Teaming up with president-elect Obama, President Bush Monday asked Congress to ok the second half of the huge Wall Street bailout.
We're talking 350 billion dollars.
It's a controversial program and Monday’s Bush-Obama cooperation is unusual.
The official request came to Capitol Hill from the White House.
But he says he did it because the president elect asked him to.
Barack Obama met with the President of Mexico at midday, a pre-inauguration tradition.
But Obama’s move on the Wall Street bailout is anything but traditional; But he says an economic essential.
"Did so because in consultation w biz community it is clear that the financial system improved is still hurting,” said Obama.
President Bush says he requested the second half of the bailout from Congress, because Obama asked him to.
Bush agreeing now means a jump start.
Obama’s request goes to the hill a week sooner.
But the first half of the bailout failed to get the banks and brokerages to prove.
They spent the $350 billion to help borrowers caught in the credit crunch.
This time, lawmakers will demand guarantees
“That they can't take that money and go buy other healthy financial institutions. That they can't provide bonuses to their executives,” said democratic Senator Kent Conrad of North Dakota.
Obama is promising more oversight
Barack Obama: courting controversy and sure to be second guessed.
George Bush says: ignore it
“President elect Obama will find this too. He'll get in the oval office and there'll be a lot of people that are real critical and harsh,” said Bush. “And uh he's gonna have to do what he thinks is right.
Advice from a president who Monday did what his successor thinks is right on the Wall Street bailout.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement