GOP HOUSE REVOLT
Posted at 4:56 p.m. ET
There's a revolt brewing among House Republicans about the Bush administration's request, joined by Mr. Obama, to release another $350-billion in bailout funds. It's about time. There has never been a greater need to ask tough questions. From The Washington Times:
House Republicans are planning to vote against President Bush's request to release the second $350 billion under the Troubled Asset Relief Program, Minority Leader John Boehner said Wednesday morning.
Mr. Bush, at the urging of President-elect Obama, earlier this week asked Congress for the additional chunk of TARP funds so that Mr. Obama would have them on hand by the time he takes office next week. But Republican leaders say that would be irresponsible when it is still unclear how the first half of the money has been spent.
"We don't know what the demonstrated need is for the next $350 [billion], nor do we know what their plan is for using it. And so I do think this request is premature, and I and most of my colleagues on the Republican side will oppose it," he (Boehner) said.
Finally, some spine. The irresponsible behavior of many of the "banking executives" who got the first bailout bundle, especially their refusal to say how it's being spent, absolutely dictates the new GOP stand.
In a Wednesday morning appearance on ABC's "Good Morning America," House Speaker Nancy Pelosi appeared to indicate that Congress would approve the incoming president's request, since the money would be spent by "a president who'll enforce the law." But she stopped short of predicting that Congress would vote to release the funds.
Sounds like there may be trouble on the left bank as well.
January 14, 2009.