Bailout Funds Approved for Release by Congress

2009-01-16 16:04:55 (GMT) (WiredPRNews.com - Business, News)

Congress has approved the release of remaining bailout funds, which will aid in Obama recovery plan.

Wired PR News.com – Congress has approved the release of the remaining $350 billion in bailout funds previously allocated to assist the financial industry, so that it may go towards President Elect Barack Obama’s economic recovery plan. As reported by the Associated Press (AP), the approval was met on Thursday, just days after President Bush and Obama made requests for access to the funds.

Obama is quoted as stating of the decision, “I know this wasn’t an easy vote because of the frustration so many of us share about how the first half of this plan was implemented.” The President Elect is said to have committed as much as $100 billion to helping individuals in dealing with foreclosures. Other items on the agenda for the economic recovery plan include, education, mass transit and airport improvements, construction, tax cuts, and other needs.