A request for the remaining $350 billion in financial industry bailout funds could come as early as Monday as the Bush administration and President-elect Barack Obama both press uneasy lawmakers for the money. President George W. Bush would request the additional money for the Troubled Asset Relief Program but the incoming administration would sell the plan by laying out a series of changes in how the program is run. More of the money would go directly to relieve homeowners threatened with foreclosure, Senate Banking Committee Chairman Christopher Dodd had said Sunday. He said at that time that a fuller accounting of the money already spent is needed as well, Dodd said. A request would force a vote within days on whether to block the funding, but the deck is stacked in favor of Bush and Obama winning release of the remaining $350 billion. Congress can pass a resolution disapproving the request, but the White House could veto the resolution; then, just one-third of either chamber would be needed to uphold the veto and win release of the money before Obama is inaugurated on Jan. 20. The unpopular bailout has featured unconditional infusions of money into financial institutions that have done little to account for it. Senate Majority Leader Harry Reid said that Bush and Obama officials were near agreement on submitting notice to Congress about using the remaining $350 billion. “We're waiting to hear from President Bush and-or President-elect Obama as to what, if anything, they're going to do,” said Reid, “and that's occurring as we speak.” But to prevail, Obama and his team must soothe senators who feel burned by the way the Bush administration has used the bailout. “The (incoming) administration ... is going to fundamentally alter how this is being managed,” Dodd said.
