Obama adviser pledges money to reduce foreclosures

[Thrill]

WASHINGTON – President-elect Barack Obama's top economic adviser has sent a letter to the Senate's Democratic leader promising to spend between $50 billion and $100 billion of the financial bailout fund to reduce the number of foreclosures.

The letter came hours before the Senate was scheduled to vote Thursday on Obama's request to release the second half of the $700 billion Troubled Asset Relief Program that Congress approved in October.

The Obama adviser, Larry Summers, also told Senate Majority Leader Harry Reid that Obama has "no intention of using any funds to implement an industrial policy." That addressed Republican concerns about using the money to help out nonfinancial sector industries, as President Bush did with automakers.

http://news.yahoo.com/s/ap/20090115/ap_on_go_co/obama_bailout;_ylt=AqYVqCnbdLgb_12lp_PwBo2yFz4D

I just heard Coburn on the Senate floor claiming he vote for it if he got a public or written commitment. Well there you go. Lets see if he stands by his word.