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Paulson May Seek Next $350 Billion in Financial-Rescue Funds
Rebecca Christie and Robert Schmidt
Bloomberg
Thursday, Dec 18, 2008
Treasury Secretary Henry Paulson may ask Congress for the second
half of the $700 billion bank rescue program, concerned that the
deepening recession may spark further financial turmoil.
Paulson could soon exhaust the first $350 billion with the bailout
that President George W. Bush’s administration has pledged
for General Motors Corp. and Chrysler LLC. The Treasury chief
is discussing with aides strategies to seek congressional approval
for the rest of the Troubled Asset Relief Program, people familiar
with the deliberations said.
“We’re far from out of this” financial crisis,
said Joseph Mason, a Louisiana State University professor in Baton
Rouge who previously worked at the Treasury’s Office of
the Comptroller of the Currency. “It’s actually not
hard to imagine a transition of power where Obama walks in on
the tail end of a crisis” with no funds left in the rescue
package.
(ARTICLE CONTINUES BELOW)
Securing the extra money would give the Treasury a cushion in
case another bank or insurer neared collapse. The obstacle: Democratic
lawmakers have warned the Bush administration it must come up
with a new effort to aid homeowners in danger of losing their
properties.
Paulson hasn’t made a final decision. He continues to look
at ways to use the money as well as when to move ahead, the people
familiar with his plans said.
In a meeting with Bush last week, Paulson asked the president
to publicly support a request for the $350 billion, a person familiar
with the meeting said.
Full
article here
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