Senate Votes to Give Obama Free Rein Over Bailout Spending
The Senate voted this afternoon to grant the incoming Obama administration the remaining $350 billion from the Wall Street bailout -- sans restrictions. The
Jul 31, 202081K Shares4.7M Views
The Senate voted this afternoon to grant the incoming Obama administration the remaining $350 billion from the Wall Street bailout — sans restrictions.
The count was 52 to 42 against a measure to block the funding.
The vote was largely symbolic. That is, President-elect Barack Obama could veto a disapproval and still receive the funds. Still, after so much criticism of the Bush administration over its mishandling of the first $350 billion in bailout spending, you’d think that Congress would want to take steps to ensure that the White House — even a Democratic White House — puts the cash where Congress intended it.
Indeed, the House has taken another route. Democrats in the lower chamber are expected to vote later today on a proposal to restrict bailout spending. That, too, is a symbolic gesture. The Senate has no intention of taking up the House bill.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles