Bush to ask for more government money

Israel News.Net
Monday 12th January, 2009

The White House has confirmed US President George Bush will go along with a request from the incoming president to ask for the remaining $350 billion of the $700 billion financial industry bailout.

According to the White House Barack Obama made the request on Monday after his fellow Democrats expressed reservations about how the aid was being is used.

It is believed President Bush will ask Congress to release the rest of the funds within fifteen days.

The bailout money has mainly been used to give banks cash so they can continue to lend after the credit squeeze triggered by toxic mortgage-related assets.

But Obama and his fellow Democrats want more of the money to go directly to people unable to cope with home repayments.

They also want stricter limits to be imposed on those who accept the aid.

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