Bail Out Senate Fight

Well, this will be a key test of our new Senators. There appears to be a Republican lead vow to stop the second $350 Billion of TARP money released.

Obama has vowed to veto this resolution to stop the additional money from being released.

So, that said one question I have is how many newly minted Freshman Democrats will stand by their campaigns and also vote no release?

Under the bailout legislation approved by Congress in October, unless Congress passes a joint resolution rejecting the request within 15 days, Treasury can begin tapping the funds. Obama has vowed he would veto a resolution denying him the funds.

What a political football too. If Congress does the right thing and doesn't allow the other $350 Billion to be given to banks, they hand Obama a very crappy inauguration gift.

On the other hand, they might start acting like the separate but equal branch of government they are supposed to be the nation still might have a prayers chance of getting policy change we really need.

Update Larry Summers is saying $50 to $100 billion of the new TARP money would go to help ease foreclosures. That means nothing. Senate: Don't Do It!

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