Senate OKs use of second half of bailout funds

[sabra]

Source: CNN

(CNN) -- President-elect Barack Obama won a significant political victory Thursday, just days before his inauguration, as the Senate voted to release the second half of the $700 billion bailout package.

The Senate voted 52-42 against a resolution that would have barred Obama from using the roughly $350 billion remaining in the program.

Obama wants access to the remaining funds to expand lending to consumers and small businesses, but lawmakers from both sides of the aisle have expressed opposition to releasing the funds from the unpopular rescue plan.

Obama and his team members called senators all day in advance of the vote, a transition official said.

Earlier in the day, Larry Summers, Obama's economic adviser, sent a letter to Senate Majority Leader Harry Reid, seeking to reassure senators that the incoming administration would be more responsible with the second half of the bailout funds. Summers also pledged to commit $50 billion to $100 billion to address foreclosures.

Read more: http://www.cnn.com/2009/POLITICS/01/15/obama.economy/index.html

[nbsmom]

1. Everyone likes to whine...

But the $$$ is already committed.

It's not as though anyone is really asking for our input, anyway. And additional holdup will just increase the short-sellers' profits.

Not to hijack the topic, but...why isn't anyone focusing on the $2 trillion in commitments (not part of Obama's plan)?

[slipslidingaway]

6. Nobody wants to talk about that :( although Dorgan did the

other day and Paul did months ago.

[IndianaGreen]

2. And Obama isn't President yet!

A commitment was made to funnel a good chunk of the money for mortgage relief. I hope this happens!

4 more days to go! :-)

[ro1942]

3. one president at a time?

only if nobody's being murdered. we get two if the rich need help.

[Zorra]

4. Just give 50 grand to each taxpaying household that grosses

$250,000 or less.

That would stimulate the economy, no?

Better than giving it to the fascist pigs who got rich when they crashed our economy, and then got richer when they stole the first bailout installment.

[TheWraith]

7. Do you have any idea how much money that would cost? nt

[Zorra]

10. Why? Is that important? Can't we just print more, like we do when we bail

out the banks?

[TheWraith]

11. We're not printing it, we're borrowing it, and someday we're going to have to pay it back.

In this case you're talking about adding 25% to 50% to the current national debt.

[slipslidingaway]

5. Roll call link...

http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00005

http://www.govtrack.us/congress/vote.xpd?vote=s2009-5

[Fire1]

8. It's a good thing they did, cause Stabenow was about to get a

real 'ugly' e-mail!

[Fire1]

9. And Levin, too! What's WRONG WITH THESE PEOPLE??????