Obama team spells out need for bailout money - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Obama team spells out need for bailout money

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WASHINGTON (AP) - President-elect Barack Obama's top economic
adviser tells Congress that the need for the remaining $350 billion
of the financial bailout package is "imminent and urgent."

Larry Summers has written a letter to the bipartisan leadership
of the House of Representatives and the Senate to assure lawmakers
that the money will be used to help community banks, small
businesses, consumers and homeowners as well as large financial

The letter comes as Obama asks Bush to seek the remaining money
in the Troubled Asset Relief Program (TARP) so that Obama can have
the money at his disposal promptly after taking office.
(Copyright 2009 by The Associated Press.  All Rights Reserved.)