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Henry Paulson wants the 2nd $350 Billion, in Short Order!

paulson

The partial $13 Billion to save the automakers Chrysler and GM, will come from the Treasury’s $700 billion financial stabilization fund.  Shortly after President George Bush’s announcement, Treasury Secretary Henry Paulson, who will oversee the aid to the auto industry, said Congress would need to release the second $350 billion for that program in short order.
By law, once Mr. Paulson makes the formal request, the money is released unless Congress rejects the request within 15 days.  Do you suppose they will hand it over, as they did with the first installment?  I would bet my week’s unemployment check they do!
It was unclear when the request would be formally sent.  I would also bet that it will be when the lawmakers have left for the holidays…  Do you suppose they will return to debate it?  That’s highly unlikely!
The administration’s handling of the program has come under sharp criticism…  As it turns out, there wasn’t any real oversight as to what Mr. Paulson could do with it…!?!  Several lawmakers in both parties have suggested they would oppose the release of more money.  That’s to be seen! I hope that it won’t be released under the current administration, but I am sure the current administration is timing this so it will be released!  I would also hope that the citizens of this now-broke country will stand up and say enough is enough!   Watch it unfold…!
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Written by jointefforthost

December 21, 2008 at 5:54 am

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