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US Senate approves Obama´s bailout funds
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Source: CCTV.com | 01-16-2009 10:55
Special Report: Inauguration of Barack ObamaSpecial Report: Global Financial Crisis
A divided US Senate has approved President-elect Barack Obama's request for 350 billion US dollars in unspent financial bailout funds.
The 52-42 vote releases the money in the midst of rising foreclosures and a worsening climate for US banks.
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| Senate majority leader Harry Reid, seen here on January 7, 2008.(AFP/File/Karen Bleier) |
It marks Obama's first legislative victory, just days before he assumes office.
The vote came amid strong opposition from critics of how the first 350 billion US dollars have been spent.
Obama says he wants to use the money to unclog the credit markets and extend loans to consumers, small businesses and municipalities.
Obama's transition team says he will also use 50 billion US dollars to 100 billion US dollars of the money to reduce the number of house foreclosures.
Editor:Zhang Pengfei
