ABC News reports:
But in a letter Thursday night, Democratic leaders in the House and Senate told President Bush he must commit funds from either the TARP or the federal reserve or they will be unable to pass anything in Congress.
“Your decision to utilize the TARP funds, or to work with the Federal Reserve to make available assistance through its existing lending programs, or both, are essential to the Congress’ ability to address this critical economic situation in a timely manner, and would also eliminate the uncertainties inherent in the legislative process, ” say Senate Makority (sic) Leader Harry Reid, House Speaker Nancy Pelosi and Democratic committee chairmen in the letter.
Unbelievable. Pesky things, those legislative uncertainties in a democracy.
Also signing the letter was Rep. Barney Frank who was critical of President-Elect Obama earlier in the day:
WASHINGTON – Democrats are growing impatient with President-elect Barack Obama’s refusal to inject himself in the major economic crises confronting the country. Obama has sidestepped some policy questions by saying there is only one president at a time. But the dodge is wearing thin. “He’s going to have to be more assertive than he’s been,” House Financial Services Committee Chairman Barney Frank, D-Mass., told consumer advocates Thursday.
Frank, who has been dealing with both the bailout of the financial industry and a proposed rescue of Detroit automakers, said Obama needs to play a more significant role on economic issues.
“At a time of great crisis with mortgage foreclosures and autos, he says we only have one president at a time,” Frank said. “I’m afraid that overstates the number of presidents we have. He’s got to remedy that situation.”
Classy, but I’m not sure that’s the best way to get President Bush to bail out the Big Three.