Bush Defers to Obama on Second $350 Billion in Bailout Fund

[babylonsister]

Bush Defers to Obama on Second $350 Billion in Bailout Fund
By Phil Mattingly, CQ Staff


President George W. Bush announced Monday he will not request the second half of the controversial $700 billion financial bailout fund until and unless President-elect Barack Obama asks him to move.

Bush, speaking at his last press conference before he leaves office Jan. 20, said, “I have talked to the president-elect about this subject. And I told him that if he felt that he needed the $350 billion, I would be willing to ask for it.”

However, Bush added, “He hasn’t asked me to make a request yet. And I don’t intend to make a request unless he specifically asks me to make it.”

Obliquely acknowledging the fierce resistance such a move is expected to provoke on Capitol Hill, Bush suggested that “the best course of action, of course, is to convince enough members of the Senate to vote positively for the -- for the request.”

Once the president — either Bush or Obama — officially requests released of the remaining funds in the Troubled Asset Relief Program enacted last October (PL 110-343), Congress will have 15 days to block the move through a resolution of disapproval.

more...

http://www.cqpolitics.com/wmspage.cfm?parm1=5&docID=news-000003007728

[Kokonoe]

1. Yes, Obama will ask Bush for help.

Bush will bend over. He said so.
;-)