President Bush yesterday agreed to a request from President-elect Obama to ask Congress for the remaining $350 billion from the Troubled Asset Relief Program (TARP) fund. Sources with Obama’s transition office explained Bush has been asked to take the action so that the bailout money would be available when Obama takes office next Tuesday.
Moving quickly, the White House made the request Tuesday afternoon. In a message to Congressional leaders attached to the request, Bush asked the House Financial Services Committee to release “the second half of the tarp funds.”
“Dear Snaggletooth,” the message opened, with Bush using his nickname for Chairman Barney Frank (D-MA).
“By releasing these funds now, the people of New Orleans will be able to purchase more blue tarps to keep the rain out of their homes, and give them a chance to bail out the rain water,” wrote Bush.
“Anything I can do to help my successor make his job more easier, so release them funds now please, thank you,” Bush concluded.