About that cash...
Posted: Monday, January 12, 2009 12:16 PM by Carrie Dann
From NBC's Mike Viqueira
Today's post-press conference news from the White House is that
Barack Obama has asked
President Bush to access the second $350 billion allocated under the Troubled Asset Relief Program.
The original TARP legislation allows for that request, but wary lawmakers also included language in the original bill that allows Congress to deny the authorization.
If Congress receives the formal notification today, the House has six calendar days to weigh in. That means that, if the request comes today, then the House would have to act by Sunday, making it very likely that they would act by the end of this work week.
The entire Congress has 15 calendar days to act.
Remember, Congress can only disapprove the funds. If Congress does nothing, then the funds are freed up. But that seems unlikely...Congress will probably vote.
Barney Frank's bill imposing conditions on release of the new money is the subject of a committee hearing tomorrow and floor action in the House on Wednesday. The separate measure is designed to gain support for the release of the funds. Whether it will do the trick is an open question at this point. What is certain is that without this Frank bill, the House would disapprove the money.
If both Houses were to disapprove the second $350, then it would be up to the president, likely President Obama by that time, to override the veto. Obviously, Democrats would like to avoid having a veto of a Democratic Congress be the first notable action of the new administration.