WASHINGTON (AP) - The White House says President-elect Barack
Obama asked President George W. Bush to request the remaining $350
billion of federal financial rescue money.
Obama would then have the money at his disposal promptly after
taking office.
Congress has 15 days to reject the request. If approved, it
would give Obama both quick access to the money and the opportunity
to change the program's goals and conditions.
Obama's top economic adviser tells Congress that the need for
the remaining $350 billion of the financial bailout package is
"imminent and urgent."
Larry Summers has written a letter to the bipartisan leadership
of the House of Representatives and the Senate to assure lawmakers
that the money will be used to help community banks, small
businesses, consumers and homeowners as well as large financial
institutions.