Obama Would Spend Bailout Funds on Housing Crisis

"It is critical we provide a real road map on how this funding will be spent," said Rep. Jim McGovern, D-Mass.

Republicans argued that Frank's bill was a futile effort.

"That we would just go ahead with the bill that everyone acknowledges is not going to become law as cover for us to then release the $350 billion is just plain wrong," said Rep. David Dreier, R-Calif.

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