Paulson wants next $350 Billion for TARP
Treasury Secretary Henry Paulson urged Congress to release the second half of the $700 billion financial rescue fund after the government exhausted the first $350 billion in less than three months.
Congress, which passed the Troubled Asset Relief Program on Oct. 3, Âwill need to release the remainder of the TARP to support financial market stability, Paulson said today in a statement released in Washington.
The $700 billion dollar program was setup in two chunks, $350 each. The plan was to leave the other half till Obama took office. But the program has run through the money faster then expected.
Paulson will have to get an official request put in to Congress. Which will probably result in some fine tuning of the program, since Congress is not happy about the lack of oversight. But I expect Paulson will get his money in the end. It is rather frightening that they have run through that much money so fast.
Jay