White House press secretary Dana Perino said in a statement.

    In the next week, as many as two million people are expected to travel to the area from all over the world to see Obama become the 44th president of the United States.

    Perino said federal aid is available “for emergency protective measures that are undertaken to save lives and protect public health and safety” and will be used for security and transportation needs.

    Streets are expected to close; only taxis will have access to bridges and security will be tightened.

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