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November 17, 2008

Dear Barack, Here's $350,000,000,000 Throw A Party Or Something. All The Best, W.

Looks like President Hope 'n Change is going to be getting a nice house warming gift from the outgoing Bush administration....lots of our money.

The Bush administration has told top lawmakers it does not plan to use at least half of the $700 billion bailout fund that Congress approved this fall to aid the financial industry, congressional officials said Monday.

These officials said Treasury Secretary Henry Paulson passed the word over the weekend that he intends to leave $350 billion untouched when the administration leaves office on Jan. 20. That would mean the incoming Obama administration would decide whether and how the funds should be spent.

The disclosure comes at a time when Democrats are working to pass emergency legislation to spend $25 billion of the bailout money to provide loans to the battered auto industry.

As a practical matter I doubt even Paulson could spend that much money in the next two months, so this isn't a surprise. And from a political standpoint, elections have consequences. Why should a lame duck administration tie the hands of the incoming President?

Now I know a lot of you will say, "Democrats would never do this if a Republican were coming in!" You'd likely be right but for better or worse, Bush just doesn't roll that way.

If you didn't like the way Paulson spent the bailout money, my guess is you are really going to hate the way Team Obama does. Consider it a warm up for the next 4 years.

(h/t The Page)


Debate.... [ace] from the Onion.


In The Know: Should The Government Stop Dumping Money Into A Giant Hole?

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posted by DrewM. at 02:32 PM

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