The First Draft: Bailout Bingo
Congress is nervous about spending more money.
In other news, pigs are flying, hell is freezing over and Democrats and Republicans are cooperating for the good of the country.
Two of those things are actually true. The outgoing Bush administration and the incoming Obama administration are working together to get Congress to approve the second half of the $700 billion financial bailout, so Obama can hand it out quickly if needed.
But Democrats on Capitol Hill want to attach more conditions to banks that accept federal cash — limits on executive pay, more oversight, and more help for homeowners facing foreclosure.
“My colleagues in the Senate will not provide any additional funds unless they are assured by the Obama administration taht these provisions will be a part of it,” Senate Banking Committee Chairman Chris Dodd said on ABC’s “Good Morning America.”
Republicans, meanwhile, question whether the money is needed at all.
Obama is also urging Congress to approve an additional $800 billion economic stimulus package. Should be a stimulating week.
Obama also will discuss trade and the drug war with Mexican President Felipe Calderon today in his first meeting with a foreign leader since his election.
Bush, meanwhile, holds a press conference at 9:15 EST.
Photo credit: REUTERS/Laszlo Balogh (Pigs are hung at a butcher shop in Budapest)