The Note
Washington's Original and Most Influential Tipsheet

Rick Klein is ABC News' Senior Political Reporter and author of The Note's morning look at the upcoming day in politics. Throughout the day, ABC News' political team contributes to The Note with the very latest news and analysis from the nation's capital.

To email Rick Klein, click here.

November 2009
Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30

« Previous | Main | Next »

Dems Happy With Stimulus Tweaks, Expect Request for $350B TARP Money

January 11, 2009 5:11 PM

ABC News’ Z. Byron Wolf reports: Democrats emerging from a meeting with Obama economic adviser Larry Summers seem satisfied that the stimulus cocktail of tax measures, direct investment in infrastructure and aid to states will be re-shaken toward their priorities (and away from Republicans') when they receive a fuller outline in the next day or so.

Sen. Kent Conrad, D-N.D., said of the Obama team, "It’s very clear that they have listened and they have heard.”

Said Sen. Chuck Schumer, D-N.Y., after a quick break and a football update in another room: "Its going a lot better in that room than it is in Giants Stadium." (His home-state New York Giants were losing to the Philadelphia Eagles at the time, on their way to their elimination from the pro football playoffs.)

As with many things stimulus, however, there were few details.

Also discussed in the Democrats’ weekend powwow was the potential request for the second $350 billion piece of the Troubled Assets Relief Program (TARP) pie -- the $700 billion fund Congress and President Bush approved in 2008 to strengthen the nation’s financial sector.

Sen. John Kerry, D-Mass., emerging from the meeting, told reporters he thinks people can expect President-elect Obama to make known "in the next hours" that the second half of TARP is needed, and then a formal request for the funds would come from President Bush.

Conrad said he thinks the request will come this week along with a letter from Democratic lawmakers demanding more accountability for the money.

Conrad said in order for any TARP request to pass Congress, it will take specific, in-writing pledges for new accountability from the incoming administration.

January 11, 2009 | Permalink | Share | User Comments (42)

User Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Wastrel or profligate is an oldfashioned word but it fits the Bush/Cheney/Paulson trio very well.

I hope Congress has finally gotten smart enough to not give the rest of TARP to them.

Posted by: jan | Jan 11, 2009 5:40:39 PM

bush and his thug party have raped america for 8 years now it will take obama and us tax payers to repair all teh destruction bush has brought on us.

Posted by: T | Jan 11, 2009 5:58:04 PM

Great now more weak banks can buy up the profitable banks, and give out million dollar bonuses and severance/retirement packages to the folks who ran these banks into the ground, on the taxpayers dime. And this solves the housing crisis/credit crunch HOW??? By giving golden parachutes to thieves and crooks? WHY are the Democrats, let alone the Republicans cheering this giveaway of taxpayer dollars!?! Oh well, I guess more of the same is what accounts for "Change" these days. It's one thing to let this happen, it's another to let people be REWARDED for it AFTER they have been proven guilty. Oh well, I guess we'll all just re-elect them like we always do. And you wonder how/why things continue to get worse.

Posted by: hmn... | Jan 11, 2009 6:08:35 PM

bush and his thug party have raped america for 8 years now it will take obama and us tax payers to repair all teh destruction bush has brought on us.

Posted by: T

It took this guy 20 years to figure out what his pastor was preaching. So, good luck with that.

Posted by: flopez | Jan 11, 2009 6:11:37 PM

Any future stimulate should go directly to the tax payers of this land. Why not issue a check for $100,000.00 to each and every tax payer family. People could catch up on their mortgage, credit cards, have money to spend in their hands.

Posted by: Michael | Jan 11, 2009 6:14:02 PM

This is UNBELIEVABLE. Obama is 8 days away from taking office and he is going to hand this money over to Bush and Paulson??? PATHETIC! This is absolutely BIZARRE!!!! We are living in bizarro world.

Posted by: anak | Jan 11, 2009 6:21:13 PM

The tweaking was directing the 50 million dollar bonuses from republican CEO's to democratic CEO's.

Posted by: sensealot | Jan 11, 2009 6:24:32 PM

when will america wake up? i hope I live to see the day when the streets burn and the houses on 5th avenue and buildings on wall and broad crumble burying the ashes for good

Posted by: vermontroyster | Jan 11, 2009 6:33:58 PM

Michael, that would require about 10 trillion dollars or 14 times the 700 billion that was approved.

Posted by: Bob | Jan 11, 2009 6:36:39 PM

REAL CHANGE - - Another secrete back room deal... yeah... so much for open Government.... BO is such a GOOD liar..... so how much pork are the Democratic Senators getting.....

Posted by: Vet1973 | Jan 11, 2009 6:36:40 PM

Infrastructure projects are temporary. They don't make much of a difference, it doesn't hit the heart of america's problem. This "new deal" so to say, doesn't come 360. It doesn't cause ripple effect. How is education, the core of american economy, which is currently failing, going to be changed by these infrastructure projects?

Posted by: Vinni | Jan 11, 2009 7:01:10 PM

Seriously, this is just another small patch on something that is growing and ready to crash.

Posted by: Vinni | Jan 11, 2009 7:03:00 PM

So what are the Dems priorities? Obviously not Republican priorities? So will that mean Pelosi/Reid lock out all stimulus for Republican districts? Does it mean there will be no watch on waste that Republicans want? Does it mean there is no bipartisanship? Guess Pleosi decided that last week when she ended Republican imposed rules to allow the opposition to have a say in legislation and end term limits for committee chairs. Guess that leaves crooks Rangel and Frank in as chairs forever.Sounds like the Dems will be ignoring 46% of the population.

Posted by: jschmidt | Jan 11, 2009 7:06:19 PM

Infusing all this Monopoly Money into our economy devalues our currency and demoralizes our work ethic. It's a short-sighted solution that is no solution.

Posted by: MadeInUSA | Jan 11, 2009 7:15:54 PM

jschmidt That's right suckaaa. Dems rule now.

Posted by: Chet Walker | Jan 11, 2009 7:16:29 PM

The BS machine has been cranked up to eleven.

Posted by: Gotterdammerung | Jan 11, 2009 7:18:58 PM

Went out to eat tonight. The place was packed when we got there and packed when we left. 30 to 40 minute wait. Also, the 8 or more other resturants were also packed. These are places like Olive Garden, Red Lobster, Stickey Fingers, not the Ritz I know but not excatly McDonalds either. The mall close by was also packed. I realize people are losing their jobs and things are getting tight but I don't believe things are as bad as the media wants us to believe. You watch, starting Jan 21, 2009 the media will start reporting how things are looking up. All this to make Obama and the dems look like miracle workers. I'm not falling for it. I have yet to go to a store, mall or anyplace of entertainment and see people walking around, not spending money. Bass Pro was so crowded today and lines at the check out 10 deep

Posted by: can'tseeit | Jan 11, 2009 7:27:25 PM

can'tseeit You'll see it soon. Bush screwed up the economy so bad it'll take years to get this under control. Thank god we got someone like Obama coming to the rescue.

Posted by: Jim Bob | Jan 11, 2009 7:40:39 PM

"Democratic lawmakers demanding more accountability for the money" This shows how stupid the Democrats are, THEY wrote and passed the law, why didn’t they put this so-called accountability in ????…..Cause we know they don’t really want to know... especially Chucky Schumer, he is in the Wall Street bankers back pocket, where do you think NYC gets all its money from.. they are just trying to make the Administration look bad for the LAW THEY PASSED

Posted by: Vet1973 | Jan 11, 2009 7:58:56 PM

the old Dem Bolsheviks in Congress can now party big time at taxpayer expense..

Posted by: pravbank | Jan 11, 2009 7:59:03 PM

Post a comment