WASHINGTON (AP) - President-elect Barack Obama's top economic
adviser has sent a letter to the Senate's Democratic leader
promising to spend between $50 billion and $100 billion of the
financial bailout fund to reduce the number of foreclosures.
The letter came hours before the Senate was scheduled to vote
Thursday on Obama's request to release the second half of the $700
billion Troubled Asset Relief Program that Congress approved in
The Obama adviser, Larry Summers, also told Senate Majority
Leader Harry Reid that Obama has "no intention of using any funds
to implement an industrial policy." That addressed Republican
concerns about using the money to help out nonfinancial sector
industries, as President Bush did with automakers.
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