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Members of Congress may vote this week on releasing the remaining $350 billion in bailout funds from last year's economic stimulus plan.
An Associated Press report notes that President Bush and incoming president Barack Obama will be teaming up earlier in the week to convince members of Congress to approve releasing the rest of the funds from the unpopular federal bailout plan.
The report noted that Obama economic advisor Larry Summers had already met with several senators to push for the release of the funds.
"Larry Summers made a very strong argument for why it's important and critical for the overall recovery. And I think that's an argument that most senators understand," Senator John Kerry (D-MA) was quoted as saying.
About $350 billion has already been distributed to financial entities under last year's total $700 billion bailout package, although some have accused the banks of failing to use the money to free up credit markets, as was originally intended.
Upon taking office next Tuesday, Obama will also begin the push for a separate bailout plan, said to be in the neighborhood of $800 billion, which is expected to focus on areas like infrastructure repairs, various tax cuts and promoting green technology and jobs.
Lawmakers consider use of remaining stimulus funds
Members of Congress may vote this week on releasing the remaining $350 billion in bailout funds from last year's economic stimulus plan. An Associated Press report notes that President Bush and incoming president Barack Obama will be teaming up earlier in the week to convince members of Congress to approve releasing the rest of the funds from the unpopular federal bailout plan.
The report noted that Obama economic advisor Larry Summers had already met with several senators to push for the release of the funds.
"Larry Summers made a very strong argument for why it's important and critical for the overall recovery. And I think that's an argument that most senators understand," Senator John Kerry (D-MA) was quoted as saying.
About $350 billion has already been distributed to financial entities under last year's total $700 billion bailout package, although some have accused the banks of failing to use the money to free up credit markets, as was originally intended.
Upon taking office next Tuesday, Obama will also begin the push for a separate bailout plan, said to be in the neighborhood of $800 billion, which is expected to focus on areas like infrastructure repairs, various tax cuts and promoting green technology and jobs.
