Obama, Bush And $350 Billion

By Thomas Nagorski

Jan 12, 2009 12:36pm

In that news conference this morning, the current President said the soon-to-be President hadn’t yet asked him to formally request the remaining $350 billion in Treasury funds to address the financial crisis. Well — just moments after the news conference ended, the White House got the request. "This morning, President-elect Obama asked President Bush to formally notify Congress, on his behalf, of his intent to exercise the authority under the Emergency Economic Stabilization Act to access the last tranche of $350 billion in funding for Treasury programs addressing the financial crisis. President Bush agreed to the President-elect’s request. We will continue our consultations with the President-elect’s transition team, and with Congress, on how best to proceed in accordance with the requirements of the statute." What comes next? Congress has two weeks — after notification — to object. And unless both Houses pass a "resolution of disapproval," all those billions will be automatically released. ABC’s Jon Karl reports that Senate Democrats say they would need at least 10 Republicans to support the release. More to come…

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