President-elect Barack Obama is seeking access to the second half of the $700 billion bailout package passed by Congress. Obama will meet on Tuesday with Senate Democrats to try to convince them to give him the authority to use the funds. On Thursday, Congress will vote on whether to release the money from the embattled Troubled Asset Relief Program (TARP). In the House, the Financial Services Committee scheduled a hearing on TARP, ahead of legislation offered by committee Chairman Barney Frank (Democrat from Massachusetts)., that would place new restrictions on recipients of the money and require spending to reduce mortgage foreclosures. President George W. Bush on Monday asked Congress for access to the remaining $350 billion, extending a helping hand to Obama. Bush's request delivered a 15-day deadline to Congress. Obama hopes to use the $350 billion as part of a massive stimulus package that he hopes will jump-start the economy. This includes tax-cutting measures for lower and middle class families, and huge spending on infrastructure, which Obama hopes will create about 3 million jobs over time.
