Monday, November 17, 2008

Treasury May Save $350 Billion of The Bailout For Obama

There is word that $350 billion of the bailout will not be used until after Obama is sworn in as President. That would mean that Obama would have a hand in deciding where and how that money gets spent. Might this prevent another bailout after this one runs out of money since the Democrats would have full control of where it went? I am hopeful but not holding my breath.

"The outgoing Bush administration has told top lawmakers it does not plan to use at least half of the $700 billion bailout fund that Congress approved this fall to aid the financial industry, congressional officials said Monday. The Treasury Department denied the claim, but stopped short of saying the funds would be tapped.

The congressional officials said Treasury Secretary Henry Paulson passed the word over the weekend that he intends to leave $350 billion untouched when the administration leaves office on Jan. 20. That would mean the incoming Obama administration would decide whether and how the funds should be spent.

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